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Let’s face it, regardless of the industry or sectors you operate in, recruiting senior executives is a complex task that requires a big investment of time, money and energy equal to the stakes at play. Every sector faces its own challenges: if you speak to anyone working within the turbulent sphere of recruitment they will stress “it’s as hard as it’s ever been”, that there’s a “war for the talent” and I am inclined to agree with them.

However, there are several factors which make this hiring process particularly difficult for organisations operating in the life science and biotechnology industries. Applying my trade as a senior search professional in the aforementioned sectors, I have observed a number of these factors but two seem especially prevalent… hear me out.

1. Knowhow and experience come at a price (and it’s not cheap)

Start-ups or smaller organisations looking to grow and take the next step to biotech domination will pursue top executive-level candidates with experience of operating at a level they aspire to, who are typically employed by large, successful multi-nationals. This means that, frustratingly, matching compensation requirements quickly poses an issue.

Start-ups combat this by offering more intangible benefits as well as offering executives’ compensation paid as stock options, meaning that joining a successful start-up at just the right time can prove extremely lucrative and generate bonuses above and beyond those offered by well-established organisations. But inevitably with higher reward comes higher risk, and since the base salary is usually much lower, many candidates prefer to take the safe option and decline an offer that does not meet their salary expectations.

2. Expert executives required – Apply within

The activities of companies operating in the biotech or life science industries are often extremely niche, as are the skills and experience needed to work within them, meaning that new executives cannot simply be cherry picked from other industries or sectors. Potential candidates must already possess an in-depth knowledge of the recruiting company’s specific field of specialism or service offering.

This problem will become more prevalent as the global biotechnology market alone is expected to be valued at $727.1 billion by 2025, supporting in excess of 4.7 million jobs. As the life sciences and biotech industries continue to grow, so does the need for specialised executives, increasing pressure on an already limited pool of individuals.

So, you are a small growing biotech or life science business looking to attract great senior talent to support you on your continued path to success. How can you overcome these challenges?

Think outside of the biotech box

Although many of the challenges faced by companies recruiting in this competitive space are out of their control, biotech companies do have several tricks up their sleeve to attract and retain talented executives. Whilst competing with sizeable pharmaceutical giants to offer the best salaries may not be an option for smaller start-ups, other benefits can be added to the overall package making these appear more lucrative. Ingenuity is the key in these instances: this is a chance for smaller organisations to think outside of the purely financially motivated box and offer appealing alternatives. These could be generous PTO allowances or more intangible benefits, like the ability to build something they are passionate about without experiencing the bloated hierarchy and red tape of a large multinational.

Cultivation culture – build it and they will come

Whilst North America may not be able to compete with Asia on the financing front, their workplaces can boast thriving corporate cultures where flexibility, connection, engagement and personalised recognition are king. Elevating the power of employer branding and marketing can do wonders in terms of helping to resolve attraction issues. Several executives who make the decision to leave well-established firms to join “riskier” business ventures do so because they feel aligned with and motivated by the company’s mission and vision and share its morals. Making these aspects known to potential candidates is crucial to attract like-minded individuals who will significantly contribute to the company’s future.

Engage a great recruitment partner

Last but by no means least, working with a recruitment partner who has built an extensive network in the sector is key to sourcing and engaging those specialised executives who are not on the active market. Working with a trusted and experienced partner guarantees access to the best talent whilst sifting out the others. Good recruitment partners will have a structured interview and assessment process and they will take the time to build relationships with passive candidates, thus gaining an understanding of what is important to them when considering their next career change. Having a similar understanding of the type of culture and organisation dynamic a start-up is trying to cultivate means that making the connection between both parties is much more likely to be successful.

The future for the global biotech and life science sectors looks enormously promising. As more opportunities are created and more companies join the already competitive search for talent, it’s the organisations that can adapt to the ever-changing candidate landscape and ultimately attract the right experience that will more than likely succeed.

Growth can be exciting, but it can also present a number of challenges. Over the past two years, some businesses in the life science sector have had to scale up rapidly due to increased demand relating to the coronavirus pandemic. However, no matter how urgent your hiring needs, we suggest that taking the time to develop a well-thought-out hiring strategy is crucial to successfully bringing onboard additional team members, whether they number in the tens or in the hundreds.

Here are three points to consider when planning hiring strategy in the context of a growing team.

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1. Use organisation charts to visualise growth

The first step is to create an organisation chart that represents your business as it currently stands: it could include just you and a partner, or you and a handful of employees. Present your chart in such a way that it includes details like names, positions, and the reporting structure.

The second step is to develop a second chart which reflects how you would like your business to look in the future. You could use a colour system or dashed boxes to show who and where you would like to hire, and don’t forget to use and expand the existing structure to show where each new position would fit in the organisation. This gives you a high level overview of where you want your organisation to be.  

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2. Think about seniority levels

Has creating an organisation chart identified new senior positions which need to be filled? In a previous blog on senior hires in the life science sector, I acknowledged in the difficulties that start-ups and less established companies can face when looking to hire talented senior staff. However, I also noted that smaller players can be in a position to offer incentives to potential future employees: think in advance about what you might have to offer if you’re planning on attracting more senior candidates.

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3. Don’t skimp on the detail in your hiring plan

It can be difficult to estimate hiring needs, especially when accounting for rapid growth. But putting a plan together should encourage business leaders to pause and reflect on their long-term goals. When developing your hiring plan, you want to cover the four points below: 

• The general knowledge area of those you are looking to hire
• Areas of expertise within this which you would ideally like to cover
• The educational and professional background you are looking for
• The desired timeline of hiring (particularly important for HR)

Once these details have been put on paper, you can then refer back to this document during the hiring process should things get off track. The process of putting together a hiring plan should also bring together both HR and hiring managers, instigating a smooth collaboration between the two parties throughout the hiring process.

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If you’d like to hear more about what we offer when we partner with life science companies looking to grow, please feel free to contact a member of our team.

The ongoing coronavirus pandemic has impacted on all business operations, but the effects have been particularly profound for the life science sector. Pharmaceutical, healthcare and biotechnology businesses have led the response to COVID-19, from drug trials and vaccine development to the production of personal protective equipment (PPE) and ventilators. Facing what appeared as an insurmountable crisis, the life science industry acted as quickly as possible to provide vaccines and treatments to the novel coronavirus. As we approach the second anniversary of the pandemic, we wanted to pause to ask what the lasting impact on the life science sector will be.

Vaccine Development

Under normal circumstances, developing and testing a vaccine can take up to 10-15 years due to the complexity of the process. The need to secure funding and await approvals can slow the process down further. However, due to the urgency created by the crisis, the developmental window was dramatically reduced: two of the COVID-19 vaccines were developed, tested, and authorised in less than a year. The speed of these developments has led many to question where inefficiencies previously existed and whether future treatments can match the pace of these vaccines.

Digital Healthcare

Another consequence of the pandemic has been the rapid acceleration in digital healthcare. We saw a spike in the number of virtual doctor’s and other appointments as healthcare providers attempted to mitigate the risks of COVID-19 whilst still maintaining frontline services: in March and April 2020, the NHS reported that 70% of routine appointments were conducted remotely, compared to only 5% of similar appointments for the same period in 2019. Home delivery for prescriptions has also become much more prevalent. Looking ahead, it is predicted that healthcare providers will continue to make investments in digital and virtual healthcare. A hybrid model of virtual and in-person visits is now expected to become the norm.

Wearable Devices

In tandem, there has been an increase in the adoption of wearable devices to monitor certain conditions. These devices make patient self-monitoring in the home possible, which in turn allows patients and providers to promote social distancing and to free up resources for COVID-19 care. Wearable devices come with a number of additional benefits: patients are empowered to play an active role in their own care; there is a reduced need to visit clinical settings in person; cases can be triaged and resources can be directed to where the need is greatest.

Remote Participation in Clinical Trials

Enabling participants to take part remotely in decentralised clinical trials has allowed research to continue whilst respecting social distancing guidelines. It’s expected that remote participation in these decentralised clinical trials will continue to grow in 2022 and 2023, which will facilitate the gathering of crucial data and allow research leaders to retain participants.

Perception and Collaboration

Some have noted that the public’s perception of the life science industry has improved due to its instrumental role in tackling the crisis created by the novel coronavirus. Furthermore, COVID-19 created the impetus for collaborative partnerships where there previously were none, for example between public and private sectors, government, academic research and contract research organisations. These collaborations are set to continue as the sector navigates the beginning of a new, post-COVID-19 era.