Life science companies are always at the forefront of innovations to improve people's well-being and overall health all around the world. However, as the demand for effective and affordable healthcare is rising, organizations are now being challenged by the need to meet the current market demands. As a result, the life science industry is always searching for talented newcomers to help make these goals attainable.
If you are recruiting for the life sciences industry, there are some recruitment trends that you should be aware of. Being educated about the recruitment trends driving hiring in the life science industry will make it that much easier to help your candidates find the job of their dreams.
Recruitment Trends in the Life Science Industry
The life sciences job market is set to grow by a minimum of 7% by 2028. This may not sound like much, but that equates to an increase of 15,401 jobs for quality assurance specialist jobs and 4,266 clinical research associate jobs. Thus, life sciences jobs are on the rise, and there is no sign that demand will decrease anytime soon.
1. Lack of Qualified Talent
This is the most significant indicator of growth that is outstripping supply. As a result, there are not enough life sciences candidates to meet the needs of the industry. As a recruiter, this can make finding that perfect hire tough, but it can be a huge boon as a person looking for jobs.
Your candidates who are qualified to switch to this industry will find that they can get pretty much any job they want and can negotiate for the kind of pay and benefits that they wish. On the recruitment end, you will have trouble keeping up if you can't offer really good benefits and excellent pay.
2. Retention is Down
Surveys have shown that many people employed in the life sciences industry feel that their company does not stand out from any other in its space. This means that retention can be tough and that having to recruit repeatedly for the same job roles due to attrition could be a real challenge as a recruiter.
As a recruiter, you will have to face the fact that it will be hard to hire people and convince them to stick around if you don't have the right benefits to offer.
3. Remote Healthcare Roles on the Rise
As an outcome of the pandemic, there will be more and more remote healthcare jobs to offer. This means that medical administrative professionals and other medical jobs that can be performed away from a lab or doctor's office will see a huge bump in applicants. Telehealth services are driving most of this change, which means that some doctors may work remotely one hundred percent of the time in the future.
As a recruiter, you will have to familiarize yourself with this new space and the many new jobs out there to hire for. Change can be good, and this sector will evolve into a major part of the hiring picture for the life sciences industry.
4. Research and Development is on the rise
While this segment of the life sciences industry has always been sizeable, it should grow even more over the next few years. Covid-19 research has created a new demand for R&D specialists that has yet to be filled. As a result, there will continue to be many more of these positions available than people to take them for some time.
This could be a great time to encourage your candidates to make the switch to R&D. These jobs used to be hard to come by, but they will be for the time being everywhere. Of course, as a recruiter, you will still need to offer value to your prospective hires, but this space will be easier to secure good hires in than some other spaces.
5. Incentives Matter
Just having a good benefits package is not enough anymore. People are less and less willing to settle for a job offer that feels like a so-so fit when they can work remotely and therefore be hired anywhere. As a result, the need for companies to offer real incentives to their new hires has never been greater.
For those looking to hire talent, offering flexible and realistic benefits to your new hires is essential. Work/life balance, hiring bonuses, and continuing paid education are incentives that have become non- negotiables. It's just not good enough anymore to say that you can offer a 401K.
The Life Sciences Industry is Booming
There has never been a better time to encourage your candidates to switch to a life sciences job. As a recruiter, this is a chance to step up your game and get creative. Of course, you will need to hustle a little more, but there has never been a time when the talent and skill of your potential hires have been better.
Want to learn more about common biopharmaceutical jobs, the difference between biostatistics vs. bioinformatics, or what a Data Scientist really does? Check out our other Life Sciences blogs!
About the Author: Gabe Nelson is a content specialist of over 7 years of experience, currently working with lifesciencesearch.com .He has a passion and keen understanding when it comes to the HR and recruitment industry. He has written hundreds of content pieces in numerous niches. Currently, he lives in Missouri with his wife and kids.