In an industry centered on developing products to improve the way people live, hiring the right talent is essential for driving those innovations. Yet, as life sciences companies see an influx of funding, rapid growth across pharma, medtech, and diagnostics, and the benefits of a recession-proof industry, there is another major trend employers should be mindful of: talent scarcity.
The significant progress and potential for life sciences companies could be jeopardized, given how challenging it is to find qualified talent to drive their key initiatives. After all, research from Randstad reveals that it takes an average of 105 days to fill a non-executive position in the life sciences sector, accounting for a loss of $500 per day. But it’s not just about filling the traditional roles; employers must also account for new and specialized high-demand skills, like AI, machine learning, and data science, alongside the soft skills required for sales, marketing, and customer experience professionals.
In such a dynamic landscape, it’s no longer enough to be recession-proof; companies also need to make sure they have the teams and talent pipelines are future-proof. And with the vast number of open positions fueled by the Great Resignation, jobseekers have the luxury of being selective in the roles and companies they choose. Fortunately, there are several steps life sciences companies can take to mitigate the risks of talent scarcity, be an employer of choice, and build a highly skilled and engaged workforce.