CPL LIFE SCIENCES
Life sciences staffing
How to improve life sciences employee attraction and retention in 2024:
Conclusion The market it starting to show signs of growth and we watch with interest to see if the government’s growth package, new venture capital investment, and the significant uptick in clinical trials in the UK bring renewed confidence in 2024. The younger generation entering the workforce, in particular Gen Z, bring a new set of expectations to the table. They value mentorship programmes, learning and development opportunities and clear career paths. Understanding and addressing these expectations should be a big agenda item for talent acquisition teams in the year ahead, to attract and nurture new talent in 2024. Across the globe, the skills gap and lack of experienced candidates are set to continue being a significant challenge for life sciences employers. For businesses keen to attract and retain top-tier talent, it will be critical to develop a strong talent strategy, and engage innovative attraction and retention tactics—that go beyond a competitive salary. Its value in discovering better targets, designing new compounds, and improving clinical trial design, among with many other positive applications, ensures the ‘fourth industrial revolution’ is firmly on the map for 2024—and beyond.
The unique nature of personalised medicines calls for a more adaptable approach, leading manufacturers to increasingly explore the use of Single Use Technology (SUT) during clinical stages to aid production. We predict an uptick in demand for engineering professionals this year, as employers adapt operations to reflect market demands. It is now estimated that most the world's population lives in countries where overweight and obesity is a bigger risk to health than underweight. The World Obesity Federation estimates that by 2030, over one billion adults globally will be affected by obesity, without action being taken. Based on this, it is no surprise that GLP-1s, the blockbuster weight loss drugs that include Wegovy and Ozempic, dominated many discussions at JP Morgan’s recent conference. With talk of more pharma companies searching for the next generations of these drugs, or combinations that could unlock even greater effectiveness, this is an area we expect to continue to flourish in 2024. Artificial Intelligence No horizon scanning would be complete without mentioning AI. Although early days, relatively speaking, momentum is showing no signs of dwindling in the advancement of this new technology within the life sciences industry.
EMPLOYER VALUE PROPOSTION (EVP) It‘s vital to be clear about you EVP. With 75% of jobseekers considering an employers brand before even applying for a job, you need to connect your organisation’s values, people strategy and policies, with your company brand to attract the best talent in 2024. ATTRACTIVE BENEFITS Although salary is still the main draw, an attractive benefits offering is key for hiring the the best talent. Benefits related to work life balance/leave, health and wellbeing, and flexible working rank among the top benefits sought by employees in 2024. TIME TO HIRE In a candidate short market, streamlining recruitment processes or working with a staffing agency to improve time to hire is critical to avoid missing out on the best talent in the year ahead. INVESTMENT IN LEARNING AND DEVELOPMENT Learning and development opportunities are within the top five factors for employees considering a new job. Providing learning opportunities is the number one way organisations are working to improve retention. EQUALITY, DIVERSITY, & INCLUSION (EDI) A strong EDI commitment not only helps attract talent, 41% of companies are using EDI programmes to improve retention. If it’s not already a business priority for 2024, it needs to be. INTERNAL MOBILITY Giving employees the opportunity to move roles within your business can boost retention. At the two year mark, an employee who has made an internal move is 75% more likely to stay. If you’re keen to keep your top-talent onboard, considering internal mobility is essential in 2024.
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