We are witnessing a more candidate-driven hiring market than ever before.
The culmination of the pandemic, the Great Resignation, shifting workforce demographics, and the rise of automation have all led to a crucial moment for company culture.
Previous principles of company culture are shifting to accommodate a workforce that now drives demand and has a different set of values and priorities for their work.
For life sciences businesses, the hiring landscape is at a critical tipping point.
The demand for talent is often exceeding the supply, putting candidates in the driver’s seat – so how can life sciences companies begin to adjust their company culture to win the war for talent?
Let’s take a look at what company culture is, why it’s important, and how it can be your solution to the war for talent.
Biotech and pharma companies were found in the report to perform well in the customer, integrity, and respect category, with agility being the weakest-performing category. This seems very in line with the current hiring market, and the weakness related to the industry’s inability to move quickly and effectively to changes in the marketplace and seize new opportunities.
In the past, companies may have been reliant on defining their company culture mostly based on traditional benefits – salary, bonuses, health insurance – rather than forming a company culture based on values, procedures, and employee interactions.
Shifting company culture overnight is unlikely to be successful – you want to get it right, which means that you need to form your company culture from those who will act as ambassadors in the long term.
So, what are candidates and employees looking for in company culture?
Work-life balance is very high on the agenda currently across industries.
Data from 2021 revealed that 51% of workers prefer a more flexible working model post-pandemic, with 30% stating they would most likely switch jobs if work returned to full on-site.
But how can you integrate better work-life balance into your company culture in a way that will be authentic?
Ensure that all employees are using their annual leave days, and if not, enquire as to why and use this feedback to form better practices where possible (e.g. do they feel as though they can’t take time off? If so, how can this be resolved?)
Schedule regular breaks throughout the day and encourage employees to leave their workspaces.
Offer flexible working hours where possible so that employees can work around other commitments (e.g. childcare or appointments) without using their annual leave.
Promote an open culture in which employees know they can approach management for confidential discussions, and if possible, offer access to private mental health care and make employees aware that they can access this at any time.
If an organisation has a hybrid workforce, feedback could indicate that there need to be clearly defined rules around communication between remote and on-site employees.
For example, is it more beneficial to prioritise a set time for team catch-ups over a video conference to benefit from the social element?
Put simply, company culture is not a one-and-done process, it’s a constant work in progress and needs to be nurtured through regular feedback.
For many organisations already utilising a culture committee – a group of employees that come together to drive cultural success – this feedback process will already be easy to implement through a pre-existing process of gathering information across departments and offices and communicating changes across the company.
The considerable shift in company culture is something that life sciences organisations have been adapting to with varying degrees of speed and success.
This makes strong company culture a significant competitive advantage – meeting the current demand for more flexible, meaningful work through company culture is valuable for both attraction and retention purposes.
Life sciences organisations that make an effort to continually adapt their company culture through feedback will undoubtedly come out on top in the War for Talent, due to consistency and the implementation of new, fresh ideas.
To read more in-depth advice to win the battle for life sciences talent, read our full guide here.
Get in touch with the Panda team today for expert advice on securing top talent for your life sciences company.