Leverage Biotech Recruiting Agencies to Win Biotech Talent
Winning the race for top-notch biotech talent can come with its hurdles, and you might need help making the jump to hiring life science talent. Within the life science industry, key talent placements can take projects and organizations to the next level. In a fast-paced and competitive industry, there are just as many challenges for those hiring talent as for those job searching. Challenges can include sourcing qualified talent, offering competitive compensation packages, and retaining talent. However, these factors shouldn’t deter your talent acquisition efforts. According to CBRE’s U.S. Life Sciences Research Talent 2023 report, over the last 10 years, the number of U.S. life science researchers grew 87%. In addition, Biocom California’s Life Science Economic Impact Report shows that California supported 1.19 million jobs in 2022. An increase in life science talent is a tide that will rise all ships within this growing industry. Biotech recruiting agencies can offer talent solutions that work for your budget and your team. We examine in this article how to best leverage staffing agencies for your talent acquisition efforts and choose the agency that works for your talent needs.
Types of Recruiting Agencies for Biotech Talent
Leveraging an agency to win biotech talent starts with choosing an agency that can help with your unique talent search. Here are a few types of biotech recruiting agencies to consider.
Temporary Recruiting Agencies
Also known as staffing recruiting agencies, this type of recruiter is a good fit for organizations seeking contractors or temporary employees with the expertise needed for short-term or individual projects. This can be a quick and efficient way to fill vacant roles. Contractors are employed by the staffing agency as these agencies are typically responsible for wages, taxes, insurance, and any benefits. Staffing agencies generally have higher premium fees for covering these costs and taking the hiring process off your plate.
Contingent Recruiting Agencies
Contingency recruiters are recruiters that get paid for placements. These recruiters ensure you love the individuals you hire without paying retainer or contract fees upfront. Working with contingent recruiting agencies is great for temporary, contract, and permanent placements. For a more budget-friendly search, thoroughly select the right contingent agency and confirm their recruiters can source and vet talent to your standards, needs, and timelines.
Executive Search Firms
Executive search firms are recruiting agencies specializing in senior-level and C-suite placements. These agencies are the way to go when looking for high-level and highly qualified personnel. Some search firms can source for multiple industries, while others concentrate on life sciences. Consider working with an executive search firm if your talent needs require qualified candidates for higher than entry or mid-level positions.
Winning Biotech Talent Together
Here are additional factors to consider when partnering with a life science recruiting agency for sourcing biotech talent.
Specialization and Expertise
Working with a biotech recruiting agency can be for a unique set or a wide range of roles within your company. For this, consider the type of roles you want to fill. Do you need to find talent for multiple entry-level biotech roles? Do you need temporary or permanent placements? Are you looking for scientists, engineers, or office administrators with a life science background? Will your talent need proof of certifications? Do you need a quick turnaround for sourcing a life science executive? Look into the biotech recruiting agencies you’re considering, and contact them to learn more about their specialties. Some agencies can fill any role from entry-level to executive, and others may only specialize in recruiting scientists and engineers when you need HR or admin personnel. Other biotech recruiting agencies might only have experience working with pharmaceutical companies rather than medical devices. Ask biotech recruiting agencies how they can help your organization’s specific and unique needs.
Track Record and Reputation
When choosing a biotech recruiting agency, ask your network about its reputation and track record. Some agencies may also have testimonials on their websites. You can also reference reviews from websites like Glassdoor or Indeed that do not filter client and candidate reviews. These honest reviews can give you an inside look at how an agency has helped other companies like yours in the past. They may highlight any concerns you can address when contacting the agency. Evaluating track records and reputation provides a better understanding of the depth of an agency’s experience and networks for finding high-quality talent. These insights can help you weigh which biotech recruiting agencies are the best for you to work with.
Network and Reach of Biotech Talent
After diving into reputation, you can also determine how broad a biotech recruiting agency’s networks are. An agency’s networks must be wide-reaching in the biotech industry. The deeper the network, the quicker they can find reliable, trusted, and quality talent. Questions to ask a biotech recruiting agency are its years of experience and the different partnerships they’ve formed for sourcing talent. You can also ask questions about how they value or maintain their relationships. These nuances are essential in determining if they have the skill and experience to source the right biotech talent.
The Recruitment Process
In learning about a life science recruiting agency, ask an agency’s contact for an overview of what to expect from the recruiting process. Ask as many questions as necessary to understand the recruitment process for making an informed choice. Leveraging an agency for winning talent relies on understanding the full depth of services an agency provides. Some questions to ask are if a recruiter will complete all reference checks, what expected turnaround times are, and what communication is like throughout the process. You can also ask about types of hire, such as temporary or contract-to-hire options. Knowing these answers can help you determine if the recruitment process will work for your timeline and needs.
Communication and Collaboration
Another question to ask a biotech recruiting agency about their procedures is their communication practices. Effective communication with an agency leads to better placements when there is a mutual understanding of your talent acquisition challenges. Leveraging an agency for talent acquisition means collaborating throughout the process. Ask an agency what methods they use to keep in contact with you and what frequency you can expect from their end of communication. With better communication, you can connect on possible placements and make decisions on biotech talent faster.
Cost and Value of Services
When considering a new partnership, confirm with recruiters what cost structure they operate and ask for quotes written on paper to reference. Decide if what they offer matches up with your budget and talent needs. Common cost structures include retained or contingent. Retained recruiters are paid by milestones, while contingent recruiters are paid by placements. Ask a recruiter about the exact details of their cost structure and what is expected from both parties in the agreement. At the end of the day, choose a recruiting agency whose cost reflects the value of their work for your talent search.
Learn more tips for choosing a biotech recruiting agency here.
Benefits of Partnering with a Biotech Recruiting Agency
You can expect more than a few benefits when leveraging a biotech recruiting agency in your talent acquisition playbook. With extra help, this investment can save time and money with higher chances of successful hiring. Less turnover can make more room for putting energy into creating a good work environment and caring for long-term employees. With an agency’s expertise in the life science industry, you can trust that a candidate is thoroughly vetted and suited for the role. Leveraging an agency to win high-performing biotech talent, whether temporary, entry-level, or executive, can turn your talent acquisition strategy into a well-oiled machine. Working with biotech recruiters means there will be professionalism throughout the process, less stress and hassle, and better results from working together to win top-tier, qualified biotech talent. At BioPhase Solutions, we offer talent solutions for California life science companies. Contact us today to leverage our services, or learn more about us here.