Dennis Partners conducted our third-annual survey on Regulatory Career Motivations during the week of February 20, 2023. Since the start of The Great Resignation in 2021, a record number of employees have left their positions for new ones. A recent LinkedIn survey estimates as many as 70% of employees are still considering changing jobs this year, a phenomenon currently coined as, “The Big Quit”. To find out how Regulatory Affairs professionals are feeling about the current job market in 2023, we surveyed over 400 biotech, pharmaceutical, and diagnostic Regulatory Affairs Professionals. Here are how their answers have changed.
Are you considering changing jobs this year? In 2021, 45% of regulatory affairs professionals were considering changing jobs, with that number increasing to 48% in 2022. This year, we’re seeing a three-year low with now 38% of regulatory affairs professionals considering making a move and 62% not considering a job change in 2023.
For those professionals considering a job move, we asked:
If yes, what would motivate you to switch? (select all that apply) Last year, over 79% of regulatory professionals considering a change were motivated by the ability to work remotely, an increase over just under 75% of respondents in 2021. This year we’re seeing that number decrease, with 68% being motivated by gaining the ability to work remotely. The top motivator for regulatory professionals to switch jobs this year is for greater compensation and benefits, with 69% stating that this is driving their desire to jump ship. Advancement opportunities, the financial stability of a company, and challenging responsibilities still remain important motivators to regulatory professionals, while 20% of respondents say that pay transparency is important to them and just 12% are motivated by the ability to work on-site.
To better under 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 third year in a row, 78% of regulatory affairs professionals primarily plan to stay in their current roles because of their ability to work remotely. In 2021 and 2022, the second biggest factor keeping people in their current positions was compensation and benefits; while this is still a factor for over 65% of respondents, the company culture and people are more important to regulatory professionals this year, with over 68% of respondents saying this is why they are not considering making a move. Several respondents let us know they are not currently considering a job change because they recently started positions.
In the past 3 years, remote work, compensation and benefits, and people/culture remain the top three most important factors to Regulatory professionals in motivating their decision to keep or change their current position. Therefore, biopharma companies must offer remote or hybrid work flexibility in order to attract and retain Regulatory talent. They should also provide competitive compensation and employee benefits, while also fostering an attractive company culture.
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 change or finalizing your Regulatory hiring plans for 2023, 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. Whether you are seeking your next regulatory leadership position or looking to build a top-tier regulatory team, contact us today to see how we can help you meet your goals for 2023.