As the war for talent
in the Pharma
industry continues, it is critical
for organisations to invest in
employee development and retention
The notorious war for talent in the pharmaceutical industry is now at its peak. With the lack of highly skilled talent, market rates are soaring in niche areas. It’s evident now more than ever, businesses need to invest heavily in developing and retaining their talent. Nevertheless, this reactive approach is not guaranteed to secure skilled employees as pharmaceutical companies expand globally so do opportunities abroad. Coupled with this, the UK and EU inflated contracting market is leading to a saturated talent pool of under qualified ‘consultants’ who in some cases, lack the breadth and depth of knowledge presently required for a permanent role.
Not only are we facing the above challenges, but our recruitment competition is ever increasing as a result of the profitable pharmaceutical market. With dwindling mark-ups and margins, job seekers are now able to secure highly inflated rates elsewhere. Fortunately, even cost-conscious procurement teams have recognized the implication of severe cost cutting and look to RPO providers who can provide assurance in representing and protecting their brand alongside finding and souring top talent for their business.
The Hudson RPO onsite teams have identified key factors in securing top talent for our pharmaceutical clients:
- Talent Pipeline
This is often what drives prospective applicant interest; understand the company’s pipeline and any future developments/acquisitions/mergers etc.
- Market Knowledge
Be proactive and keep abreast of the competition. Competitor redundancies, downsizing, relocations & drug failure may provide an excellent opportunity to attract talent to your business.
- Candidate Experience
Ensure there is a great candidate experience from initial contact through to on-boarding and beyond. Set and manage expectations early on and make the transition as streamlined as possible. As onsite recruiters we are the face of the business, this could contribute to influencing a candidate’s decision one way or another.
Retaining talent is somewhat trickier. We are under no illusion there are a multitude of factors contributing to an employee’s decision to seek alternative employment, however, by utilizing our resourcing skills and expertise we have identified strategies which mitigate unnecessary staff turnover. Employee retention doesn’t need to come with a price tag; by implementing the simple steps below, we have found that the number of resignations have decreased and that employees are more focused on continued growth and success within their current organisation:
Assigning mentors guarantees a continual line of knowledge-sharing and engagement throughout employment.
Have regular meetings. It’s important to maintain a regular dialogue from the start with employees to understand their development needs and aspirations.
- Internal Career Development
Opening up potential career opportunities cross-functionally provides employees opportunities within the organisation. Company knowledge is then carried through adding value to your business.
- Managerial Engagement
Regardless of the sector you work in, employees leave managers, not companies. The management of your top employees must be as high quality as the achievers themselves if they are to be engaged and reinforced by respect, a challenging environment and support.
Employers do not need to spend vast amounts on external training courses for their employees; internal training teams should guide managers on how best to develop their staff. This allows employers to focus on allocating spend to more technical focused training courses and qualifications.
Despite our efforts, it’s always important to remember the solution lies in engagement within the business and working collaboratively with resourcing teams. Talented individuals will always be in demand, but it’s evident that commitment lies within an organisation that is able to invest time and promise to an employee’s personal development.
Learn how Hudson RPO can help your company attract and retain the top talent. Contact us today.