Science MBA Combo? The short answer: yes! The long answer: yes, because career opportunities in the STEM business space are more abundant than ever, and it’s never been more useful to bring a wide range of skills to a position. An MBA can be the perfect complement to a science degree, supplementing a technical grounding in science with some highly sought-after business skills.
A solid foundation
Science degree holders are often already well-versed in many of the skills required to succeed in business. These can include research skills, data analysis skills, and the ability to communicate high-level concepts. With a little bit of instruction, these skills can easily be applied in a new context. In addition to applying them to lab work and problem-solving on a chemical level, a science-and-business expert knows how to apply them within the context of a whole company.
STEM Science MBA
Some highly specific MBA programs offer tracks for STEM, healthcare, and other fields. This is in response to the ever-growing need for specialized business experts. If you’re thinking about doing an MBA, consider applying to a specialty program that will not only teach you the standard content of this classic degree, but how to apply these lessons to your chosen field.
If you do find yourself shopping around for STEM MBA programs, make sure you have your screening process down pat. Prioritize programs whose curricula offer a direct pathway into the role you’d like to land afterwards. And should you be called in for an interview, be sure to clarify what companies recruit from the program, and the kinds of positions that are up for grabs.
Career opportunities for a winning combo
For those who’ve graduated with a STEM degree and go on to pursue a Science MBA combo, career prospects abound. Many positions require a blend of technical science acumen and more hands-on, management-focused business skills. If you can bring both to the table, you’ll be a piping hot candidate.
Financial analyst: a financial analyst in the life science space can choose to work for a company, or to work as a freelance consultant. In either case, your primary role will be to offer financial and business advice to biotech and pharma companies.
Quality control specialist: this position involves overseeing research processes to make sure they comply with all applicable regulations. That might sound dull, but there can be an element of creativity, too: this job can also involve making recommendations to improve the efficiency of the research process.
Sales account manager: A sales account manager for a life science company may indeed find that they can work in a scientific field they’re passionate about, while receiving no shortage of opportunities to schmooze with customers. For the right person, managing a sales account in a field they love can bring the best of two worlds to the work experience.
Product manager: an employee in this role oversees the development of new products in the life science and biopharma space. This could involve monitoring lab work, advising a marketing team about current project specs, or advising businesses on what products to develop next.
Advantages of a diverse skill set
Biotech businesses are some of the hottest on the market right now, and at present the industry is only growing. As a result, life science employers are more in need than ever of employees who understand their businesses on both a micro and macro level. Surprise surprise: the science MBA combo lends itself beautifully to just that.
Another benefit of getting an MBA post-life science undergrad: more interactive career opportunities. After years of highly detail-oriented and isolated lab work, some scientists hunger for more interactive, people-facing employment. If you can relate, take note: an MBA will bolster your chances of finding a socially dynamic position that still calls upon your years of rigorous scientific study.
The perfect position for your background
Clearly, the science-MBA combo has never been timelier. Employers nowadays are looking for a blend of soft skills and hard skills, and the moment they see that winning duo of specialties on your resume, they’ll know without any further investigation that you possess plenty of both. If you’re looking for an interdisciplinary position that incorporates the full range of your skills, Sci.bio’s recruitment services can help you find it.
Workforce statistics from the past two years paint a concerning picture of the biotech recruiting sector in 2023. The COVID-19 pandemic led to a boom in hiring and growth, but now that the initial biotech demand is leveling off, many companies are ‘right-sizing’ to pre-COVID-19 levels. Statistics predict the growth of the biotech sector slowing in 2023, in part to rising inflation.
The overall trend means biotech companies are slowing down their hiring. It’s not clear how much growth will slow in 2023, and hiring managers might wonder whether it’s worth adding more workers to the payroll if layoffs are coming. Due to its ability to consolidate and diversify their portfolio, Big Pharma is in a stronger position than agile biotech start-ups, but industry experts still urge caution.
Attracting Biotech Talent in 2023
Despite an economic slowdown, the biotech sector is continuing to grow, and companies are still looking to hire top talent. Here are a few ways biotech recruiting is filling positions and attract candidates.
First, it’s important to understand candidates’ motivation for switching roles, because there are many professionals considering a job switch, even if they’re currently employed. A lot of candidates are seeking appropriate salary increases to combat inflation. Or, perhaps instability at their current company has created a threat of layoffs.
As a recruiter, there are several ways to appeal to these candidates and fill your client’s vacancies.
Highlight remote, hybrid and flexible working options. Thanks to rising gas prices, commuting is expensive, and many employees don’t like feeling pressured to come into the office. Flexible working remains a high priority for jobseekers as they explore new roles.
Emphasize supportive work culture for new hires. Work culture is not just about throwing money at employees, but thoughtful initiatives to support new hires and integrate hybrid teams. The COVID-19 pandemic has left many workers feeling adrift from their colleagues, and they want to better integrate into their teams, virtual or not.
List opportunities for career growth and developmental opportunities within the company. The new hire is more likely to make long-term commitment to the role if they think they can progress in their career without needing to switch companies again.
With over ten years’ experience serving biotech companies in the Boston area, Sci.Bio knows how to guide your company through economic changes. Schedule an appointment with us today to learn more.
Where can you access top talent other than LinkedIn, a site where candidates are inundated with recruiter messages and your own email risks getting lost in their inbox? There are a few underexplored avenues to find biotech jobseekers, and with a bit of creativity you can expand your candidate pool.
Leverage Existing Connections
The most efficient way to find fresh job candidates is to ask your existing clients for referrals. Your clients will know who in their network is looking for new opportunities, or who is dissatisfied with their current job and could be persuaded to change companies.
Another source of talent is through auditing former candidates you worked with in the past: check in on those previously considered for roles to see if they’re looking for new opportunities. After all, just because they weren’t a suitable match for your previous vacancies, it doesn’t mean they won’t be a good fit for your current openings.
Broadening your recruitment sphere
After you’ve tapped your current network, you can broaden your reach through local opportunities. Get involved with regional biotech organizations: attend their networking or professional development events to meet other attendees who may be considering a career change. Reach out to conference presenters or hosts at these types of events – the people who participate in panels, conferences and high-profile volunteer roles are often looking to strengthen their resumes with an eye to new roles. Even if that’s not the case, conference presenters are usually well-connected and may be willing to refer candidates to you.
Make sure you’re not limiting your search to graduates of the local biggest universities, and recruit from historically black universities and colleges (HBCUs), small liberal arts colleges (SLACs) and local community colleges. At these smaller colleges you may find candidates with less conventional resumes, but who have acquired a valuable set of skills through different routes into the job market.
College faculty like having recruiters come to speak to their students about career paths, which allows you to connect with STEM graduates in-person before they start applying to entry level positions.
Other places to find hidden jobseekers
In addition to using LinkedIn, check expat forums and Facebook groups for professionals. Members of those groups may be receptive to new opportunities that are tailored to them, rather than being cold-called on LinkedIn about jobs that don’t match their skillsets.
The final way to expand your talent pool on LinkedIn is to note who is interacting with your job posts through likes, comments or shares. This kind of online engagement is often a sign of someone considering a career move or preparing to apply to new roles, even if they aren’t advertising the fact on their profiles. Reach out to those posters and offer to chat with them about their career goals.
As a recruiter you often go to the candidates, but it’s also possible to encourage candidates to come to you. Hold a recruitment agency Open House – make the event worthwhile for local job seekers to visit your recruitment agency, meet the recruiters, and learn about the companies you partner with.
Motivated recruiting. Let’s face it – it’s hard for any of us to do our best work when we’re not feeling motivated. Sure, the work can still get done, but it won’t have that magical touch that comes naturally when we’re inspired to complete the project at hand.
Maybe you’re recruiting for a highly specialized lab position without many qualified candidates. Or maybe you’re trying to fill a key role at a biotech startup. Recruiting can be challenging – but when your team feels driven to succeed, they’ll be more likely to round up a roster of exceptional candidates. As their leader, knowing how to keep motivation high is essential.
Empower your team: Motivated Recruiting
An empowered employee is a motivated one. Employees feel empowered in their roles when they feel that their contribution is important to the success of their team, and that they have the power to make meaningful decisions in their jobs.
One tangible way to empower your employees is to offer training where possible. A little extra learning will help your employees feel competent and qualified in their roles. And of course, it’s an opportunity to give them new skills that they can use to level up their performance.
That said, in the present day, workplace empowerment extends beyond the office. Millennial employees particularly appreciate flexibility, which often means hybrid workplace models and customizable schedules. When your employees feel that they have control over their work-life balance, they will come to work happier and more motivated to shine in their roles.
Don’t skimp on communication
When you experience a setback – tell your team. When the scope or nature of a project changes – tell your team, and make sure you’re all on the same page moving forward. To that end, if you, as manager or boss, make a mistake… don’t be afraid to own up to it! If you’re willing to admit you missed something, your employees will likely follow suit when they make an error themselves.
And remember, good communication doesn’t just mean explaining what’s going on with a project – it means thanking your employees when they’ve been exceptionally helpful or professional in their roles. Acknowledgement of a job well done goes a long way!
Communication, good or bad, forms a huge part of a company’s overall culture. Consider this: a whole 47 percent of jobseekers cite poor company culture as their reason for wanting to leave their last role. It’s worth making sure yours is a good one.
Lively workplace, lively team
Whether your employees are remote or in-person, creating a lively workplace often comes down to the design of the work environment. Ask yourself: is your office furniture comfortable? Does your setup lend itself to easy communication between employees? Are your spaces and interfaces appealing and cheerful? These little details go a long way in livening up the work experience, which will make your team happier and more motivated.
Another way to liven up the workplace is to encourage friendships between your employees. According to research by workplace software company OfficeVibe, seventy percent of employees say that having friendships at work improves the quality of their workplace experience. And according to other data they compiled, work friendships actually boost productivity. That’s a win for everyone!
To encourage friendships between your employees, consider buying large tables for communal lunches, assigning groups for collaborative work, and/or organizing retreats.
Invest in the right tech
In the field of recruiting, the right hardware, online tools, and software subscriptions can all make a difference. Nowadays, AI and software solutions have a greater and greater role to play in recruitment – so don’t be shy! Letting the tech take care of the small stuff frees up time for your team to focus on the bigger picture.
Consider getting your team a subscription to a recruitment service like Linkedin’s Recruiter Lite subscription plan, and investing in a project management software like Asana or Monday.com to make team communication and strategizing as seamless as possible.
The secret formula
Growing a standout recruiting team is not just about assembling the group with the best credentials. It’s about consistently motivating your team so that they naturally become a powerhouse of superstar recruiters.
The takeaway is this: strive to listen to your recruiting team, and treat them like the valuable employees they are. As a result, they will be happier, more motivated, and better able to aid you in the search for ideal candidates.
Rallying a whole team to recruit just one employee? Craziness! At least, that’s how it once seemed. Nowadays, though, it’s very common – and increasingly seen as best practice. It’s been shown to improve hiring results, and can customize the recruitment process to a company’s department-specific needs.
Collaborative recruiting is a hot topic, and there’s no better time than now to learn what it’s all about.
What is collaborative recruiting?
Also called “team recruitment”, collaborative recruiting is the practice of representing multiple departments and roles on a company’s hiring team. Because it involves the input of many different voices, this recruiting model makes it easy for companies to choose a hire that aligns with their unique internal needs.
The process can be even more effective when a recruiter is involved. Working collaboratively, a recruiter can combine their own industry expertise with current employees’ insights about what their teams need the most from a new hire.
How it can help
If a single hiring manager is responsible for finding the perfect hire, they likely won’t be able to consider the subtle needs and dynamics of every department. Enter collaborative recruiting! Including current employees in the quest to find a new one naturally results in a much more holistic and tailor-made hiring process.
A good collaborative hiring process involves surveying employees about not only the skills but the personality traits and values that they’d like to see in a new hire. This will ensure that the hiring team can find someone who is a good match for a company’s existing culture. This aspect of recruiting should not be overlooked – cultural fit is increasingly well-recognized as being an important aspect of employee morale and productivity.
As a side note: leading companies like Netflix, Apple and Google have recently adopted the collaborative recruiting model. We can’t know for sure, but it seems to be working out pretty well for them so far!
How to collaboratively recruit
If you’re a recruiter or hiring manager in charge of filling an opening, ask an employee in a similar or identical position what qualities they feel are important for the role. Chances are, their answer will reflect their company’s unique goals, priorities and culture. Whatever their response, it will certainly be more useful as a recruiting tool than a generalized job skills database!
Generally, a recruiting team should consider which employees are going to be working most closely with the new hire, and set priorities accordingly. On the other hand, collaborative recruiting will ideally also involve employees who are both higher and lower within the hierarchy of a company than the position to be filled. This way, the recruiting team can focus on finding a hire who improves workflow and efficiency for the company as a whole.
The role of external recruiters
Both recruiters and in-house hiring teams stand to gain a lot from working collaboratively to fill a role. A recruiter might be very focused on the technical side of things, but can’t immediately know the full picture of how a business operates. Using the collaborative hiring model, a recruiter can combine their industry expertise and connections with an in-house hiring team’s specific knowledge of their own company.
As a recruiter, collaborative hiring doesn’t have to radically change how you operate. It just means that in addition to your usual methods, the process will involve a lot of discussion, communication, and prioritization of different employees’ needs. Chances are, it will help you learn everything you need to know to find the best fit possible for your client company.
The takeaway
Onboarding the right person to a company is no small task. As with most big projects, collaboration makes the process much easier – and sets the whole team up for success.
The collaborative model of recruiting can help a company find the best fit possible for a role, and luckily, it’s here to stay. If you’d like to learn more about how we recruit here at Sci.bio, leave us a message on our contact form here.
