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Talent Acquisition Vs. Talent Management: Why Both Matter When Hiring

Talent Acquisition Vs. Talent Management: Why Both Matter When Hiring

Author:  Tess Joosse

You’ve probably heard the terms “talent acquisition” and “talent management” before – and you’ve probably used them yourself. Though they might sound like the same thing, talent acquisition and talent management serve two different but essential purposes in hiring. Read on to learn more about what these strategies are and why they can both help you hire and retain great employees.

What is talent acquisition?

At its core, talent acquisition involves attracting and hiring skilled and qualified employees. This includes all the basic practicalities you must do in order to build a workforce, including creating and advertising job descriptions, reviewing applications, interviewing candidates, and making offers.

But talent acquisition also comprises more nuanced and proactive steps you take when looking for employees and building out a hiring pipeline. Some of these steps include sourcing hires from diverse backgrounds, keeping in touch with past candidates in case future opportunities arise, maintaining relationships with recruiting agencies and other talent sources, and building and communicating a strong brand that conveys your company’s values. Talent acquisition is not simply focused on filling vacant roles, but on acquiring quality candidates long-term.

What is talent management?

Talent management is the continued process of keeping employees within your company and facilitating their development and success. Some talent management steps include building hiring and succession plans, identifying and mentoring promising employees, rewarding and promoting them for achievements and growth, and providing employee training programs. Talent management also involves fostering employee engagement and feedback, as well as creating a supportive “inboarding” process when existing employees are promoted into new roles. In all, it’s a process that engages and rewards the employees you already have, to the overall benefit of the entire organization.

How they’re different, and how they rely on each other.

The difference between talent acquisition and talent comes down to purpose. Simply put, talent acquisition focuses on finding employees, while talent management focuses on keeping them.

But while they have different functions and involve different actionable steps, both talent acquisition and talent management rely on each other, with the success of one boosting the success of the other. An employer that promotes from within and rewards growth might become known for treating their employees well. That reputation, in turn, might encourage high quality applicants to positively respond if a recruiter reaches out about applying for a role with the company.

Why they both matter in hiring.

The above example illustrates why talent acquisition and talent management are important. Obviously, without a recruiter from the company reaching out to high-quality candidates there would be no applicant pool to hire from. But without the positive company profile generated in part by the opportunities for growth, those great candidates might be less apt to apply and accept an offer. Talent acquisition found the great candidate, and talent management provided them with a selling point.

Cultivating a strong talent acquisition presence also enables you to:

  • Save time and stress by anticipating and preparing for future and potential hiring needs, rather than simply filling vacancies as they arise.
  • Hone a vision of what kinds of candidates you want to attract to your company.
  • Identify employees with rare combinations of skills and experiences, for both immediate hiring needs and in case of future openings.
  • Hire people with potential to grow beyond their role.

Maintaining a focused talent management strategy allows you to:

  • Boost morale and make employees feel valued and appreciated.
  • Increase retention, boosting productivity and combating knowledge loss.
  • Foster innovation and ideas by giving employees opportunities to challenge and stretch themselves.
  • Help your employees reach their full potential and achieve professional fulfilment.
  • Proactively attract candidates who value opportunities to grow, thus benefiting your talent acquisition. Again, when done well these processes are cyclical!

Both talent acquisition and talent management matter in hiring. One helps you get in touch with excellent candidates, and the other helps you sell them on your company — and encourages them to stick around once they’re hired. If you’re eager to start attracting some great talent, Sci.bio’s recruitment services are here to help.

References

  1. Talent Acquisition vs. Talent Management vs. HR: A primer
  2. Talent Acquisition vs. Talent Management: What’s the Difference?
  3. What is talent acquisition?
  4. Talent Acquisition: Process and Best Practices
  5. What is talent management? The secret to recruiting success
Struggling To Fill A Job Vacancy?

Struggling To Fill A Job Vacancy?

Author:  Claire Jarvis

Although we’re in a candidate’s market right now, not every company is successfully filling advertised positions and attracting top candidates to their roles. If your biotech firm is struggling to hire new talent, there are a few probable causes worth investigating.

Why you have trouble finding candidates.

The salary isn’t listed in the job posting or website. With rapid rises in the cost of living, candidates are demanding higher salaries to account for the recession. If you are listing a salary range, check you aren’t offering below-market rates.

An unclear job posting: either the job description is too generic, it’s not clear what experience level you’re hiring for, or the job responsibilities aren’t spelled out. The end result means you attract the wrong candidates.

Bad company reviews or interview experiences are posted on Glassdoor. Candidates check review sites like Glassdoor to learn about company culture and check for red flags. Keep an eye on these sites for bad reviews that need addressing.

You don’t offer remote or flexible working. Even when candidates are willing to come into the office, they don’t want to feel like attendance is mandatory, or give up flexible working practices.

The job application process requires more than ‘one-click’. Candidates are used to applying for jobs via LinkedIn Easy Apply – which requires no more than a pre-uploaded resume and hitting the ‘apply’ button. They certainly don’t want to copy information from their resume into a job application form, or click through multi-page application portals at the start of the process. Consider whether you need this much information about all the candidates during the screening stage, and if there’s a more modern application software you could use.

Your company website is confusing to navigate or outdated. Candidates will apply to five or more jobs in a single session – if they can’t immediately find Careers information on your website they’re going to stop looking and move on to the next company.

What happens when you can’t fill your position?

Most of the issues outlined above can be fixed, though it might take a while. Other issues are harder to control (company location, need for a technical expert with specialized skill set). In both of these scenarios, consider short-term sourcing options to help your company meet its business needs.

Sci.bio is a specialist biotech recruiting agency that can accommodate most of our clients’ full-cycle recruiting needs. Our targeted, efficient, and scalable approach supports companies of all sizes: from agile start-ups to multinational conglomerates, with cost-conscious and scalable services tailored to our clients’ recruiting needs. Get in touch with us today and learn more.

How to Implement a Successful Internship Program

How to Implement a Successful Internship Program

If you’ve been relying on job-ready candidates to acquire new talent, you’re missing some valuable opportunities. To widen your net, be sure to build a talent-sourcing and -training pipeline into your company’s DNA so you’re never strapped for qualified candidates when you need them most. That’s where an internship program comes in.

Benefits of Internship Programs

Steady supply

In today’s competitive job market, an internship program makes it that much easier to secure a good match: you’ll broaden your network of potential hires, and you’ll have a greater idea of their strengths and goals than you can get from a regular interview process. Once your internship program is up and running, you’ll have a steady flow of candidates to consider the next time you have an unexpected hiring need.

The price is right

Most interns view their position as a temporary yet highly valuable personal investment. Because they are just beginning their careers, they’ll be highly motivated to perform well in their roles even at a lower pay grade. Of course, you should pay your interns for their contributions – but because they’re still learning, you can pay them less than what you’d pay full-stack employees.

Many hands make light work

Interns can help check off some of the less complex, less skilled tasks on your company to-do list. With the smaller stuff taken care of, your full-stack employees can enjoy uninterrupted focus on larger-scale projects.

That said, don’t deprive your interns of hard-hitting projects: a good internship program builds the skills needed to take on greater challenges in the future. Nowadays, only 8 percent of interns’ tasks involve clerical, unskilled work. The other 92%? High-level skills. Bottom line, prepare your interns to become your employees.

Implementing Your Program

Consider your needs

Not all internship programs need to follow the same template. While considering how to structure your program, ask yourself the following questions:

  • What role will the intern have within the company?
  • What skills and qualities do they need to have to be successful?
  • Who is available to mentor them?

Finally, think big picture: what is your long-term vision for your company, and what skills will future employees need to make it a reality? This is perhaps the single most important aspect of developing an internship program. Say you’re looking to build a patient information website in the near future. This means you’ll need tech-savvy employees who can handle its creation and maintenance. If you train interns in these skills and they return to work for you full-time, they can hit the ground running.

Recruit and hire

To get your program off to a good start, begin recruiting interns several months before your program launches. Consider posting advertisements on job boards, asking around, and working with a university to begin your recruitment process. Schools like Northeastern University have co-op programs that supply interns to biotech companies.

As you consider who to take on, think of interns as future employees, not just temporary assistants. Even if they don’t end up working for you, they’re likely to tell their peers about their experience with you, which can make or break your reputation among potential hires.

Onboard and train

If possible, assign every intern a mentor at the beginning of the program. This helps orient the intern and gives your existing employees a built-in leadership opportunity. As your interns integrate into your company dynamic, include them in company brainstorming sessions. They’ll appreciate the gesture and you’ll benefit from their outside ideas and insight.

Also consider conducting exit interviews to ask your interns what they appreciated about the program and what you could improve the next time. If you’re serious about your internship program, the learning experience should go both ways.

If all goes well, make them an offer

Recent interns make great employees – they’ve already integrated into your company culture and know the basic ropes of the job, making the training process easier for everyone. Once your interns have wrapped up their programs, discuss their contributions with your managers, mentors, executives and program directors. If you were all generally satisfied with their performance and trust that they can continue to learn and grow, make them an offer. If they’re like 79.6 percent of interns, they’ll eagerly accept it.

Internships bring long-term value to your company

Implementing an internship program is a long-term investment that can cut down on a lot of hiring risk and training time later down the line. In the short term, it’s the classic win-win: they need the experience and you need the help. Over the long haul, it makes your hiring process more efficient and broadens your talent pool. Another big win.

If you plan to start an internship program, but would prefer to payroll them through a third-party company instead of adding them to your payroll, Sci.Bio is available to offer payroll services. Sci.Bio will manage the employee and employer liabilities associated with contract/contingent hiring. We offer payrolled contractors benefits to help keep them satisfied in their role so that they could turn into long term hires once they graduate! And our payroll fee is remarkably reasonable. Find out more here..

References

  1. 5 steps to a successful internship program
  2. 14 Benefits of Starting an Internship Program for you Company
  3. Hiring During a Biotech Boom: The Talent Challenges Facing Companies Across All Markets
  4. Want good hires who stick around? Make their careers your business (Sci.bio post)
  5. The Benefits of Hiring an Intern
Want Good Hires Who Stick Around? Make Their Careers Your Business

Want Good Hires Who Stick Around? Make Their Careers Your Business

Authors: Tara Smylie and Gabrielle Bauer

To attract and retain the best, most life sciences companies offer such benefits as flex time, remote or hybrid working options, and year-end bonuses. Far fewer capitalize on a perk that virtually all employees value highly: career development support.1 This can take the form of professional development (PD) opportunities or individual mentoring.

A push up the ladder

Climbing up the career ladder, whether reaching for that tenured professorship or medical director role, takes years of hard work. By offering PD services, you make the ladder just a little less steep for ambitious new hires. Here are some options to consider:2

  • Career coaching services: These services are likely to attract ambitious and self-motivated candidates (i.e. people you want to work for you).
  • Leadership training courses: Such courses will allow your keenest employees to develop the skills they need to take on new and more challenging roles. When developing or selecting these courses, consider the increasing importance of soft skills in the life sciences.3 Leadership and emotional intelligence are hot commodities in today’s world.
  • Support for further academic training: Your employees’ career ambitions may depend on pursuing further university education or other relevant credentials. There are different ways you can help with these goals, such as providing financial sponsorship, granting time off work to complete schoolwork, and offering educational guidance.
  • Research opportunities: For employees whose positions involve research, provide chances to practice and refine research-related skills. Find out if they’re interested in a particular area of research, presenting research findings to others, or something else—and offer opportunities based on their answers.

The magic of mentoring

The dictionary defines a mentor as an experienced and trusted advisor. Within the context of a career, a mentor is someone who shares their knowledge and expertise to help a less experienced employee (sometimes called a protégé or mentee) achieve success.4

Just how much do employees value mentoring? The numbers speak for themselves: Nine out of 10 workers with a career mentor report being happy in their jobs, while more than 4 in 10 workers who lack a mentor say they’ve considered quitting their job in the past three months.5 Given that happy employees consistently outperform the competition,6 it’s fair to say that mentoring benefits not only the mentored, but the employer. The mentored employee performs well, which makes them happier, which further increases their performance, in a positive feedback loop that raises satisfaction all around.

When developing a mentorship program, start by creating a profile for every employee who participates. To get a sense of their strengths, weaknesses, and professional goals, you can give them a questionnaire with such questions as:7

  • What skills would you like to cultivate or improve on?
  • What skills do you feel proficient in already?
  • What are your long-term career goals?
  • What qualities are you looking for in a mentor?

Provide your mentors with a similar list of questions to assess the areas in which they have the most to offer their future mentees. Ideally, a mentor and mentee will have similar backgrounds

and career trajectories, but the mentor should be farther along and thriving in their current role.

Hot tip: to ensure your mentorship program achieves its objective, periodically solicit feedback from mentees and be prepared to make changes based on what they say. Maybe they would like more networking opportunities from their mentor or maybe they don’t feel totally heard. You won’t know what needs improvement unless you ask.

Broadcasting your PD services

Start by mentioning your PD and mentorship services in your job description. This shows that you care about your employees’ success and will pique ambitious candidates’ interest. By the same token, mentioning your PD and mentorship services during an interview will invite a candid dialogue about a candidate’s career goals. Through these discussions, you can identify which talent will fit best into which projects—and which candidates have the greatest interest in advancing within your company.

If you’re working with a recruiter, be sure to inform them about your career development services, as these offerings will help the recruiter pull in high-quality candidates. The recruiter may also suggest adding other offerings to your current list. That’s another reason to work with a recruiter specialized in the life sciences: they’ve talked to hundreds, if not thousands, of candidates, so they know what motivates the best and brightest to come around and stick around.

It’s hard to overstate the benefits of offering career development opportunities to your employees—so don’t wait to get started.

Sources

  1. 4 Extraordinary Ways to Compete for the Best Talent in the Digital Age
  2. Professional Development Examples
  3. Soft Skills in the Life Sciences
  4. What is a Career Mentor
  5. Nine in 10 Workers Who Have a Career Mentor Say They are Happy in Their Jobs
  6. 11 Shocking Employee Happiness Statistics for 2022 That Will Blow Your Mind
  7. 4 Steps to Matching the Right Mentors and Mentees
How to Recruit for Biotech Startups

How to Recruit for Biotech Startups

Author:  Claire Jarvis

Recruiting for a biotech startup, especially in the first few years after its formation, presents several challenges. The main hurdle is your young company probably lacks the name recognition or legacy that drives recruitment at large pharma. Your dream candidates may not even know your start-up exists.

Fortunately, with savvy marketing you can attract prospective job candidates and raise company visibility.

Cast an SEO-friendly net

Most start-ups use an inbound marketing approach to attract the right candidates, using SEO content to attract a large number of potential job seekers towards your company website or LinkedIn profile, before engaging with the smaller proportion of interested, qualified parties who explore further.

Build a brand that attracts your perfect job candidates

In today’s job market, the most sought-after candidates are free to choose positions at companies most aligned with their values. To attract these candidates your company website – one of the first things curious candidates view – should articulate your company values. A well-defined company brand and culture is the strongest recruitment tool you possess. Your website should also be intuitive for interested candidates to navigate, with careers information and openings displayed in a prominent location accessible from the home page.

Jobseekers respect transparency from recruiters, and you should be open and realistic about your company values when communicating with applicants. In a dynamic start-up where every employee contributes to the company’s success, an employee who isn’t aligned with company values is often more detrimental than a vacant position.

Personalize and streamline the recruitment process

Candidates see the job search and recruitment process as a preview of life as an employee…and with good reason! As mentioned above, your Careers website and application process should showcase your company at its best: can job candidates submit their resume and cover letter with one click, or do they have to copy everything on their resume into an online application program?

To overcome any disadvantage of poor name recognition your company might face, attend networking events to connect with potential candidates in-person. As a recruiter, you are the first and most important face of the company to prospective employees.

When recruiting via LinkedIn, don’t just share company content. Instead, engage with potential job candidates.