Author: Claire Jarvis
Is there a Biotech Recruiting Slowdown?
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.
Looking to hire diverse biotech talent? Get in touch with Sci.bio today to learn more about our sourcing and recruitment services.
Author: Tara Smylie
A week ago, you were scared you’d bombed every interview. Now, you’ve suddenly got too many job offers! This is a great position to be in – yet it can still be stressful. How do you choose between two, three, four different options? And if you’ve only got one nailed down, but expect another to come in soon… how do you manage the uncertainty?
With more than one offer on the table, you’ll naturally want some time to weigh your options. Here are some tips on how to address this situation with hiring managers – and ensure you end up making the right choice.
Buy yourself some time
Rule number one: always show enthusiasm! You can let an employer know you’re excited about a great opportunity without giving them a definite “yes”. Ask the hiring manager when they need to have your answer, then plan to make your decision within that time-frame. If you need more time than they’re offering, you can be honest about your situation and ask for a few more days. If you keep your tone respectful and reiterate your excitement about the position, they’re unlikely to hold this against you.
Once you know how long you have to decide, don’t hesitate to ask questions. Employers like it when you take initiative and want to find out everything you can about an opportunity.
A bird in the hand…
What happens when you get an offer for a perfectly decent job, but you’re 80 percent sure that the amazing position you just interviewed for is also going to work out?
In this situation, you can speed-track your mission to hear from your first-choice employer. Your first option is to create a reasonable delay. Perhaps you can ask your current offer for additional clarification on a point mentioned in the interview, or request to meet with employees at your level if you haven’t already.
Another possibility: let the other employer know that you’ve received an offer already, and you’d love to know when you can expect to hear back from them so you can make the right decision. This approach is a little riskier, but if handled with care, it can actually increase an employer’s interest in you – it shows them that you’re in high demand.
Think concretely about each offer
Say you’re deciding between two offers. Position one offers a snazzier office and builds on your previous work as a data scientist. On the other hand, position two boasts a generous benefits package and lets its employees work from home two days a week. Both positions sound great, and you’re at a loss to decide which one is “better”.
In this situation, you’ll want to look beyond the job descriptions and consider the specifics of each position. Imagine the layout of your space, what projects you’d be working on, and who would be on your team. Chances are, you’ll end up gaining some insight into which one is the better fit.
Additionally, keep the following factors in mind:
- Growth opportunities. If you accept this job now, where will you be in 5 years? Are there exciting advancement opportunities within the company?
- Corporate culture. This highly popular term refers to anything from work-life balance to how a company’s managers treat their teams. According to one survey, corporate culture is the biggest reason that candidates opt for one employer over another.
- Professional network. Are you going to meet people that can help you learn, grow, and reach new career milestones later down the line?
- Benefits. Does this company go above and beyond to ensure their employees are taken care of? Factor in what they offer in terms of paid vacation, health insurance and sick days.
On the other hand, there’s no need for an entirely objective approach. When all is said and done, your gut instinct knows better than any pros-and-cons list. Trust it to guide you where you need to go.
Keep calm and carry on
Even in the height of your angst, don’t forget that many would kill to be in your situation! And bear in mind that whatever you decide, every job has its pros and cons. That said, you should take as much time as you can to work out which job will suit you the best.
If you’re looking to level up your career in the life sciences, Sci.bio’s recruitment services can help you land a position that checks all the most important boxes.
References
- How To Handle Multiple Job Offers
- Tips For Handling Multiple Job Offers
- Why Corporate Culture is So Important
- Work-Life Balance in Biotech
- How to Trust Your Gut When It Comes to a Job Offer
Author: Tess Joosse
Towards the end of the calendar year as personal commitments and vacations pick up, recruiting and hiring tends to slow down. But hiring during the holidays can give you a leg up when done right. Here we’ve gathered some pros and cons to consider and some tips to help you search for great talent during this most wonderful time of the year.
Holidays Hiring Pros:
- You’re dealing with a highly motivated candidate pool. Whether because of vacations and commitments or because they’ve bought into the myth of the “holiday hiring freeze,” many candidates put their job search on hold this time of year. The ones that keep at it are highly motivated to find their next opportunity. This diligence will not only sustain a candidate through the interview and hiring process — it will also carry over into their job performance once they are on the team.
- People take time to reflect and consider life changes towards the end of the year. As the New Year approaches, many people reflect on how the past year went and what they might want to alter in their life, including in their career. Now is a great time to attract these candidates who are ready for a change.
- There’s less competition for candidates as others put their hiring on hold. While the holiday hiring freeze may not hold true across the board, it’s true that many companies cut back on recruiting during this time of year because of time off, vacations, and end-of-year wrap ups. By building hiring into your plans for the season, you will face less competition for candidates than in other times of the year.
- Candidates have more leeway when scheduling interviews. If a candidate is currently employed while they’re searching for a new job, they may find it difficult or awkward to ask for time off for interviews without hinting that they are looking for greener pastures. Because most people are taking time off this season, it might be easier for these candidates to schedule interviews during the holidays without raising their current employer’s suspicions.
- The holidays are a great time to garner referrals. Between family commitments, holiday parties, and school celebrations, you likely will be doing a lot of socializing during this season, and you might come across great candidates amid the merriment. Your employees and network are in the same boat. Ask them to keep your job openings top of mind as they celebrate, and to send any high-quality referrals your way.
Holiday Hiring Cons:
- Candidates are more likely to be traveling or taking time off. Though some applicants will keep their nose to the grindstone, even the most committed will likely take time off around the holidays. Some might even be out of town and will not be available or interested in a long string of interviews. Tip: Implement a quick interview process. To spare a candidate’s valuable time (and your own), ensure that your job description is unambiguous and detailed, consider cutting pre-screening questionnaires and phone screens, keep interviews to the minimum number of necessary rounds, and clearly communicate your timeline to candidates.
- Candidates don’t want to miss out on a holiday or year-end bonus. If a candidate gets hired in December to start in January, they might miss out on a holiday bonus – both at their new company, and potentially at their old company if they hand in their notice before the Christmas/New Year’s break. Some year-end bonuses also take into consideration an employee’s time at the company and previous year’s performance, which won’t apply for brand new hires. Tip: Consider offering a sign-on bonus to new hires. To incentivize new hires to join your ranks and to celebrate the season, a signing bonus can be a great idea.
- Fewer candidates are actively applying, which could spell trouble if you’re looking for rare or specialized skills. The catch-22 of a smaller candidate pool is while they may be more motivated, sometimes hiring is all about volume. If you are looking for a specialized skill or a rare combination of skills, this might be hard to find if less candidates are applying. Tip: Bring on a recruiter to help fill the role. Sci.bio’s targeted, efficient, and scalable approach supports biotech companies of all sizes. Get in touch with us today and learn more.
References
- 5 Great Reasons to Hire During the Holidays
- Find Out Why Recruiting During the Holiday Season is Highly Beneficial for Recruiters
- Hiring During the Holidays – Pro’s Vs. Con’s
