In today’s market, it’s incredibly challenging to find the desired Regulatory talent for growing bio/pharma organizations. We’ve seen companies adjust levels, rapidly promote people, and lower their expectations. It’s an arduous process but once you finally are ready to make an offer, it’s becoming increasingly difficult to get the acceptance. The biggest challenge is that once a candidate (passive or not) engages in the search process, he/she will start to explore more opportunities. This is a direct result of the incredible competition for Regulatory candidates.
In a candidate-driven market, companies must step up to demonstrate their commitment to the hiring process and to the candidate. And these days, candidates are screening companies out of their interview process for a number of reasons: lengthy interviewing process, too many interviews, alignment of culture, and work location (onsite, remote, or hybrid).
How can you ensure the person you want to hire will want to work for your firm?
- First, the candidate should feel engaged with and valued by the hiring company. Interviews should be the easiest part, but candidates are often left waiting for a late interviewer or having to reschedule appointments numerous times. These reflect poorly on the organization, and the candidate begins to form opinions and biases about the company as well as about the hiring manager’s management style or lack of organization skills. The same goes for HR – the one department a prospective employee should feel comfortable and engaged with.
- Second, timely feedback from these interviews is essential. When a candidate is comparing several opportunities, the company that is most appealing is often the one that provides a good candidate experience and shares feedback promptly. This indicates the hiring company knows what they do/not want and shows decisiveness. When days stretch into weeks, candidates often interpret this as the company’s lack of interest, decision making, or ability to accomplish goals.
- Actions can speak loudly, but so can words. Regulatory professionals are highly analytical and detail-oriented. Having a member of the executive team express interest or being available to answer questions can provide an advantage over a competing firm.
- Ask questions about their other opportunities. Be assertive in getting important answers:
- Where does your company rank compared to others?
- What is it about your opportunity that is better than the others?
- What are any possible shortcomings of your firm and role?
- Have they received any other offers? Why did they turn them down?
- Where are they in their interview process? Companies are moving very fast so it’s imperative to understand exactly where they are and what the next steps may be.
- What would they need from you/your firm to accept an offer?
- Present the best offer. These days, candidates don’t want to negotiate, especially when they have another offer with a better salary on the table. Show your interest by presenting a strong offer right out of the gate.
These days it’s not unusual for a top Regulatory candidate to receive multiple good offers. Therefore, companies need to provide a great candidate experience, demonstrate interest, and move quickly. Otherwise, you may lose out on a great candidate, and your Regulatory position will remain open longer than desired.
In this highly competitive market, partnering with a specialized recruiting firm is even more important to help negotiate the specific priorities for both clients and candidates. Dennis Partners is the leader in Regulatory recruiting for the biotech and pharmaceutical industries and can create strategic and customized solutions to your hiring challenges. For over 19 years, companies have turned to Dennis Partners when they need top-tier Regulatory talent for both permanent and contract staffing roles. Contact us when you need help building a world class Regulatory team!