According to the Bureau of Statistics (BLS), the unemployment rate declined to 3.7 percent in September, and total nonfarm payroll employment increased by 134,000. Job gains occurred in professional and business services, in health care, and in transportation and warehousing. 1
In today’s candidate-favorable job market employers must look harder and work smarter to fill job vacancies.
For example, biopharma industry executives with Johnson & Johnson’s JLABS recently discussed the competition for talent in San Francisco, a city recognized as a top national life sciences and digital health hub.2
“The talent shortage is acute,” said Fred Kohler, VP of people for GRAIL, a company focused on liquid biopsies for early cancer screening.
Interestingly, executives discussed the differences between older job candidates and millennial job seekers.2
MedCityNews author Robin Toft, CEO of Toft Group Executive Search, writes, “Today, soft skills and an aptitude for learning are actually more important than traditional education and experience. Assessing a candidate’s ability to learn and grow with the company is how one needs to hire now.”2
In a talent pool of “super-seasoned” and “super young” job candidates in high-demand areas, Toft says, “candidates are calling all the shots.”2 Salary and benefits are not the only considerations in a job search. “Location and facilities are playing an increasingly critical role in the competition for scientific talent. Across industries, creating a workplace that employees find inspiring and engaging has become a competitive differentiator”.3
A recent JLL survey of more than 7,000 employees, found 70 percent agree that happiness at work is the best ingredient for a unique work experience.3
Research suggests that employers follow three rules to attract potential employees.3
Rule No. 1: Get Creative to Be Near the Action
Low vacancy rates in nearly all U.S. life science clusters…sees trends in new urban lab developments. Two speculative lab developments are underway in Boston’s West Cambridge neighborhood to create another 260,500 square feet of space. Similarly, Houston, which has a rising reputation in life sciences, is fundraising to build a $2 billion commercial campus on 30 acres in the heart of the city”.
Rule No. 2: Focus on the Employee Experience
Many new life science parks include rich amenities. San Diego is attracting life science companies eager to give employees a unique environment. Tenants share large conference room spaces, a fitness center and a restaurant with an award-winning chef.
Deloitte’s 2017 Global Human Capital Trends reports “a productive, positive employee experience has emerged as the new contract between employer and employee.”3
Rule No. 3: Prioritize Employee Well-being
A World Green Building Council (WGBC) report sponsored by JLL found modest improvements in…access to natural light can positively impact productivity. Having expansive views (whether inside or outside) has an even more significant influence, providing visual cues that help open the mind to new possibilities.3
Live plants inside the office to serving as natural air filters has proven benefits for lowering stress, improving cognitive functions and enhancing creativity.3
If you’ve been frustrated in your search for highly-skilled talent, it’s time to call RomAnalytics, a leader in market insights and analytics talent recruitment! Our experience and relationships help us hone our clients’ hiring requirements to deliver quicker, more precise and satisfying job placements.
RomAnalytics specializes in finding permanent or contract staff in the Pharma industry to fill vacancies in commercial operations, medical affairs, IT, and finance roles.
Sources:
3. https://www.laboratoryequipment.com/article/2018/02/new-rules-life-science-talent-recruitment