The biotech industry is experiencing explosive growth around the world, with a global market worth over $1.37 trillion USD in 2022. Rapid growth and changes in the industry have led to an unprecedented need for qualified life sciences and biotech talent, and companies are competing fiercely for the best candidates. Let’s take a look at the factors driving this demand, and some recruitment solutions for biotech. 

Primary Reasons for the High Demand for Biotech Candidates

There is a general shortage of qualified talent in the STEM industries, and reasons why this shortage may be felt particularly acutely in parts of Europe. However, the biotech industry has an especially keen talent shortage, and an 18% increase in job listings, which combine to cause project delays, budget overruns, and other critical challenges. Here are some of the reasons biotech companies face greater recruitment challenges. 

  1. Technological innovation. The rate of innovation and technical change in biotech is extremely rapid, with continual change in the use of AI and machine learning, CRISPR and personalized medicine, biomanufacturing, and other related technologies. This means a near-constant shift in talent skills and specializations, with ever-evolving roles, projects, and workplace practices. The rapid rate of innovation also leads to shorter employment cycles, as skills become less relevant or no longer needed, job descriptions change, or company programs shift focus. 
  2. Regulatory changes. The rules and regulations governing biotech companies and practices continue to evolve rapidly. As regulations change, companies need more legal and regulatory staff to understand and implement new rules. Business operations and processes must also change, creating new opportunities and transforming others. 
  3. Global competition. Changing regulations, the rise of hybrid and remote work, and intense competition have increased the mobility of biotech talent. As companies are now competing internationally for candidates, some places have invested in becoming biotech hubs, heightening their appeal. Emerging and established biotech clusters shape the international employment landscape even further. 

All of these factors lead to high demand for skilled candidates, but also create a dynamic, shifting landscape in which skills, practices, and priorities are rapidly changing, contributing to high turnover and lack of stability. 

Ways to Compete for Top Biotech Talent

For companies looking to compete for the top biotech talent and life sciences, here are some ways to stand out. 

  • Be mindful of the company brand and reputation. Candidates are attracted to companies with a strong brand and good reputation in the industry. Cultivating a good image is not just good for customers; it’s good for talent acquisition as well. 
  • Create a good company culture. Candidates are looking for companies that treat employees with respect, offer healthy work/life balance, and create opportunities for lifelong learning and career development. It isn’t hard to create a good culture, but it can be incredibly difficult to overcome a bad one. 
  • Focus on internal mobility and progression. Your existing employees are often your best source of new skills and talent. Internal education and training programs are a great way to offer the long-term growth and development that candidates are looking for, offer new opportunities to existing staff that improve retention, and compensate for rapid technological or regulatory changes. It’s a win-win-win. 
  • Broaden your horizons. To compete for the top biotech talent it’s important to be innovative and open-minded. Actively seeking women, minorities, and international talent may require more effort and creativity in your talent search, but connects you with a greater talent pool and builds a more diverse, resilient, creative workplace. 
  • Be proactive about recruitment and retention. Good HR managers know that recruitment is an ongoing process, and not just when you have open job listings. Developing strategic partnerships with schools, research organizations, and professional groups are all great ways to cultivate a talent pool. Participating in the industry and the community, building connections, and creating a great workplace are proactive ways to combat talent shortages. 

How to Boost Your Biotech Recruitment Success

To compete for the best talent in biotech, it’s important to look beyond traditional channels. Finding a recruitment partner who truly understands the industry, uses innovative searching methods, and is a proactive partner in solving life sciences recruitment problems. Contact Grapefrute today.