A Record-High Number of Regulatory Professionals Leaving?

Regulatory Affairs Career Motivations in 2024

Dennis Partners conducted our fourth-annual survey on Regulatory Career Motivations during the week of February 25, 2024. Since the start of The Great Resignation in 2021, a record number of employees have switched jobs, with LinkedIn estimating as many as 70% of employees would consider a job change in 2023. What we found last year was that only 38% of Regulatory Affairs professionals had considered making a job change in 2023. To find out how Regulatory Affairs professionals are feeling about their jobs in 2024, we surveyed over 400 biotech, pharmaceutical, and diagnostic Regulatory professionals. Here is how their answers have changed from last year.

Are you considering changing jobs this year? 2023 saw a three-year low with only 38% of Regulatory Affairs professionals considering a job change. This year we are seeing the highest percentage yet in the post-pandemic job market with 51% of Regulatory professionals considering a job change in 2024. Of the professionals open to making a move, just 14% are currently unemployed.

For those professionals considering a job change, we asked:

If yes, what would motivate you to switch? (select all that apply) Last year, 68% of Regulatory professionals considering a change were motivated by the ability to work remotely, which was a decrease over the previous 2 years. This year we’re seeing that number increase to 76%, a number not seen since 2021. The second most important motivator is greater compensation and benefits, which is up from 69% last year to 70% this year. Only 7% of respondents are motivated by the ability to work on-site, with pay transparency and challenging responsibilities also being lower priorities on the list.

Some respondents provided insightful feedback regarding what’s important to them in their next opportunity:

“A collaborative company culture that values Regulatory expertise (vs. viewing Regulatory as a “road block”)

“Senior Management who knows enough about Regulatory. As I have seen that MANY do not! And can be quite challenging to work in an environment where they don’t know much of the requirements of RA.”

However, for those currently unemployed Regulatory professionals, culture and people are the highest priority in a new position with 90% of respondents selecting this. The second highest priority is the ability to work remotely (80%), with compensation and benefits being the third (70%). Pay transparency and the ability to work on-site are also the lowest priorities to those who are currently unemployed.

To better understand what companies are doing right to retain Regulatory employees, we asked:

If not, what keeps you in your current position (select all that apply) Overwhelmingly and consistently for the fourth year in a row, 77% of Regulatory professionals plan to stay in their current roles because of their ability to work remotely. Culture and people is the second most important priority, followed by compensation and benefits. Only 8% of respondents are staying in their currently role because of their ability to work on-site, and less than 5% state that pay transparency in their current role is a priority.

This respondent provided additional feedback on what’s keeping them engaged in their current company:

“Opportunity to advance my career by completing a major milestone of leading the authoring and development of the CMC components of a BLA.”

In the past 4 years, remote work, compensation and benefits, and culture/people remain the top three most important factors to Regulatory professionals in motivating their decisions to keep or change their current positions. A report published on February 28, 2024, from Express Employment Professionals states that 33% of US hiring managers anticipate employee turnover in 2024. With 76% of Regulatory employees prioritizing remote work, and just 51% of regulatory jobs listed as remote, it is now more important than ever for biopharma companies to offer remote or hybrid work flexibility in order to attract and retain Regulatory talent. It is important to note that 86% of those considering a job change are actively employed. As bonus season approaches, many professionals will begin to actively seek other job opportunities. Companies looking to attract and retain top tier Regulatory talent need to prioritize offering flexible working arrangements, competitive compensation and benefits, and a focus on fostering an attractive company culture where Regulatory employees feel valued.

Retaining and hiring excellent Regulatory talent is crucial to the success of any organization. Dennis Partners knows how to identify and attract world-class Regulatory professionals beyond what you see on paper, diving deep into a prospective candidate’s motivations and aspirations, with an innovative approach that focuses on the ideal fit and long-term success of both our clients and candidates.

Whether you are seeking a job change or finalizing your Regulatory hiring plans for 2024, know that Dennis Partners can create strategic and customized solutions to your needs. As the leader in Regulatory Affairs recruiting, we are a partner in all aspects with the ability to share invaluable insight into the market. Contact us today to see how we can help you meet your goals for 2024.