The Life Sciences industry is one of the fastest-growing industries in the world, with a wide range of companies developing drugs and cutting-edge technologies to improve human health. As a result, there’s a high demand for outstanding talent in all Life Sciences fields, from research and development to manufacturing and sales.
To overcome the various recruitment challenges that impact the sector, calling on the services of a specialist Life Sciences recruitment agency might just be the best option for your business. That’s because working with a dedicated recruitment partner (like Meet!) offers a wide range of benefits for organizations looking to attract and retain the best and brightest Life Sciences professionals. For example, you can access a far wider candidate pool, a much faster hiring process, and considerable time and cost savings.
Considering that the Life Sciences industry’s annual turnover rate stands at 20.6% – more than 7% above the average – now is the time for pharmaceutical, biotech, med tech, and healthcare communications businesses to refine their hiring strategies. Of course, we’re on hand to help!
Today, we want to provide you with an in-depth understanding of what exactly Life Sciences recruitment partners can do for your talent acquisition ambitions. We’ll explore five of the best advantages of working with a specialist recruitment agency, and by the end, you should have a much better understanding of how recruiters can benefit your business.
5 Ways of Recruitment Agencies Can Support Your Life Sciences Business
The rapid growth of the Life Sciences industry has been incredible over the last few years, with the sector expanding much faster than other industries in the global economy.
While this unprecedented success is certainly a cause for optimism, many Life Sciences companies are struggling to attract and retain exceptional talent. And although record numbers of people are graduating with Life Sciences-related degrees, a CBRE study has found that the industry has the second-lowest unemployment rate of all industries across the US!
With so few high-quality candidates actively seeking new Life Sciences jobs, it’s unsurprising why so many businesses are finding it challenging to bring in the professionals they need to drive innovation and success. Given the fact that the Life Sciences sector needs to create 133,000 jobs by 2030 to avoid a major talent shortfall, this unwelcome trend is quite a concern for Life Sciences businesses across the globe.
However, despite the somewhat grim figures and projections, one key solution that can help businesses overcome the industry’s ongoing talent shortages is working with a specialist Life Sciences recruitment agency just like Meet.
So, without further ado, let’s delve into the top five advantages of recruitment agencies in the Life Sciences sector…
1. Access an Extensive and Exceptional Talent Pool
As we explored earlier, many Life Sciences businesses struggle to attract and retain high-calibre talent. Many factors contribute to these recruitment difficulties, not least the fierce competition from rival companies, above-average retention rates, and a limited pool of available talent. However, by leveraging the services of a Life Sciences recruitment agency, companies can gain access to a much wider network of candidates.
See, recruitment businesses connect their clients with top-quality talent, and one way of doing so is by sourcing passive candidates. Businesses that decide to recruit independently are often limited to active candidates, aka professionals actively seeking employment. On the other hand, our team at Meet are specialists in reaching out to candidates who are not necessarily looking for a new job but may be tempted if the right opportunity presents itself.
By gaining access to active and passive candidates, you’ll expand your talent network considerably, with research finding that 70% of the global workforce is made up of passive talent. That means that only 30% of talent are actively looking for new positions!
These important figures highlight just how much untapped potential sits beyond the active job-seeker market. So, if you want to be one step ahead of overcoming the industry-wide talent shortage, it’s crucial you make connections with passive Life Sciences candidates – and that’s where we come in!
Now, we’re going to let you in on a little secret: how do Life Sciences recruitment agencies forge relationships with top talent?
Here at Meet, we do so in a number of different ways, including both in-person and online. Not only do we make sure we participate in industry events, conferences, and seminars to meet professionals from the Life Sciences community, but we also engage with potential candidates via social media.
Want to learn more about how your business can utilize social media to attract exceptional talent? Head over to our previous blog post, Employer Branding: Hiring Top Talent in Life Sciences in the Social Media Age.
2. Lean On Specialist Expertise in Life Sciences Recruitment
Much like other STEM-based industries, the Life Sciences sector is consistently changing, most of the time due to a combination of technological, regulatory, and socioeconomic factors.
As you’ll well know, rapid advancements in science and technology are reinventing the industry, with trends such as personalized medicine, AI, and advanced imaging techniques constantly reshaping the world of Life Sciences. Add to that the evermore complex regulatory changes and global health challenges, and it’s easy to see why so many companies find it difficult to keep up with the pace of change.
Partnering with a specialist Life Sciences recruitment business is an effective way to gain expert insights into the sector. At Meet, we have teams dedicated to staying up-to-date on industry trends. This knowledge, paired with an in-depth understanding of the technical aspects of Life Sciences roles, means our consultants are able to effectively assess not only a candidate’s technical skills but their soft skills too.
But that’s not all… We pride ourselves on our Learning and Development function, providing consultants with personalized training plans to ensure their expertise is up-to-date with what’s happening in their specific market and the industry at large.
By ensuring that our team is well-versed in the latest industry trends, regulatory changes, and emerging technologies, we’re better able to adapt to the ever-evolving nature of the Life Sciences landscape and provide valuable insights and expert guidance to our partners looking to hire outstanding professionals with in-demand skills.
3. Streamline Your Hiring Process
One of the most significant advantages of recruitment agencies is that they’re able to make your hiring process much faster. This is particularly important for those in Life Sciences, as much of their time is dedicated to researching, developing, and producing cutting-edge treatments to improve global health. With a more streamlined talent acquisition process that ensures critical roles are filled promptly, organizations are able to concentrate on delivering the life-saving products their customers expect.
In fact, research shows that a more optimized recruitment process can make a company’s hiring cycle 60% shorter – a significant percentage that’s bound to appeal to busy hiring managers in the Life Sciences industry. Working with a specialist recruitment partner like Meet is a guaranteed method of cutting down your recruitment time, meaning you can focus on the day-to-day while expert recruiters work diligently to source the most suitable candidates for your vacancies.
So, what tasks do we manage to optimize your hiring process?
- Candidate sourcing: With large candidate networks brimming with highly qualified active and passive talent, we can swiftly develop a list of suitable applicants for your open job role(s).
- Screening applicants: We take care of a wide range of screening-related tasks, such as reviewing CVs, assessing qualifications and key skills, conducting initial screening phone calls, scheduling interviews, and more.
- Skills assessments: Before sending applicants your way, we ensure they complete a skills assessment. This way, we’re able to evaluate whether a candidate has the right skills match for the role in question.
4. Save Big on Your Recruitment Costs
We understand that many Life Sciences companies might feel that in-house hiring is their most affordable option, but partnering with a recruitment agency can actually be the most cost-effective solution long-term. That’s because we offer reduced overhead costs, lower upfront costs, and negotiable fees, helping you achieve success while keeping within budget.
What’s more, when you decide to partner with a recruitment agency, you minimize the risk of hiring the wrong person. And did you know that the cost of a bad hire in Life Sciences is equivalent to 200% of their salary? This only reinforces just how important it is to find a candidate that not only meets your required expertise but also aligns with your organization’s mission and culture.
One thing we pride ourselves on at Meet is sourcing exceptional talent and creating long-lasting relationships that are right for both the business and the talent. By doing so, we can reduce your chances of making a costly hiring mistake.
5. Find a Long-Term Partnership That’s Tailored to You
We want you to know that we’re always on hand to help you meet your hiring needs, no matter what direction your business is heading. By developing an ongoing partnership, you’ll be able to count on us, not just right now, but for all of your future hiring needs too.
This long-term collaboration only leads to an even better understanding and anticipation of your hiring needs over time, resulting in more effective and efficient recruitment processes.
That’s because long-term partnerships allow recruitment agencies to deeply understand your organization’s unique requirements, values, and culture. We’ll work with you to understand what sets your company apart, paying close attention to your brand identity, products, and online presence. This knowledge enables us to provide more tailored recruitment solutions, ensuring talent will fit well within your organization’s culture as well as having the required skills.