What do you do if your biotechnology company is struggling to attract and retain top talent?

Assess needs and then listen to them! Are you capturing exit interview feedback? When an offer is declined are you probing further to get the bottom of why your top candidate elected to take a competing offer? Is it location, can your organization revisit long range plans for ways of working? Is it compensation? What is your value story on why your base might not be top tier but your variable income (bonus and stock) is a true reflection of a "pay for play" organization. The answers are in front of you! Are you listening? Are you asking the hard questions?

One piece of advice - leverage Glassdoor! If your reviews are negative, escalate them to HR or your People Leaders and come up with a plan on how to address the feedback (people often get scared of poor reviews but they are a great place to learn and improve!). If a company doesn't have many reviews, consider encouraging internal employees to write them. If you do have good reviews or can showcase positive data (Ex: CEO approval at 95%), reference this during the HR screen/interview process, in follow up emails to candidates and internally to help drive referrals. We have someone at our company who "owns" Glassdoor and takes care to keep it updated. Our positive Glassdoor reviews has been one way we have attracted candidates!

Strengthen your employee retention strategy: Conduct regular retention reviews to understand employee needs and concerns. Be proactive in tackling any problems or challenges. Create a work environment where employees feel valued, engaged and heard. Encourage open communication and feedback. Promote a healthy work-life balance for your employees by offering flexible work arrangements, remote work options, or generous time off policies.

Go to the playbook look at exit interviews, but also investigate how are internal processes and technology affecting those exits, Having a great employee experience is vital sometimes is an easy fix as in creating transparency and trust in your workplace create core values and believe in them.

Elevate our Employer Brand, Invest in Professional Development, Offer Competitive Compensation Packages, foster a Collaborative Culture, Embrace Flexibility, Prioritize Employee Well-being, Enhance Recruitment Strategies, Celebrate Achievements, Listen and Adapt and Stay Future-Focused

A big factor that prompts talent to leave a company is lack of growth and learning. Scientists and researchers have an inherent drive to learn and gain knowledge. If this need isn't being met, then this is something that will cause employees to explore other options.

This challenge is one that many companies are facing today....Talent Attraction and Retention. There is no real simple solution as this is a complex issue. There are more opportunities in the labor market than ever before and in order to win in this environment companies need to focus on their Employee Value Proposition to attract talent. Attraction however is just the first step, as Acquiring Talent requires a focus on the Candidate Experience....speed, communication, efficiency, and onboarding. The on-boarding experience is critical to retention as the highest turnover rates are occurring with new hires. Leveraging Data is critical, from new hires and exit interviews, and using it to improve your Talent efforts wholistically.

When a candidate hears about the future success they can have here that is really motivational for them. I love to speak to all the roles I am filling that are open because someone was promoted or hired internally.

Be honest about career development timing and paths within the organization. People coming from larger biotech companies will be used to a clear set of expectations and timing for promotion. It can be puzzling for them to move to a small company and have this be fuzzy or not actively addressed.

Offer remote or hybrid whenever possible. Since COVID, working remotely has been a big hot button for many candidates. In the case of lab work, it's not possible but if there can be a paperwork, work from-home day, that would be helpful. Engage your leaders to be visible, accessible and create mentor opportunities for career and personal growth.

From my experience, there are three important components to leadership that impact a company's culture from the ground up: 1. Listen, 2. Engage, and 3. Stimulate. Recognize motivating factors (they differ across the board). It is important to engage employees in tasks and efforts that help utilize them to their full capacity and in areas where they seek growth and value. Where they are stimulated effectively. Often, in an innovative setting, leaders gravitate to solving problems by getting work done even if the team member is not motivated by the nature of the work. While sometimes, this is necessary, eventually, strive to put the right people in the right places. Foster a healthy working environment that focuses on productivity.

I love when candidates ask me what the culture is like here. I love to share my story and feel it really helps people have a clear picture and desire to consider the opportunity even more!

Fostering a vibrant culture not only attracts talent but also retains it by providing an environment where employees feel valued, engaged, and motivated. A strong culture fosters a sense of belonging, encourages collaboration, and aligns values, ultimately creating a workplace where individuals thrive and want to stay.

I’ve always advised candidates as they’re considering an offer to look at the big picture. Yes, compensation is the most important factor, but look at all the benefits a company has to offer, especially in the pharmaceutical and biotech space benefits can be much stronger than other industries. Look at not only the cost of benefits, but also the coverage offered, what about 401(k) match and vesting schedules. For example, my company, PCI Pharma, you’re vested immediately with no waiting. That can be a big difference for someone to consider. Look at all these contributing factors, and make a very holistic, well informed decision on the benefits and perks of your new potential employer.

Think about the role's benefits beyond finances and vacation time. How will this role serve your broader career pathway? Is this experience going to really propel you to the next step, whether it is a senior-level position in operations, strategy or a clinical role. How will it ultimately help you grow into your vision whether it is to be a C-level individual, a Board member, an advisor, or a consultant in a specific area? How does the role fit into your career journey? As a hiring manager, strive to make your roles competitive from a career trajectory or prep standpoint for hires.

Beyond total benefits package I like to speak to the innovation happening on the team and the growth that will happen beyond the current opportunity.

In order to retain top talent, companies need to consider all factors that would appeal to candidates outside of the normal 'benefits' (salary, shares, bonus structure etc). This involves looking broader and considering things such as flexible working hours, hybrid option, offering conference attendance, implementation of accomodations for neurodivergent employees etc ... These benefits are tailored to the needs of each employee demonstrating that the employee is valued. This goes a long way in terms of satisfaction and loyalty!

Focus is an underrated component of innovation. Ever too often, I see teams overburdened with tasks - priority projects, leadership reports, networking meetings, and not to mention immediate fires to be fought! It is critical to allow teams the ability to focus on one thing at a time and shift into the right hemisphere to do more-creative work. When team members who are creative and good at doing things, they are rewarded by being given more things to do. We have to teach ourselves to step back and say, “What do I actually want to do?

Many marketers I place especially love the "zero to one" strategy build at a small company. Incorporating innovation into this part of the org chart is compelling and a big attractant to marketers who have already successfully done a similar build. Job postings and initial interviews should highlight this focus and the autonomy to own the strategy. Marketing leadership needs the freedom to bring data-driven strategies and tactics to the table.

There is so much innovation happening in the healthcare industry it can be hard to stay on top of all the progress! I recommend finding a few good podcasts or subscribing to newsletters such as Healthcare Brew or MedCity News to get your latest insights.

Ensure as hiring managers that you are viewing interviews as not only an opportunity to learn about the candidate, but as an opportunity for the candidate to learn about you and the company too. A hiring manager can have a big impact on a candidate's view on the company, and interviews can be utilized to talk of a company's strengths, vision and culture.

Network outside of the usual spaces. Real innovation comes when you look at things with a fresh set of eyes and a different way of thinking. Case in point: If you are an advanced therapeutics company, resist the temptation to find professionals with CGT or Advanced Tx experiences only. Look for individuals with a CDMO background or novel business development or omnichannel expertise from their past. You can Zoom out furthermore and complement your teams with someone who has navigated a different field in the past and effectively shown success - shows the ability to grasp knowledge quickly, transfer skills, understand organizational goals, and focus on growth; this is more valuable than subject matter expertise.

Through special programs and events, you need to get to know each employee better and identify what they are worried about and solve these problems together. Sometimes this is very difficult, but it will avoid unpopular decisions in the future.

Take your perfect stereotypical candidate out of the picture. Hiring teams tend to have a perfect candidate in mind, which gets in the way of discovering the right fit that could last and provide creative, impactful results. Especially in a Biotech environment, being open to a blue-sky approach during hiring is important. Balance the technical needs with a focus on the candidate's passions and desire to learn and work in a nimble environment with shifting priorities. The softer skills are important for lasting hires.

Recruitment marketing can be an effective way to attract talent. Showcasing the company's culture, products, social impact, achievements etc on social media helps build a strong reputation and attract diverse talent. Building a strong presence on social media and branding the organization as a employer of choice is the key to attract and retain talent.