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.
Few people enjoy job hunting, and most job candidates have a story or two about bad application or interview experiences. For this reason it’s important for recruiters to make a good impression on candidates, and ensure they have a positive experience being guided through the application process. These days, there are plenty of communication tools tailored to help you stay in touch with candidates without increasing your own workload.
Communication Strategies: Automate What You Can
Calendly is a simple tool that allows candidates to schedule screening calls with you. It gives the candidate a feeling of control and easy ability to reschedule, while reducing the time you spend arranging (and rearranging) screening calls via email or over the phone.
Providing a chatbot (such as Mya or FlashRecruit) that addresses basic jobseeker questions is another way to reduce clutter in your inbox, by allowing the candidate to receive pertinent information about your opportunities and the application process at their own convenience.
Small and steady check-ins
It’s likely your job candidate is working with multiple recruiters and balancing a lot of job applications – all at different stages. For this reason, regular touchpoints with your candidate are vital. Don’t leave them waiting on promised updates, or wondering where their application is in the pipeline: if it’s with the hiring manager, if the hiring team is scheduling interviews yet. A candidate will prioritize applications where the timeline/anticipated next steps are clear, because it helps them plan the remainder of their job search and anticipate when offers might be made.
To help reduce your email inbox clutter, use personalized email templates sparingly. Job candidates don’t want to be on the receiving end of constant cookie-cutter responses, but email templates can be helpful when you have a range to draw from. Tools like Gorgias and Followup.cc allow you to manage customized email templates and keep on top of follow-up messages.
Keep innovating
New software is constantly being launched or upgraded, and communication trends change quickly. Be sure to check your workflow and organizational tools are still meeting your needs. How many hours a day are you actually fielding questions from candidates, for instance? Don’t be afraid to try new processes and experiment with the levels of workflow automation.
At Sci.Bio, we specialize in finding top biotech talent and adapting to meet your recruiting needs. Schedule an appointment with us today to learn more.
Jobseekers and biotech hiring managers are in agreement: virtual interviews are here to stay. From the company perspective, virtual interviews are a cheaper and more efficient way of screening candidates than in-person interviews. They widen the available talent pool by making interviews accessible to remote/hybrid candidates further afield, and are quick to schedule. Job candidates also prefer virtual interviews because it gives them more control over interview scheduling, and causes less disruption to their day if they’re currently employed.
However, many hiring managers feel in-person interviews offer them a better view of the candidate, providing more helpful insights into the candidate’s suitability. To combat the drawbacks, here are a few best practices to ensure you hire the best candidates and get the most insights from the virtual hiring process.
Deliver all information to the candidate in advance
To minimize delays, email the log-in information to the candidate ahead of time. Provide an email or phone number for the candidate to use if they experience any last-minute technical issues. This reduces confusion and last-minute delays because the candidate needs to download unfamiliar meeting software, for instance. It also reduces the stress to candidates and interviewers alike, enabling everyone to begin the interview in a calm state of mind.
Plan your interview time and structure in advance
The hiring team should prepare a list of topics to cover in order, or questions to ask, with time allocated for each point on the list. Make sure everyone on the interview panel has access to the proposed interview structure/workflow ahead of time. This will ensure the interview flows smoothly, without running too long.
Give candidates enough time to answer your questions during the interview itself, accounting for connectivity lags or difficulty reading body cues.
Remember that candidate recruitment experience is an important factor in their decision making process, and perceived disorganization during the interview may present your company in an unfavorable light.
Give candidates a taste of company culture
One notable disadvantage of virtual interviews is that the candidate gets less insight into company culture and work environment than if they were invited on-site. A way to work around this issue is to arrange a less structured informational interview with existing employees, which will give the candidate an overview of the company from someone at their job level. Hiring managers can also offer videos or virtual tours of the company office or campus during the interview process. These extra steps can help job candidates visualize themselves working for your company, giving them a clearer idea of the benefits of joining your company and their suitability for the role.
Invest in software for online recruitment
Since virtual interviews will remain an important recruitment tool in the years to come, consider investing in dedicated recruitment software or upgrading your existing programs. For instance, analytics and AI tools can assess candidate suitability and sort through job applications. Chatbots on your company’s career homepage can address any basic questions jobseekers have and free up hiring team resources. Consider incorporating online aptitude or personality tests into the hiring software or portals to provide another level of insight into potential candidates.
Whether you’re hiring for remote, in-person or hybrid biotech roles, Sci.bio talent experts are here to help. Reach out and schedule a conversation with us today.
