Hiring excellent and experienced Biotech employees is key to success in 2016, but equally important is retaining these critical human resource assets beyond the first year. Some studies predict that as many as 51% of biotech professionals will seek new employment, a trend that is prevalent not only in large biotech firms but even small labs and non-profit scientific programs.
WHAT CAN BE DONE TO RETAIN TOP LIFE SCIENCES TALENT?
Retention of biotech employees and strong work enagement can be achieved by evaluating several aspects.
Biotech companies are on a hiring spree, budgeting for higher salary increases, and enabling greater values for employee equity through the rising of stock prices. Companies are finding these practices are having a positive impact on employee retention. To stay ahead of the competition, biotech companies are aggressively hiring and increasing cash positions and salary budgets at a higher rate compared to all life sciences companies. Salary, benefits, and assignments should be competitive with other firms in the area as well.
Additionally, each company has its own characteristics and values so surveys and open discussions can be insightful into how employees feel about their professional responsibilities. Often biotech professionals surveyed are very clear on what their employers can do to impact employee engagement and improve retention. (Learn how to set up a professional in-house survey https://www.surveymonkey.com/mp/employee-surveys/)
HIRING FOR “SOFT SKILLS” IN BIOTECH
The culture of the workplace is of prime importance in the retention of employees. Managers and immediate supervisors need to be perceptive and concerned about each employee as well as demonstrating clear leadership qualities.
Professionals want to be valued for their contributions and respected for their opinions. Periodic training and hiring talent with “soft” supervisory skills and strong EQ characteristics (Emotional Intelligence Quotient) for middle level management is strongly advised. It is important to hire and retain employees that feel like they belong to the company and share in the company’s goals.
Biotech companies can retain their excellent professionals with attention to both the practical details and the personal aspects.