Hiring within Drug Discovery & Drug Development? Is your hiring strategy good enough?
Are you competitively positioned to hire the best talent within Drug Discovery & Development?
Drug Discovery & Drug Development is a highly competitive, and growing industry, and it is more important now than ever for organizations to have a strong hiring strategy to attract and retain top talent. A well-designed hiring strategy can give you a significant edge over the competition. But what exactly does a strong hiring strategy look like? We have been recruiting in this space for years now, and although some of these might seem obvious, many have been overlooked, and so below are the key takeaways that we’ve seen in what will give your organization the edge:
- Clearly define the skills and qualifications needed for the positions being filled. This includes not only technical skills, such as expertise in particular drug development techniques or experience with specific types of drugs/assays, but also soft skills such as strong communication and leadership abilities.
- Develop relationships with expert recruitment partners who have SMEs in the area you’re hiring in, and who have a track record of success in making similar placements.
- Offer competitive compensation and benefits packages. Not only will this attract the best candidates, but it will also help retain top talent once they are hired.
- Utilize effective interviewing and evaluation methods. This includes not only traditional in-person interviews, but also aptitude and skill testing to assess a candidate’s qualifications/skill-set. Have clear evaluation criteria and methods in place to ensure fair and objective evaluations. The cost of accidentally hiring an underqualified candidate can be severe.
- Have an effective onboarding process. This can include providing new hires with a clear understanding of the company’s goals, culture, and expectations, as well as providing necessary training and resources to help them succeed in their roles. An aimless employee won’t hit a target they haven’t been given.
Here are some examples of organizations that New Era has worked with, and have advised on what to focus on when implementing an effective hiring strategy, and have reaped the benefits as a result:
- US based Immuno-Oncology Biotech start-up: They focused on bringing on the best entry-level talent by actively developing strong relationships with local top universities and offering competitive compensation and benefits in parallel. This has helped them attract top talent and stay competitive in the market. Entry level staff are just as important to the overall mission as the leadership team. One cannot succeed without high levels of competence in the other.
- Mid-sized full-service CRO, East Coast US: Has implemented a rigorous interviewing and evaluation process that includes aptitude testing and thorough reference checks. This company was previously rushing the hiring process and had poor employee retention and satisfaction rates. As a result of the new process, they now have a low turnover rate and consistently high-performing (and happy!) employees.
- Global CDMO: This organization recognized the importance of the onboarding process in the retention of new hires. They created a comprehensive onboarding program that helps new hires to quickly integrate into the organization both technically and culturally (lots of meet and greets!), and be fully equipped to excel in their roles. Prior to this, they were losing too many employees because they were not made to feel a part of the team, leaving many new hires feeling lost and often alone. This is particularly important in a remote setup.
So, what happens if your organization lacks a strong hiring strategy? You risk missing out on top candidates and hiring those who don’t possess the necessary skills or qualifications. Without a proper onboarding process, new hires may struggle to integrate into the organization and may not be fully equipped to excel in their roles.
Do you feel as though you are missing out on top talent and that your organization is at a disadvantage as a result? Or, are you confident that your current hiring methods are effectively identifying the best candidates (and keeping them)? A strong hiring strategy is crucial to the success of any organization in the Drug Discovery & Drug Development industry. By taking the time to carefully design and implement a strong hiring strategy, organizations can drastically improve their competitiveness and reach their ultimate goal: driving the development of new and innovative treatments.
If you feel as though you need some advice/guidance on improving your recruitment strategy, reach out to any of the team here at New Era for a no-obligation initial discussion to see if we can identify some quick-wins through easy adjustments. You might be surprised what a little change can achieve!