How to attract top life sciences talent [REPORT]
How do you attract top talent to your company?
Have you ever had a candidate reject a job offer?
It’s frustrating when you get all the way through the hiring process, only for a candidate to have a better deal elsewhere.
What are your competitors doing differently? Is it simply higher salaries? What went wrong during the interview process?
Securing the right talent is the key to your company’s growth and success and can be the difference between medical devices and pharmaceuticals coming to market.
So how do you secure the best talent?
As specialist life sciences recruiters, we investigated how businesses can compete for the best talent by asking life sciences professionals what elements of looking for a new job impact their decisions.
We conducted a survey to find out what their core motivators are when looking for work and collated the findings in a detailed report
Key Findings
We asked life science professionals to list their top motivations when looking for a new job out of the 9 options. Career progression, company culture company reputation, flexible working, job security, location, remote working, salary, working on exciting projects.
- The top three most influential factors in attracting top talent are: Career progression and leadership opportunities, competitive salary and working on projects that inspire them.
- Salary remains a core influencer, but respondents highlighted many factors that would outweigh a high salary in their job decisions.
- A poor recruitment process not only frustrates candidates, but can result in not completing the hiring process and even offer rejection.
- 90% of respondents were not against working for emerging businesses. Furthermore, 78% were not influenced by company reputation.
- Company size and long-standing reputation of the company ranked low, suggesting emerging businesses should not be intimidated in attracting top talent.
- Emerging life sciences companies can present competitive offers by promoting improved flexibility, purpose-driven company culture that larger companies may struggle to adapt to introduce.
- Three core areas that may improve a life sciences company’s ability to attract top talent are: Optimising the hiring process, openness to various forms of working flexibility and presentation of company purpose and culture.
Preview the executive summary
We've collated some of the core findings from the report into an easy-to-read executive summary. Take a look at a snapshot of the data and insights of the full report before you download.
Preview the report here
Some areas to focus
Based
on the results of the survey, we have been able to determine three core areas
of improvement that would enable life sciences businesses to enhance their job
offerings and have more chance in succeeding in hiring top talent.
Rethinking Flexibility
Over 56% of respondents would choose better work-life balance over better pay
Flexible working schedules can include flexible hours, remote work or part-time contracts. By showing you care about workers’ time, you may be better equipped to compete with other vacancies offering high salaries.
The Hiring Process
Over 65% of respondents would reject a job based on a bad recruitment process
Slow responses and one-sided interviews lead to candidates taking roles at other companies. Your hiring process is your first impression to candidates, so it is important to optimise and show top talent you respect their time and talents.
Company Culture & Vision
Over 52% of respondents say it is important for them to work for a company that is making an impact
Showing prospective candidates the impacts of your company both within the healthcare industry and internally is an effective way to engage them in wanting to be part of your team culture. Hearing positive stories from the people who are impacted by your company and who work within it gives you a competitive edge to attract top talent.
Looking to hire top talent?
Give your hiring processes a competitive edge by downloading your copy of the full report. With data from Gartner, PwC, Korn Ferry and more, the report is packed full of useful resources to improve your hiring in the competitive life sciences talent market
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