Author: Tara Smylie
It’s not the easiest time to be a biotech recruiter: As you may know, biotech companies have been experiencing a surge in layoffs in recent months, and nobody knows for sure when this trend will ease up.
While an industry-wide dip in hiring may concern you, it also creates an opportunity to step back and take a look at your clients, your stats, and your marketing strategies. Here, we’ve compiled some ways to stay busy and hone your craft while you find yourself with a little more time on your hands.
Strengthen candidate relationships
If your stream of new talent is running thin, don’t despair – you can still reach out to your existing candidate pool and get to know them better. Find out how they’re doing, what they’re working on, and what their goals are. As you chat, be honest about what’s going on – and explain the action plan you’ll implement once the industry picks up.
At the same time, don’t limit your outreach to existing candidates. If you haven’t already, test out new talent engagement pipelines such as email, social media ads, and sourcing software. Experiment with different strategies and see which ones promise the best return on investment.
Review your process
Now that you have fewer day-to-day details to worry about, take a step back to look at the big picture. How is your overall strategy working for you? Any weak spots that could use some tweaking? Take inventory of four key metrics: average cost of hire, average time to hire, typical sources of hire, and employment acceptance rates. Are these stats where you want them to be? If not, use this time to make adjustments to your recruitment process.
You can also change or expand your strategy for attracting new clients. Assess your engagement rates, conversion rates, and the profitability of your advertising channels. Does your branding convey a cohesive message? All your social media should work synergistically and let prospective clients know exactly what you’re about.
Start planning now
When the hiring freeze ends, which may be sooner than you expect, you want to be ready to get back in the game immediately. To get into position, look at your databases of both candidates and employers. Take advantage of this time to reach out to new potential candidates and explain your services.
As you prepare for the next hiring surge, stay on top of hiring trends. When the economy booms again, demand for both traditional and non-traditional science roles will surge. A keen eye for upcoming trends, from health informatics to rare oncology, will give you an edge. Find out what’s hot and tailor your strategy to that.
Remember, you’re still in business
Companies rarely stop hiring entirely – even during a hiring freeze, you can reach out and ask what kind of roles potential clients are looking to fill. In uncertain times, businesses often place special emphasis on the quality of their new hires, while trying to cut down on the quantity. You’ll earn employers’ gratitude and loyalty if you can deliver top talent in trying times, so spend some extra time and energy finding hand-in-glove matches for clients who are hiring. By the same token, don’t forget about your existing candidate roster. In a frigid job market, candidates will need all the support they can get.
\When you’re a recruiter and there’s little recruitment to be done, it’s easy to get bored or restless. On the other hand, if you stay busy by investing in long-term relationships and business strategy, this hiring freeze may turn out to be the proverbial blessing in disguise. Before you know it, work will pick up – and you’ll be grateful you took this time to stay relevant and connected.
- Fierce Biotech Layoff Tracker
- Why Social Media Is Now So Important For Recruitment
- Qualified job candidates per hire: recruiting metrics that matter
- Hiring and Recruitment Trends To Expect In 2022
- The Hiring Freeze – What Is Happening? And What Can We Do?
- What is a Hiring Freeze? 7 Smart Things That a Recruiter Must Do During One
- How Recruiters Should Spend Their Time During a Hiring Freeze
- Biotech Layoffs: What’s Really Happening in the Industry and What’s its Market Outlook?