Recently a lot of focus has been put on best practices for attracting candidates. With dwindling talent pools, many Biotech companies need experienced candidates.
This shortage may drive companies to compromise on some of the things they want in a candidate. However, hiring managers should be careful. Make sure you aren’t falling into these pitfalls when searching for talent.
1. Candidates with the Wrong Focus
One fact about the Biotech industry that can complicate hiring is compensation. In 2018, the average annual wage for a U.S. bioscience worker was $98,961, more than $45,000 higher than the average wage in the U.S. private sector. Lucrative compensation like that can attract a lot of talent to an industry, but not all talent is the right fit.
When searching for candidates, you not look for skills and experience, but also purpose. Biotech companies affect people’s lives every day. Employees who not only enjoy their work but align with your company’s mission are incredibly important.
2. No More Sink or Swim
Once you’ve found a candidate, you can’t rely on their experience to keep them afloat. Mentoring new employees, especially less-experienced employees, is key to retention. While management may be busy, carving our time to guide and educate your team can improve productivity and satisfaction.
Outside of retention, mentorship can greatly improve employees’ confidence in their abilities and decisions as well as build a network of trust on your team. Confidence, in turn, drives autonomy and can improve the efficiency and success of your staff.
3. Hiring for Short Term Needs
One of the biggest mistakes any hiring manager can make is hiring a long-term candidate to fill short-term needs. We’ve all been under a deadline that cannot be moved. Filling key positions must happen quickly, and small talent pools don’t help. The problem appears when standards are compromised, or short-term gains are put before long-term success.
Hiring candidates who will benefit your company, in the long run, isn’t a novel idea. However, it’s difficult to practice when there are needs or projects that need attention right away. Focus on the long-term prospects while using collaboration or training to meet the goals just around the corner. Your team will be better off for it.
4. Technical Skills Tunnel Vision
Biotech is a demanding industry. Many positions require years of schooling and technical aptitude. Where many talent shortages are most apparent is outside of the doctors and engineers. Companies need HR and data analysis at an increasing rate. When most of the technical skills required can be taught, hiring needs to shift its focus to soft skills.
Increasingly, to attract candidates with soft skills, companies are willing to provide on-the-job training for candidates who may not have enough practical lab experience. Many Biotech companies are partnering with community colleges that provide practical skills for those looking to enter the field.
While technical skills are needed in Biotech, it’s important not to lose sight of the skills that make organizations function efficiently and collaborate well.
5. Losing Track of Diversity
Especially in Biotech, diversity has been a hot topic when it comes to hiring. Many times, despite best efforts, bias creeps into the hiring process. While companies may not be hiring bad candidates, sometimes unconsciously, candidates are less diverse.
Currently, customers and employees alike are focused on diversity in all levels of a company. The best part is, with improvements in STEM education, hiring to increase diversity doesn’t require compromise on talent quality. Focusing your hiring differently can help avoid cultural troubles down the road and build a thriving workplace.
If you’re ready to find the best Biotech, Pharmaceutical and MedTech talent on the market, US Tech can help. Our team of experts will pair your company with the right candidates to continue your success.