For biotech organisations, attracting candidates is only half of the talent battle. Retaining is the other half, and it can often prove to be more difficult and time-consuming than the former.
How does a biotech company ensure their very best hires hang around? Let’s take a look at five of the most effective retention strategies.
1. Schedule regular one-on-ones
Open communication lines offer an opportunity to review progress, focus on development and discuss opportunities with a team member. This makes regular one-on-ones with employees vital.
Provide every employee with the opportunity to have regular chats with their line manager. Structure these conversations in a way that reveals both challenges and opportunities. Let the employee feel heard, and take real action on any issues or opportunities that are identified. By taking the time to listen to your employees, you’ll be far more likely to get the best out of them.
2. Invest in training and development
When an employee feels as though their organisation is investing in them, they are far more likely to stay for the long haul.
Providing training and professional development opportunities also results in an ever more skilled and experienced workforce. Your people are your most valuable asset, so if you invest in them, and you’ll enjoy the returns for years to come.
In short, this is a win-win for employee and employer.
3. Give credit where credit’s due
Everyone enjoys recognition and praise for good work – it’s human nature. By ensuring that you offer your employees just that, you’ll seriously increase their job satisfaction, making them far more likely to stay.
Performance management and engagement platforms like Lattice,15Five and Engagedly are fantastic for both tracking performance and publicly recognising those who do well. The best bet is to mix a structured approach, like a weekly or monthly awards announcement, with ad hoc mentions of great work.
4. Offer transparency and engagement
Biotech talent wants to feel more than a simple cog in the machine. They want to feel like a more important part of the whole, helping to guide the business into the future.
By ensuring that you regularly communicate the developments of the company – what’s happening behind the scenes, and where you are against monthly, quarterly or yearly objectives – you’ll go a long way to making a worker feel more involved. Even better, ask for their opinion on the company’s direction. You’ll be surprised at how insightful your team can be!
5. Light the path ahead
Good talent is defined by their ambition, so they need to know where they’re heading. If there’s no apparent opportunity within your organisation, your best workers will look for it elsewhere. You should therefore light and signpost the professional path forward.
Make succession plans for every role, allowing employees to move either horizontally or vertically. Make sure they are aware of what's expected of them if they are to develop within the company.
Do all this, and your organisation will become far better at retaining the most sought-after biotech talent.
How Panda International can help
At Panda International, we have a successful track record of sourcing and placing in-demand professionals in ambitious and fast-growing Biotech companies. Our experience and way of working will give you a competitive edge in the war for Biotech talent.
What are you waiting for? Get in touch and find out more.