According to the US Bureau of Labor Statistics, a department of 10 would have six replaced in 5 years if your company follows the standard turnover rate for businesses. How can a scientific research team be productive with that kind of turnover? Talent retention explicitly tailored for your employees is crucial to ensure that companies retain their best. Companies investing in these programs will retain talent and continue growing their product pipeline.
The biotech/Pharm industry is a highly competitive field. These companies constantly compete to bring innovative products to market. New and effective products require a workforce of highly skilled and knowledgeable scientists and researchers. Unfortunately, a shortage of scientists is imminent. The pipeline of qualified college graduates must be much more significant to fill current growth plans. The baby boomer retirements will expand the problem. Your best answer is to keep the talent you have happy and engaged and stay longer. Yet, how do you do that?
Recruiting Talent- have happy, satisfied employees
The best way to get new scientists is to ensure your current ones are happy and enjoy working for your company. Happy employees will be likelier to refer a friend or someone they know. No one wants to work at a company that doesn’t bring enjoyment in the day. We spend most of our days working. The work must be purposeful and the people you work with enjoyable. No one wants to work in a toxic environment.
Encourage employees to share their experiences in places such as Glassdoor, giving a glimpse of what it would be like to work at this company. You can also send your extroverted scientists and HR to campus recruiting events. Your company brand review is as critical as the restaurant you are considering eating in. Everyone has opinions, and we read them to understand the culture better. Bad reports will only make it harder to attract talent. We all know about one bad apple.
Tailoring Talent Retention Programs
Current employees’ attitudes will determine if a prospective candidate takes the job. Therefore, you must ensure your current employees enjoy working for you to attract new talent.
Companies need to assess employee loyalty and tailor talent retention programs to fit the needs of their workforce. The first step is identifying the Employees’ needs, desires, and motivators. When they do, your company will reap the benefits, including bringing on new talent.
Most employees leave because of management, career growth, and burnout. Surveys are a good start for assessment. But the employee may be hesitant to discuss employee dissatisfaction in a survey. The best way to assess loyalty is to have that human touch and, specifically, someone who understands the plight of the scientist as opposed to an HR generalist. There is no better way to get to know someone than in person. There is no one size for all.
The most-engaged teams are the most productive. With Inproma, you tailor your programs to retain great talent, show appreciation, and strengthen company loyalty.