Best Life Science Executive Search Firms

For a lot of people, the term “life science” can get a bit confusing. And certainly not without reason! This scientific field encompasses such a large amount of research disciplines that sometimes it would be easier to say which of them are not in it.

Life sciences include the branches of subjects concerned with investigating life and organisms. Not to be confused with the natural sciences, which are themselves a larger category divided into physical science and life science. 

You might think grouping such a large number of scientific disciplines under one umbrella could be useless, but instead, it is the exact opposite. The interdisciplinary nature of life sciences is what makes them such a profitable and revolutionary industry. Follow this link for more information about it https://hbr.org/2006/10/can-science-be-a-business-lessons-from-biotech.

In fact, we have a lot to thank life science for when it comes to making our everyday lives comfortable. From the development of dishwasher detergent and more durable and long-lasting produce to life-saving medicines and pollution prevention, it has been responsible for some of humankind’s most outstanding achievements this century.

One of the latest on a long list of groundbreaking accomplishments has been the approach to the currently ongoing global pandemic of COVID-19. Many were skeptical about the fast pace at which several of the vaccines were developed, but the truth is, all of that was the decades-long work of life scientists who prepare themselves through their entire careers for events like these.

However, a big chunk of this progress is due to companies’ competition, such as pharmaceutical ones, to come up with the better and more efficient product on the market. To achieve this, many of them hire leading experts in their fields for executive roles, who can accurately predict the needs of the public and have the know-how of achieving those needs.

Nevertheless, this is easier said than done. Because of their challenging nature, not many students opt for studying the life sciences, and the ones that do often fail to graduate. Thus, the hiring landscape has a lot of demand for these professionals but not enough supply. Click here to learn more.

The biotech boom in recent years has only intensified this disparity and brought out the stark gaps in progress between new and well-established companies. In many ways, reputation and budget can be a hindrance rather than a stimulus for advancement. Stay with us as we outline some of the biggest hiring challenges in the life sciences industry today.

A market-wide crisis 

When faced with giant corporations in the recruiting battle for talent, smaller companies and startups could miss out on potentially great employees that could mean the difference between growth and failure. That is why it is vital to be aware of the obstacles awaiting them during the hiring process.

The turnover rate in small biotech businesses is alarmingly high due to the competitive salaries and more research opportunities in global conglomerates. Some of these companies could resort to poaching employees from their competitors, which, although beneficial for individual businesses, is harmful to the industry. Namely, the presence of this custom indicates a severe lack of talent on the market and ultimately does not result in industry growth but only in shifting vacancies.

The abundant amount of career choices can also be detrimental to the employees themselves. In fact, frequent job-hopping does not only look bad on your CV but also limits the impact you can make both in the company and the industry as a whole. Likewise, the company is damaged by it since it has to train new employees nonstop, slowing down their existing projects and constantly wasting money on recruitment, hiring, onboarding, and offboarding.

An unwelcome consequence of the poaching could also be something called compensation inflation. This term indicates the artificial, and often unsustainable, increase in employees’ wages, which are only raised or given to prevent them from leaving their current workplace or attract them to a new one. This harmful practice can not only price out small businesses from the market but also completely reshape the social landscape from rent prices, operating and facility costs.

Another critical factor in recruitment for the life sciences is the topic of relocation. Once upon a time, the norm was to hire talent from the immediate surroundings of the company. However, now that has completely changed. Many companies decide to relocate their employees closer to their base of operations or go for offering remote work positions. This could have the benefit of preventing poaching and expanding the talent pool, but it could also increase compensation inflation if relocation is required.

A major challenge in the life science executive search is the issue of talent development. Although it is much easier to hire already trained staff, considering the severe demand for professionals with a biotech background and the low unemployment rate, companies should consider training their existing employees. Namely, accounting for the industry’s rapid change and the new technologies popping out on the market regularly, meeting personnel requirements will have to adapt soon.

Lastly, all of these changes could contribute to squeezing out small businesses. Many of them are unable to provide the high salaries matched by global conglomerates, offer relocation services to new employees, or set aside a budget for talent development and constant recruitment.

Finding the way out

After reading all of these obstacles, you might feel pretty hopeless about the state of the life science industry now. But all hope is not lost! In fact, industry professionals are working hard to prevent all of these grim predictions from happening. 

One way you can make sure to avoid all of them is to hire a recruitment agency specializing in biotech careers. These specialists can help find the qualified talent you need and who will do all of the laborious stuff like sourcing, vetting, and interviewing potential employees. They will ensure that all candidates fit your culture and requirements and aim to stay long-term with your company.

So, what are you waiting for? Put your recruitment needs into the hands of knowledgeable people who aim to bring you only the best among the best. After all, it is precisely what you and your company deserve!