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The 2 (Fixable) Reasons Why The Majority of Biotech Companies Miss Out on Good Talent

29 November 2020

By Jay Freeman

The 2 (Fixable) Reasons Why The Majority of Biotech Companies Miss Out on Good Talent

Biotech organisations face a greater recruiting challenge than most. Limited talent supply coupled with ever-increasing demand means that there is a constant battle for candidates in this ultra-competitive industry.

Mistakes are inevitable in recruiting, but some are more preventable than others. Let’s take a look at two of the biggest and most common reasons why a biotech organisation might be missing out on talent, and how to fix them.

1. Failing to invest in recruitment strategies

The problem

Many organisations see the development of talent attraction and retention strategies as more a chore than an opportunity or expect their talent supplier to take care of everything for them.

The fix

Recruiting strategies are arguably the most important investment a biotech organisation can make, and you should take an active role in their development. Ask yourself:

  • What is our employer brand and company culture?

  • What is our employee value proposition?

  • How do our attraction, recruitment and onboarding processes play out?

  • How do we aim to retain our employees?

Your doctor says that prevention is better than cure, and the same applies to recruiting strategies. A relatively small investment now can result in real savings into the future, by attracting the best while reducing employee churn. Putting resources into recruiting also helps to develop your reputation as an employer, which will have a significant impact on the level of talent you attract.

2. Using multiple agencies

The problem

Many biotech companies engage with multiple recruitment agencies to fill open roles, believing they’re more likely to find the right candidate that way. Engaging multiple agencies is particularly enticing when they offer a ‘no cure, no fee’ service where you only pay for placed candidates. In reality however, recruiting isn’t a case of many hands make light work. More often too many cooks spoil the broth.

The reason the ‘no cure, no fee’ model is failing is because recruiters simply won’t dedicate the necessary time and attention to a job that may not pay. It’s a system that rewards speed over quality. And if a recruiter gets the sense that you’re using someone else, they may stop trying to fill your roles altogether.

The fix

Take the time to identify a quality recruiter – one that sees themselves as less a talent supplier to your business than a partner in it. Build an exclusive relationship with this partner, in which they gain a deep understanding of your organisation. Over time this partnership will see you develop a serious talent acquisition advantage over your competitors.

Biotech is one of the most challenging talent markets. But for employers, some of these challenges are self-made.

Get your ducks in a row internally, and you’ll be far better prepared to face the market challenges that you have less control over.

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.

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