Adapting to Changing Candidate Needs in 2024

Adapting to Changing Candidate Needs in 2024

Author:  Tara Smylie

As we approach the summer of 2024, the biotech job market continues to evolve at lightning speed. To attract top talent in an ever-changing hiring landscape, you need to stay ahead of the curve and understand exactly what the candidates of today are looking for. So, how have candidate’s needs and wants changed since 2023?

The Biotech Skills Gap

For several years now, there has been a growing gap in biotech skills – or in other words, a shortage of candidates who are trained to fill the roles many companies are scrambling to fill in 2024. One way to tackle this gap: teaming up with educational institutions training the employee soon to enter the workforce. By working together to develop educational materials and curricula, you can ensure that students are getting the skills they need to succeed in the real world.

Another effective way to bridge the biotech skills gap is by implementing in-house training programs. By investing in the professional development of your existing workforce, you can upskill employees and prepare them for the evolving demands of the biotech industry. In-house training programs can be tailored to the specific needs of your company, ensuring that employees are equipped with the particular skills required to excel in their roles.

What Attracts the Best Employees in 2024?

It’s 2024, and flexibility is key: candidates want the freedom to set their own schedules. Now, that doesn’t mean letting them work whenever they want, but being open to flexible working hours is a huge perk. After all, in a world where employees are often spread across various time zones, a rigid schedule just doesn’t cut it anymore.

At least some leeway around remote work is almost a must for the modern-day workplace. That said, it’s important to keep things personal. Embrace the digital age by conducting Zoom interviews, using online questionnaires, and giving virtual workplace tours. These digital tools not only make the hiring process more efficient, but also help candidates get a feel for your company culture – even if they’re miles away.

Lastly, don’t forget about branding! Working with a recruiter to develop a strong company message can make you more appealing to top candidates. Your employer brand extends beyond just your company website and social media presence, but to every touchpoint candidates have with your organization, from the recruitment process to onboarding and beyond. A strong employer brand can help you attract passive candidates who may not be actively looking for a new job but are drawn to your company’s reputation as an employer of choice.

Workplace Culture

In 2024, a positive workplace culture is not just a nice-to-have; it’s a must-have. Candidates are actively seeking out environments that prioritize collaboration, support, and camaraderie. They want to work in a place where they feel valued and appreciated, where they can contribute to a shared vision and be part of a team that feels like family.

But what exactly does a positive workplace culture look like in 2024? For starters, it means valuing teamwork above all else. Candidates want to work in an environment where everyone is encouraged to share ideas, collaborate on projects, and support one another. Whether it’s brainstorming sessions, cross-functional team projects, or company-wide initiatives, candidates want to feel like they are part of something bigger than themselves.

Additionally, candidates are drawn to companies that know how to have fun. In 2024, employees want to work for a company that knows how to strike the right balance between work and play. Whether it’s hosting team-building activities, organizing company-wide events, or simply celebrating milestones together, candidates want to work for a company that doesn’t shy away from a little fun. After all, a happy team is a productive team!

Making Your Offer Competitive

With so many companies competing for the best employees, it can be tough to stand out. But don’t worry – we’ve got your back! If you’re looking to fill a role with a highly qualified candidate, Sci.bio’s recruitment services can help. We know that no two clients are the same, so we provide customized recruiting support that adapts to a given client’s structure and needs and have placed successful candidates with a variety of companies. Please contact us to connect with a recruiter and discuss your needs, and follow us on LinkedIn to stay up to date.

Related Blogs:
1. Job Perks that Matter Most to Candidates
2. An Offer They Can’t Refuse
3. Struggling To Fill A Job Vacancy?

References
1. The Future of Biotech Talent Acquisition: Trends and Predictions for 2024
2. Top 5 Job Seekers’ Expectations in 2024
3. Best Practices in Recruiting

The Collapse of Internal Talent Acquisition Functions – Challenges and Solutions

The Collapse of Internal Talent Acquisition Functions – Challenges and Solutions

Author:  Tara Smylie

Picture this: You’re a biotech company on the cutting edge of innovation, racing against the clock to develop life-changing therapies and technologies. But there’s a problem lurking in the shadows – your internal talent acquisition function is crumbling under the weight of escalating costs, a scarcity of specialized training, and pressing time constraints.

Sound familiar? You’re not alone. In the fast-paced world of life sciences and biotech, many organizations’ internal talent acquisition processes are simply not keeping up with their recruitment needs. But fear not: in this blog post, we’ll explore the challenges plaguing internal talent acquisition teams – and uncover effective solutions to help you navigate the turbulent HR landscape of the modern day.

Internal Talent Acquisition in the Life Sciences: How’s it Going?

The life sciences and biotech industries are burgeoning with new discoveries and advancements. As a result, the demand for skilled professionals in such areas is soaring, and talent acquisition in these fields is struggling to keep up. In the face of fierce competition for top talent and rapidly evolving industry requirements, companies are facing an uphill battle to secure candidates that truly suit their needs.

Three Major Challenges to Internal HR Teams in 2024

Internal talent acquisition teams in the life sciences and biotech sectors are grappling with a myriad of challenges, including:

  • Escalating Costs: Recruiting and hiring top talent can be a costly endeavor, particularly for specialized roles in the life sciences. Internal talent acquisition teams often find themselves burdened with rising expenses from sourcing, screening, and onboarding new candidates.
  • Skills Shortages: Rapid technological advancements and shifting industry demands have created a skills gap, leaving internal recruiters scrambling to find candidates with the right expertise. Unfortunately, a shortage of qualified talent can impede organizational growth and innovation.
  • Time Constraints: In a competitive job market, time is of the essence. Internal talent acquisition functions must contend with tight deadlines and high-pressure environments, leaving little room for error or delays in the recruitment process.

External Recruitment Agencies: to Use or Not to Use?

Amidst the many challenges to the modern internal hiring process, many life science and biotech companies are turning to external recruitment agencies. Here are some key benefits of partnering with an external agency:

  • Specialized Expertise: External recruitment agencies have in-depth knowledge of the life sciences industry and its unique talent landscape. They can leverage this expertise to identify, attract, and secure top talent that aligns with your organization’s specific objectives.
  • Broader Candidate Reach: External agencies have extensive networks and resources for sourcing candidates, both locally and globally. This broader reach allows them to tap into a diverse pool of talent, including passive candidates who are not actively seeking new opportunities.
  • Cost Efficiency: Contrary to popular belief, partnering with an external recruitment agency can be a cost-effective solution. By outsourcing recruitment activities, companies can reduce overhead costs associated with internal hiring processes, such as advertising, screening, and training.

Keys to a Seamless Recruiting Experience

Given the mushrooming demand for talent in the life sciences and biotech fields and the increasingly complex STEM hiring landscape, internal talent acquisition teams are finding it challenging to keep up. The good news: by understanding these challenges and exploring effective responses, organizations can navigate the recruitment landscape with confidence. Whether it’s leveraging the expertise of external recruitment agencies or implementing innovative hiring strategies, investing in talent acquisition is essential for driving long-term success in an increasingly competitive market.

If you’re looking to fill a role with a highly qualified candidate, Sci.bio’s recruitment services can help. We know that no two clients are the same.  So we provide customized recruiting support that adapts to a given client’s structure and needs and have placed successful candidates with a variety of companies. Please contact us to connect with a recruiter and discuss your needs, and follow us on LinkedIn to stay up to date.

Sources:
1. “The State of Talent Acquisition 2023” – Life Sciences Recruitment Report, Industry Insights, 2023.
2. “Navigating the Talent Crunch: Strategies for Recruiting in the Life Sciences Industry” – Biotech HR Trends, Talent Solutions, 2022.
3. “The Rise of External Recruitment Agencies in Life Sciences” – Recruitment Trends and Insights, Biotech Today, 2021.
4. “The Cost of Keeping a Position Open” – Talent Acquisition Insights, Sci.Bio, 2023.

Related Blogs:
The Cost of Keeping a Position Open
Struggling To Fill A Job Vacancy?
A Researcher, a Communicator, or Something in Between? Knowing Who to Hire for Each Role

Loyalty Over Merit in Career Advancement

Loyalty Over Merit in Career Advancement

Authors: Tara Smylie, Natalie Zimmerman

Many people think getting hired, and career advancement in general, happen primarily based on merit. But is this always the case? The answer is complicated.

Too often, we’re told that our skills, grades, awards and accolades are what truly seal the deal. Of course, these achievements can help your chances of getting hired, or moving up in your career. However, the old adage, “it’s not what you know, but who” rings true – and nowhere is it more pronounced than in the employment world.

This principle doesn’t just apply to getting an entry-level job. Building strong relationships with powerful people can land you new opportunities, promotions, and general good favor in any professional environment, throughout your career.

So, what creates strong loyalty? There is no one answer to this question, but it’s in fact a mix of rapport, dedication, and the ability to tell a compelling story. Below, we’ll explore how these factors come into play to make loyalty a competitive factor in the hiring process.

Benefits of Building Loyalty over Merit

It comes down to this: when someone is loyal to you, they are inclined to support you above others – for reasons that may seem arbitrary to an onlooker. But loyalty is built on relationships, and relationships, particularly professional relationships, do not happen arbitrarily.

The formation of these long-lasting, loyalty-building relationships in the workplace boils down to the art of showing just the right amount of humanity. Of course, in a workplace setting, it’s important to keep it professional – but letting little bits of yourself be known can help to build a personal rapport.

Extensive research has also shown that networking like this can lead to more job opportunities, broader and deeper knowledge of your industry, more potential for innovation, faster career advancement, and an increase in status in the professional world. In short: the stronger and more loyal your relationships, the more likely they are to lead to these opportunities.

Inspiring Loyalty

When it comes to building a connection, the little things matter. Indeed, it’s not always the flashier, ultra-extroverted moments of interaction that count. Sometimes simply holding the door, making someone a coffee, or paying the occasional sincere compliment go a long way.

Equally important is to show dedication. Your colleagues and higher-ups want to see that you’re emotionally present within your role at the company – that you understand the company’s values, goals, and mission statement.

Most of all, it’s imperative that you tell your story. This is the most fundamental communication skill you’ll need in the workplace – even and especially as a life scientist. Though it may not always seem to be true, the people you work with want to know who you are. What’s more, if they don’t know what you want out of the job, they won’t be able to help you achieve your goals if opportunities to do so come their way.

Often, a person who feels loyal to you will have a reason – whether that’s an affectionate personal anecdote they remember, a feeling of admiration for your accomplishments, or a sentiment of shared struggle. Therefore, if there’s someone whose loyalty you hope to gain, the best way to start is to connect with them on a personal level – and build your professional relationship from there.

How do Loyalty and Merit Mix?

One of the best ways to inspire loyalty and good favor at work is simple: be good at your job. It’s not just a number-crunching affair, though; it’s also about how you make your supervisors feel. If you show them you’ve taken the time to really understand the ins and outs of your position, and are committed to delivering top-notch performance, they will know they don’t have to worry about the work you bring to the table, and feel warmer, and ultimately more loyal towards you.

Long Term Benefits of Loyalty

When a person, or company as an entity, is loyal to you, they’re invested not just in your performance but in the story behind it. As they watch your career unfold, they’ll likely want to assist you in advancing your career in any way they can. As such, loyalty can lead to benefits even years down the line.

The feeling that your company is loyal to you can also make you subjectively happier at work. While it’s nice to get a good performance review or numerical return on a project, it can be truly enrich your experience at work to feel valued on a one-to-one, personal level.

Bottom Line: Personality over Paper

A resume can get you in the door – sometimes – but ultimately, it’s the relationships and rapport you build that really seal the deal.

Here at Sci.bio, we work with a variety of candidates from new graduates to experienced executives, and have myriad open roles. We pride ourselves on connecting our highly discerning clients with candidates who fit their specific needs. Check out our job search page to see current openings and follow us on LinkedIn for more information.

References:

  1. Learn to Love Networking
  2. As a Life Scientist, Do You Need Communications Skills?
  3. The Importance of Building Positive Relationships in the Workplace

Related Blogs:

An Offer They Can’t Refuse

An Offer They Can’t Refuse

Author: Gabrielle Bauer, Natalie Zimmerman

To attract the best, your offer has to speak to them.

You’ve found The One – the candidate who stands out above all others, who holds promise of taking your company to new heights through their contributions. The only thing left is to get this candidate, likely highly sought after, to say yes to your offer.

First Steps in Making an Offer They Can’t Refuse

Perhaps most importantly, ensure you contact the candidate with an offer ASAP – ideally on the same day you’ve decided to hire them. The longer you wait, the greater the likelihood that another employer will snap them up. Pick up the phone, rather than sending an email: only through a voice exchange can you properly communicate your excitement about them coming on board, as well as gauge the candidate’s emotional response to your offer.

The STEM market is suffering from a talent shortage, with the best candidates in very high demand, so expect your candidate to come to the negotiation table with a clearly defined wish list. While you don’t have to grant every item on the list, this is not the time to argue about menial details such as the wording of the job title, or the flexible start time on a given day of the week. Showing a bit of flexibility here helps keep the negotiation flowing, and may be just the thing which convinces the candidate to give you a “yes”.

Put on your Candidate’s Hat

“The employer-employee relationship doesn’t start the first day on the job. It officially starts with the job offer. Make that moment memorable for the candidate.”  – Jeff Haden, Contributing Editor, Inc. magazine

Your candidate will likely prioritize five areas when evaluating an offer: salary, short-term incentives, long-term incentives, benefits and perks, and of course the job itself. If they’re moving from an existing position at another company, they’ll likely expect a pay increase of at least 10% to make the switch. But don’t just pick a figure based on salary history or industry standards: tailor your salary offer to your candidate’s knowledge, skills and experience – and let them know how you’ve arrived at the figure. Transparency never hurts, especially at this crucial stage.

“Using past salaries to determine a future salary perpetuates the gender pay gap and shows an unwillingness to pay employees their true worth.”  – John Feldmann, Insperity

In addition to discussing base salary, explain the benefits, bonus plan (if any), and any other monetary perks in detail, following up with a written summary of these details you’ve discussed. By the same token, come clean about any constraints. If you’re a startup and have limited cash flow, for example, explain that you can’t currently match a top-dollar salary but can make up for it with an attractive equity program.

Think beyond monetary benefits: today’s jobseekers also place a high value on the ability to work remotely, at least part of the time. The Covid-19 pandemic has accelerated this trend, with many people discovering they enjoy the ease of working from home, or the adaptability of a hybrid schedule. Flexible hours and paid volunteer days can also help attract top candidates looking for employers who value work/life balance.

As for the job itself, bear in mind that science professionals highly value their work being stimulating. As revealed by a Talent in Science survey, most rate the opportunity to do challenging work as a key factor in deciding on a job offer. With this in mind, be sure to highlight the challenging nature of the work, and the opportunities for growth within the company. For example, working on a team that successfully commercializes a drug can galvanize a career, so let your candidate know if you have a big one in the pipeline.

When in doubt, ask.

No two candidates have the same life circumstances, and a perk that means the world to one candidate may not inspire another. Instead of guessing, ask outright: “What working conditions or benefits do you value most?” If you can meet these needs, even partway, you’re on your way to a deal.

Even if the candidate doesn’t push back on any of your terms, resist the temptation to ask for a firm commitment right away. Giving them the time and space to reflect on the offer signals respect, and indicates the culture of the company they’re considering joining. That said, it may be useful to probe them gently to gauge their interest in moving forward, particularly if met with a lack of response. You can simply ask: “I understand you need time to think about this, but how do you feel about the offer?” If you sense hesitation, you can ask further questions or provide information that could move the needle.

What you don’t want is a lukewarm, half-hearted acceptance. A new hire who starts out with an undercurrent of dissatisfaction won’t give you their best. When you finally seal the deal, you want both parties to be enthusiastic about the deal.

If you’re looking to fill a role with a highly qualified candidate, Sci.bio’s recruitment services can help. We know that no two clients are the same, so we provide customized recruiting support that adapts to a given client’s structure and needs, and have placed successful candidates with a variety of companies. Please contact us to connect with a recruiter and discuss your needs, and follow us on LinkedIn to stay up to date.

References

  1. How Can We Attract Engineering and Science Talent to Life Sciences?
  2. How to Make the Perfect Job Offer.
  3. 10 Tips for Making Job Offers to Top Candidates.

Related Blogs:

The Cost of Keeping a Position Open

The Cost of Keeping a Position Open

Author:  Tara Smylie

It can be unexpectedly difficult to fill an open position. Naturally, you’re looking to hire someone with an excellent set of both hard and soft skills, experience, and the right mindset for the role – but how much time are you willing to devote to the process?

In an ideal world, you’d find the perfect hire immediately, and suffer next to no financial loss. In reality, the search process takes time – and money. Luckily, there are ways to quickly fill a vacancy without compromising on quality of talent.

Nuts and bolts: The cost of keeping a position open.

We all know that vacant positions rack up a hefty bill extremely fast. But what exactly is on the receipt? Here’s the breakdown:

The biggest factor, unsurprisingly, is lost productivity. When an important role is left unfilled, the corresponding work is completed more slowly and less expertly than it should – or in some cases, is not completed at all. Many companies with a vacant role will turn to a temp agency to bridge the gap – but naturally, an interim employee is unlikely to be as efficient as a fully trained team member. Other companies may opt to pay existing employees overtime to compensate, which hampers productivity for the same reason.

Depending on your strategy, job boards can rack up significant costs as well. Generally, the larger ones charge a few hundred per job posting – so with a few different sites on the go, you’re already out over $1000. If you post on specialized boards in addition, you’re looking at $2000 or more. Not a huge expense in the grand scheme of things – but to reap the full benefits of job sites, you’ll need a carefully crafted candidate selection process.

The indirect effects of a job vacancy can add yet another layer of expenses. Hard to measure and easy to overlook, these “soft costs” are still very real risks of leaving a job vacant for too long. These can include long-term harm to a company’s reputation and resulting growth, deflated morale of current employees, and negative impacts to customer experience. In the biotech world, where process-driven workflow is everything, the effect on overall productivity can be especially devastating.

The exact amount lost per day for a given open position is highly variable, of course – but it’s almost always in the hundreds. Given this financial toll, it’s natural to feel like you have to rush to fill an empty role. But get too hasty with the process, and you risk missing out on the right matches. In this situation, partnering with a recruiting service can streamline the process.

The best talent in the shortest time

To secure a hire you trust in a reasonable timeframe, you need to act quickly – and make sure you’re maximizing all the strategies at your disposal. To start, think LinkedIn, social media, and your own professional network. And never forget the power of word-of-mouth: existing employees have their own contacts that they can call upon to spread the word about the open position.

All of the above steps are made even smoother with the use of recruitment services. A recruiter can help you tap into hidden pockets of talent in your existing circle, while providing their own vast network of candidates. From there, they will come up with a custom-made, cream-of-the-crop shortlist for you to consider. When they help you fill a vital position quickly and effectively, the up-front costs of their services can pay off in spades.

Bottom line: it pays to act fast!

Keeping a position open is expensive – more so than many people realize. To cut back on costs, consider fast-tracking the process by bringing a recruiter on board your talent scouting ship. Whether you’re a small start-up trying to stay afloat or a larger company looking to maximize revenue, a recruiter can speed up the sourcing and hiring processes and land you with better-matched talent than you’d otherwise find.

If you’re looking to fill a role with a highly qualified candidate, Sci.bio’s recruitment services can help. We know that no two clients are the same, so we provide customized recruiting support that adapts to a given client’s structure and needs, and have placed successful candidates with a variety of companies. Please contact us to connect with a recruiter and discuss your needs, and follow us on LinkedIn to stay up to date.

Related Blogs:

  1. Struggling to Fill a Job Vacancy?
  2. Hire Faster, Hire Better
  3. How to Successfully Hire During a Summer Slowdown

References:

  1. How Much Does Recruitment Advertising Really Cost You?
  2. How to Boost or Build Your Brand Reputation
  3. How Much Does a Vacant Position Cost a Business?
  4. Word-of-Mouth Recruitment: Key Points You Can Implement in Your Business Strategy