5 Strategies to Revolutionize Your Employee Attraction and Retention
With pools of life science talent in the job market, attracting and retaining the right employees is essential for maintaining a healthy and efficient work environment. LinkedIn’s Global Talent Trends show that top employee values have consistently been compensation, work-life balance, and flexibility over the past two years. In this report, VP of Global Talent Acquisition Jennifer Shappley states, “Even with a job market in flux, people continue to reassess why, where, and how they work.” In this blog, we take you through understanding employee attraction and retention strategies and provide five approaches to consider implementing in your organization to help answer those three critical questions.
Employee Attraction and Retention Definition
In talent acquisition, employee attraction is the methods and practices used to source qualified talent and inspire an interest in working with your organization. Employee retention is the other side of the coin. This is where you create procedures and environments that welcome new and current employees to maintain their interest in staying with your organization. Both are unique and can overlap when developing talent acquisition strategies. Implemented correctly, this duo can even attract passive candidates to your company and retain high-quality team members over time.
Why is Employee Retention Important in the Life Science Industry?
Like other industries, in the life science field, most companies want to invest in their workers to avoid the consequences of losing employees. For example, the cost of turnover can be high due to the specialized skills and knowledge required for many life science roles. It can take a significant amount of time and cash to find a qualified candidate to replace an employee who has left. Additionally, high turnover can lead to decreased morale and productivity, ultimately impacting the success of other team members. Therefore, constructive employee attraction and retention strategies are crucial for maintaining a secure, efficient workforce in the life science industry.
5 Strategies to Attract and Retain Life Science Employees
To develop and maintain your talent, here are five strategies to incorporate into your organization’s day-to-day operations.
1. Flexibility and Respect
In The Muse’s 2023 user survey, results found that “work-life balance ranked higher than compensation” for a candidate’s most important factor when considering a role. When employees have more control over their schedules, they also have more control over their output. This leads to higher productivity, boosts morale, and builds loyalty to an understanding organization. Companies that offer flexible work environments show that they trust their employees’ work ethic and respect their time. Providing flexibility in the workplace is one of the best methods for avoiding turnover and encouraging employee satisfaction.
2. Fair Work Expectations
When it comes to increasing employee happiness and productivity, it’s critical that organizations have fair work expectations. This starts with detailed job descriptions and continues after onboarding with clear expectations. Transparency from management helps employees understand what outcomes or goals their work should achieve. If expectations are unrealistic or micromanagers hang onto every detail, this can lead to high turnover. Creating a fair work environment involves communicating with employees, supporting realistic goals, and recognizing their achievements. Great talent wants to meet expectations and understand that their work is appreciated and valued when they are successful.
3. Mentorship and Learning Opportunities
The life science talent your organization looks for will likely have similar traits, such as an eagerness to learn and investigate. Providing mentorship and opportunities for growth offers employees a space for improving their skills and expanding their knowledge. The biotech industry is a rapidly changing field, and to stay knowledgeable, high-quality talent is eager to continuously build their skill set. Mentorship and learning opportunities help employees feel valued and supported within their competitive industry. This keeps employees engaged with the company and satisfied with their career development. Consider providing workshops or extending invitations to webinars, networking events, or conferences that encourage a culture of growth and innovation around your organization, helping your employee attraction and retention.
4. Communicating with Employees
Communication, or lack thereof, can cause employee turnover. Good communication is not just frequently emailing but also accounting for the quality of the message. Offering different channels of communication can foster a community among employees. When employees can connect over industry news, events, or company updates, this helps bridge communication gaps. From company-wide email announcements to meme-dedicated slack channels, there are several ways you can increase communication within your organization for employee attraction and retention. Managers can offer training, team-building exercises, and more. Building transparency within the work environment can address concerns before top talent is lost.
5. Nourishing Company Culture
Our previous four strategies help create a productive and supportive company culture, leading to our fifth strategy, making these a routine practice. When implementing these strategies, dive in with a plan and goal for your organization’s culture. Nourished company cultures have clear values and procedures regularly practiced throughout the organization. Keep in mind that what once worked before can change. Make a note to habitually assess and adjust practices as your organization evolves. You can also showcase these values on social media or platforms like Indeed and LinkedIn to attract talent to your company. On top of this, authentic values and strong leadership committed to supporting those values are essential in creating an organization that professionals are eager to apply to and proud to represent for the long haul.
Helping Your Life Science Employee Attraction and Retention
Employee attraction and retention opportunities can help organizations save time, money, and energy when hiring talent. Implementing any version of these five strategies that work for your company can increase productivity and engagement while decreasing turnover. Now more than ever, it is crucial that life science organizations find the right talent at the right time. As life science and biotech recruiters, we are next level at finding the perfect match between high-quality talent and top-tier organizations. Learn more about how we can help you find the right fit by contacting us today.