Given the recent layoffs within the bio/pharma industry, it may appear companies have regained the advantage in what has largely been a candidate-driven market over the last several years, but the writing on the wall shows that may not be true.
A recent HR Dive article Return to office might be making workers miserable indicates that dissatisfaction with employers is increasing in 2 main areas: salary and lack of flexibility. Our recent survey The Big Quit? Regulatory Career Motivations in 2023 echoes those same concerns within the Regulatory Affairs community. Greater compensation is the number one motivator, with the ability to work remotely coming in close behind.
Companies must remember that employees want to feel valued, both in compensation and in their time. The industry size may ebb and flow in the short term but companies will continue to need top-tier talent and taking a mindset that is an employer’s market could be detrimental to staffing.
Whether recruiting is done internally or via an executive search firm, companies must come forward with their best offer and they must do so quickly. Potential employees are often considering multiple offers at a time and are evaluating employers alongside the momentum of their hiring process. Great talent is out there, and with the recent increase in job openings, it’s the quickest and most decisive companies that are winning the talent war.