It is an ever-expanding market for biotech, transforming the healthcare and life sciences industry. However, attracting top talent and recruiting candidates for biotech jobs in this current candidate-led market is a challenge.
The candidate market of 2021 has proven more difficult than ever for IT recruiters in getting candidates into biotech careers, according to LinkedIn the reasons for the candidate shortage have been influenced by:
- The uncertainty of current times, existing employment stability is now more than ever crucial to the labour market.
- Salaries in the corporate world have not reacted to the market's candidate shortage.
- Candidates are looking for remote, work-from-home alternatives.
- Because of virtual technologies, companies are hiring and onboarding employees faster than ever before.
Lab tech jobs are particularly hard to find candidates for, due to unique and niche roles for the market. According to a PWC report, over half of biotech CEOs said the most difficult part of their job was recruiting, attracting, and maintaining candidates.
Another obstacle for clients attracting candidates for biotech jobs, is that the pharmaceutical industry in the US, has one of the longest interviewing processes, averaging around 28 days. Many biotech companies miss out on qualified applicants due to slow and lengthy hiring processes.
Candidates have such a wide range of options that they may demand higher salaries, more flexible work schedules, better study help, and a professional development plan. It's not just about the money; it's about the entire package.
The biotech industry and current market may prove challenging to recruit for, but with the right tips and tricks, recruiters can get the cream of the crop to say ‘yes’.
Here are four ways recruiter can attract top-talent in a candidate-driven market:
- Make a good impression: Did you know that 55% of candidates had a good impression of a company they were applying to before? As a result, many potential candidates will encounter your company before applying. The trick is to make sure you're able to interact with them by utilising particular marketing techniques. Vamp up your personal branding, use creative ways to attract candidates and client and stay on trend with relevant topics in biotech.
- Maintain communication: It's important to keep continuous contact throughout the hiring process. This is true for both clients and candidates. Keeping all parties informed is critical, whether it's to keep the candidate up to date on the progress of the process or to provide honest feedback.
- Sell culture, brand, and reputation: Candidates don't choose their employers only based on salary; the entire package is considered. It is important for employees to believe they have a future in which they may see themselves as contributing to a successful company. Make sure to sell the organisation, the culture, the benefits etc. as well as the opportunity.
- Act quickly: If you see a fantastic candidate who might be a good fit, schedule the interview as soon as you get the CV. Make your offer as soon as possible, and make sure you have a robust onboarding strategy in place.
Looking for biotech jobs? Contact our amazing recruiter Gordon Parks who will find the best job for you within the industry.