3 Recruiting Tips: Retaining Top Biotech Talent

Recruiting the top biotech talent is what you have in mind when building your perfect team. But there’s more to it than just looking for the best in the game. With factors like budgets, cultural fits, and areas to grow within the company, there’s a lot to consider when interviewing candidates. Finding the right fit for your company isn’t rocket science, but it comes down to understanding a few key insights from a candidate’s perspective. In this blog, we’ll dive into our three recruiting secrets, covering topics on cultural fits, competitive benefits, and development opportunities. We’ll give unique looks at each to better your hiring process and retain your top biotech talent.

#1: Hire biotech talent for culture fit as well as skills

Hiring the right candidate means taking a comprehensive approach to their background and interests. While weighing soft and technical skills, it’s essential to understand a candidate’s ideal workplace environment. You can lower the likelihood of turnover by matching a candidate’s wants for company culture. Recognize that if you’re in talks with high-valued candidates, then other companies are too. In a Deloitte survey, there was a correlation between having a distinct culture and an employee’s happiness at work. Some tips for showcasing your company culture are to utilize your organization’s website and social media accounts. These pages can include team photos, volunteer service, events, or employee appreciation. You may also cover a portion of company values in the job description to attract the ideal candidate. This topic can even come up in the interview process to ensure your organization’s vision and mission aligns with your potential candidate’s.

#2: Offer competitive benefits

With a challenging hiring market, many candidates hope your organization checks items off their wishlist. For retaining talent long term, offering and maintaining competitive benefits will keep your star players. In a recent poll, we asked our LinkedIn following about the most important benefits and perks when considering job opportunities. 50% of voters selected “Work From Home Options.” These results are not surprising when industry trends show that more employees enjoy and seek flexible schedules. While matching 401k and health insurance are essential benefits, more candidates want flexible options for their workday. In another poll, we asked the biotech talent acquisition community about what they consider to be the biggest challenge when hiring. The majority voted that competitive counteroffers were the biggest challenge. While not everything is in your control when hiring, maintaining competitive compensation rates with current employees can retain your biotech talent. Frequent communication and checking in with current employees on these topics will go a long way in supporting and valuing your top biotech talent.

#3: Provide opportunities for growth and development

One of the main reasons people are hired to join organizations is because they are inherently driven at work. It’s essential to nourish any need for growth and development opportunities individuals may have once they land a role. Opportunities for this may include company-sponsored training sessions, lunch and learns, or workshops related to their field. With many conferences in the industry, these are great methods to come together as a team for learning and networking. Some companies also consider tuition assistance as a benefit for their employees. This benefit allows employees within your company to continue learning and achieving their professional goals. With opportunities for business development, you can show that you appreciate your employee’s work and reward their goals. It builds your company culture on respect and appreciation.

Retaining Biotech Talent

Finding the right biotech talent is one thing, but keeping them long-term is another feat altogether. Keep these tips in mind while checking in with employees to continue valuing their roles. Thinking of cultural fit during the interview process, offering or updating employee benefits, and providing the ability to grow are all fantastic methods to add to your toolbox. From the initial recruiting process to regular updates, these three tips are easy to implement to better understand employee needs and wants. Our last piece of advice for hiring managers and HR associates is to keep the dialogue open. Talented teams can achieve the unexpected and exceptional when appreciated. If you need help with mastering your recruiting strategies, consider partnering with one of our dedicated life science recruiter. Our expertise can help with finding the right biotech talent and retaining over time.