A candidate-driven market is surfacing again. And if you thought the candidate market was challenging pre-pandemic, experts are predicting 2021 will be one of the toughest to find top-tier talent the pharma/biotech industry. We agree.
But intentional hiring in the pharma/biotech space is gaining momentum! It’s a welcome sign of good things to come. We are hearing clients are much more aggressive in posting new job openings, even during the summer months.
We are also witnessing commercial side job postings (catching up vs clinical job postings) on a steady upward rise from stagnation over the past 18 months due to Covid-19. So far, a sustainable mode of activity is in the works.
So with increased job postings you would think candidates are applying and anxious to pursue a new position with a new company? Not exactly. Even with access to some of the best real-time job opening databases available, there has been a lull in applications for these new openings. But why?
With all the unsettledness, what are some effective strategies to land the evasive “top-tier” candidates for your organization? Here are four areas you must consider:
- Face the fact there is competition for your best candidate(s).
Compensation (mainly salaries) have not adjusted to the shortage of candidates. We continue to recommend if you find and interview someone who is really ideal for the job, move to hire and offer quickly with a very attractive, yet competitive salary.
- Be flexible. Candidates are requiring remote-based, work from home opportunities to consider a job change.
The pandemic has changed our lives and our work. It wasn’t long ago that everyone’s job was at risk. And in prior years, 4 days inside the walls of an office per week was the norm. But now the trend is work from home – provided efficiency and productivity is maximized. So offer that flexibility as part of the job description. Candidates are looking for that option.
- Relocation can be a non-starter for top-tier candidates.
Two income families, and other personal factors, are very common in the workplace so being open to offer the new position remotely is a good strategy for new hires. Some companies allow for up to 2 years before actually having to relocate. Be creative. Adapt to whatever HR policy allows (with some exceptions) to land the new candidate.
- Demand is up for recruiters assisting both clients and candidates.
When you combine all the above factors, it makes sense to use trusted and well experienced recruiters for advice, coaching, and strategy. If recruiting firms can maintain the personalized service while delivering qualified candidates in a timely fashion, then the frustration of finding top talent will be lessened and the process streamlined dramatically. Top industry recruiters have a strong following. Use the ones who know you best!