Josh Needle, managing director - Life Sciences at Cielo, shares his perspective on the key talent acquisition (TA) trends impacting the pharmaceutical industry in 2023 and guidance for TA leaders on how to stay ahead of them.
Key insights:
- Set concrete DEI objectives and specify how to achieve them – a robust TA strategy can help.
- Hiring for skills rather than degrees helps combat the skills shortage by giving access to a larger talent pool.
- Change is inevitable, as seen from the past few years, so revisit the EVP and be more open about compensation.
The persistently fluctuating hiring market has left pharma companies looking for innovative approaches to finding and retaining talent. And one thing’s for sure – 2023 will bring its own share of surprises.
DEI is still a top concern
Diversity, equity, and inclusion (DEI) remain a business priority for pharma companies. But the emphasis is now on more clearly defining DEI goals and scoping out how to reach those goals.
Talent acquisition should support your company’s overall diversity strategy. What unconscious biases affect recruiters, hiring managers, and other TA professionals in your organisation? Around one-third (34%) of TA leaders say they hold these stakeholders accountable for reaching DEI targets. Try implementing leadership bonuses to reach your DEI goals.
Skills-based recruitment
![Needle, Josh Full frame 2023[59] copy.jpg](https://pharmaceuticalmanufacturer.media/downloads/9651/download/Needle%2C%20Josh%20Full%20frame%202023%5B59%5D%20copy.jpg?cb=ef17395ee6bfe28a1585ee2c85e13136&w={width}&h={height} "Needle, Josh Full frame 2023[59] copy.jpg")
Miranda & Adam Kneeland
The pharma companies I work with that are adopting skills-based recruitment are seeing better results. Hiring for long-to-develop, “soft” skills – like leadership and teamwork – allows you to tap into a wider talent pool, reduces the time-to-hire, and supports DEI objectives.
Many minimum requirements require a 4-year degree or more which misses a strong and diverse talent pool that have the skills required. A capable individual will be able to pick up most “hard” skills rather quickly on the job anyway. This makes it helpful in filling specific technical roles.
There are some changes need to happen beforehand. First, you need to ensure your job descriptions are now targeting the relevant soft skills for that specific job. Second, consider whether a degree is required for this role in 2023. The 2023 Life Sciences Workforce Trends Report from the Coalition of State Bioscience Institutes (CSBI) shows that companies now value competencies and skills over degrees. Instead, look at using tests and assessments to evaluate a candidate’s hard and soft skills.
Importance of internal mobility
The sector is struggling with retention. Promotions or lateral changes have a notable positive effect on retention. So, 2023 is the year to build processes that support internal mobility.
You can more easily map career paths through the company using a modest investment in modern HR technology. Construct a robust employee development program that joins the dots between skill building, career pathing, internal mobility, and retention. Investigate ways in which your managers can identify new internal opportunities for their team.
Make your EVP shine
This is critical if you are to appeal to the best and brightest pharma talent. This step requires alignment and buy-in from all leaders across the organisation. You want everyone to embrace the EVP, so they need to lead by example if you are going to get there. Regularly review your EVP and update your career website and job descriptions to match.
Salary isn’t scary
As shown in LinkedIn’s recent Global Talent Trends report, compensation remains the top candidate priority. So why are some still not openly talking about pay?
Growing compensation discrepancies need to be addressed. People want to know their pay scales and how it measures up to what’s advertised. Some employees may earn more than double their salaries at a new company – it’s commonplace to pay more for new hires now – employees may see postings advertising double their current salary for the same role at another company. Start having open and productive conversations about pay with candidates and employees. Why are they falling into certain ranges, and what are their concerns? Catch these issues before they become a problem.
Change is going to happen
Like the past few years, 2023 will still be a year of change for the pharma industry. We are seeing some workplaces continuing to reopen safely. But employers need to make sure they’re balancing this with the new demand for workplace flexibility. What can your company do to help employees become more resilient in a dynamic work environment?
Keep your flexible working options. Try out a four-day week. But whatever the change is, communicate it to your employees, listening and acting on their feedback.
Now’s the time to start planning. Working with an external strategic partner can help you get ahead of these trends, ensuring you have the right solutions to attract and retain top talent in the pharma sector.