HireMinds Biotech Dish

Welcome to the July edition of HireMinds Biotech Dish, where our team brings you the latest monthly insights and updates from the world of Biotech, covering news, talent market insights, and job interviewing tips. Our stories are designed to keep hiring teams and job seekers informed in today's fast-paced and evolving Biotech hiring landscape.

Hire without FAIL!

Unpacking the “Failure” Question: What Hiring Managers Really Want to Hear - By: Scott White

https://www.hireminds.com/the-failure-interview-question/

As a hiring manager, one of the most insightful questions you can ask a candidate is, “Can you tell me about a time when something didn’t go according to plan?” But what are you really looking for in their response? Here’s a closer look at what you should be hoping to hear and how candidates can effectively prepare for this type of question.

Why the “Failure” Question Matters

When you ask about a past failure or setback, your goal isn’t to catch candidates off guard or to judge them harshly. Instead, you’re seeking to understand several key aspects of their character and professional growth:

• Resilience: How do they handle adversity and setbacks? Are they able to recover and continue moving forward?
• Self-Awareness: Are they able to reflect on their experiences critically and acknowledge their role in the outcome?
• Learning and Improvement: Did they take something valuable from the experience? How has it influenced their subsequent work?

What You’re Really Looking For

When evaluating responses to the “failure” question, keep these pointers in mind:

• Context and Impact: The candidate should provide a clear and concise explanation of the situation.
• Ownership and Responsibility: A strong response involves taking personal responsibility without deflecting blame. Candidates should avoid excuses related to lack of time, resources, or other external factors. They should focus on what they could have done differently and what steps they took to address the situation.
• Learning and Growth: Look for a demonstration of what they learned from the experience. How did it shape their approach to similar situations in the future? Did they implement changes that led to better outcomes?

The “failure” question is a valuable tool for understanding how candidates handle challenges, reflect on their experiences, and evolve professionally. As a hiring manager, appreciating these responses can help you identify individuals who will not only overcome future obstacles but also thrive and grow within your organization

New AdVenture!

Have you ever thought about what it would be like working in early-stage Venture Capital? You're not alone! Take a look at this thorough insight by Aimee Raleigh from Atlas Venture - From The Trenches - Read the full article

"Quick summary: If you are a potential candidate interested in a role in VC or a company founder trying to figure out how best to pitch to VCs, I strongly recommend starting with a refined list of those firms most relevant to your background, interest, company, thesis, etc. Start with an Excel of all the biotech VCs you can name, and filter by focus area, stage, business model, and location. Some of this information will be readily available on firm websites, or else can be intuited by looking at active portfolios. It’s not expected that you would be able to figure out everything, but a quick search should give you a good idea whether you (or your company) might be a good fit. And in a first call with an investor, don’t be shy about asking for specifics! Each firm is unique in its structure and culture, which translates to differences in investment decisions and portfolio construction."

"How does one break into VC? Many more applicants want to break into VC than there are roles available, so it’s important to consider the volume of potential openings and logistic factors like location when assessing the odds of landing an offer. This is all highly illustrative, but if you assume the ~90 or so U.S. VCs with AUM >$1B (a good proxy for a reasonably sustainable firm that will likely hire in the future), you might estimate that roles typically open (1) when someone at the firm leaves or (2) when the firm raises a new fund and / or increases the number of investors on the team. Assuming (again, very “directionally,”) a new fund is raised every 2-5 years and there is some natural turnover especially in the more junior roles, one might estimate that 30-70 Associate (or similar) roles become available every year for biotech VC firms. Many of these roles will be focused in “hubs” (Boston, SF / Bay Area, and increasingly NY)"

??Comfortably Numb!

A major discussion among job seekers has been buzzing about what constitutes a "comfortable" wage. As employers attempt to adjust inflated salaries from the 2020-2022 market, many job seekers find the new offers lower than what they deem livable. This adjustment has sparked conversations about what it truly means to earn a "comfortable" wage in today’s Biotech landscape.

The Post-Pandemic Salary Adjustment

During the pandemic, Biotech experienced a hiring boom, driving up salaries as companies competed fiercely for talent. However, as the market stabilizes, we’re witnessing a recalibration. Employers are reassessing compensation packages, often offering lower salaries than those seen during the peak years. This shift has led to some friction, as job seekers struggle to align their expectations with the new market realities.

Visualizing the Comfort Zone

To better understand what a comfortable wage looks like, let's examine some data. Based on a single adult household, here’s a breakdown of the income required to live "comfortably" in key Biotech hubs:

Massachusetts: $116k

California: $114k

New York: $112k

North Carolina: $90k

Maryland/Virginia: $100-103k

These figures take into account the cost of living, which includes housing, food, transportation, and other essentials. With rent costs eating into average Biotech salaries and inflation driving up the price of goods and services, the pain points become evident.

Breaking Down the Costs

Housing: Rent or mortgage payments typically consume the largest portion of an individual's salary. In high-cost areas like Massachusetts, California, and New York, housing expenses can take up to 30-40% of gross income.

Transportation: Commuting costs can vary significantly depending on the region. For instance, in cities with extensive public transit networks like New York, commuting may be cheaper but time-consuming, whereas in more car-dependent areas like California or Massachusetts, transportation costs can be higher and time-lost to commutes due to higher volumes of traffic.

Healthcare: Even with employer-sponsored health insurance, out-of-pocket healthcare expenses can be substantial, affecting the overall cost of living.

Comparing Biotech Hubs

Beyond salaries, job seekers should consider other factors when deciding where to work:

Funding and Job Opportunities: Cities like Boston and San Francisco are renowned for their robust Biotech ecosystems, offering numerous job opportunities and access to funding. However, this comes with a higher cost of living. With the high turnover rates in the industry the past 18 months we've seen competition increase as well, though hiring is continuing in the sector.

Lab Space Availability: Availability of lab space is crucial for those working in research and development. Areas with abundant lab space can provide better infrastructure and support for Biotech professionals. As is the proximity of employers when considering long-term job opportunities to your desired commutable location for work.

Venture Funding: Keeping the lights on and thriving is also important. Having access to top Venture firms and private capital markets is imperative to sustain any company in today's market especially as you head towards costly clinical trials. Is the hub you're in able to compete for top funding in today's market?

Finding the Right Balance

Ultimately, what constitutes a "comfortable" wage varies from person to person. It’s a balance between financial stability and quality of life for candidates that is often what our team will discuss in guiding talent. For some, working in a top Biotech hub with a higher salary might be worth the cost of living. For others, a lower salary in a region with a more affordable cost of living might be more attractive.

Your Experience?

That leaves the question, what is a "comfortable" wage in today’s Biotech industry from your perspective? Share your thoughts and experiences with us. How are you navigating the current job market, and what factors are most important to you in finding that balance?

???What did you miss over summer vacation?

Summer M&A is Sizzling with Big Deals & Recent Happenings:

AstraZeneca is partnering up with a TPD player Pinetree: https://www.fiercebiotech.com/biotech/astrazeneca-plants-some-egfr-trees-pinetree-deal-worth-45m

Otsuka's acquisition of Jnana Tx for $800M (Up to $1.1B): https://www.dhirubhai.net/posts/joannekotz_otsuka-pharmaceutical-to-acquire-jnana-therapeutics-activity-7224739669064781824-YJWi?utm_source=share&utm_medium=member_desktop

Boehringer Ingelheim buys little-known I/O player Nerio Tx for $1.3B!: https://endpts.com/boehringer-ingelheim-buys-oncology-biotech-nerio-therapeutics-for-up-to-1-3b/

Eli Lilly acquires Morphic Tx for $3.2B!!: https://endpts.com/lilly-upped-its-offer-for-morphic-by-11-per-share-even-as-autoimmune-biotech-sought-no-other-buyers/

Guilty Pleasures: Our Biotech Team was recently talking about Netflix's - "Bad Surgeon". Have you seen this story yet?

??Lastly, Happy RNA Day 8/1/2024

#RNADAY

As we head into the last official summer month in the Biotech calendar year we celebrate the RNA world and it's amazing impact. Did you know August was chosen for AUG representing The RNA codon that starts protein synthesis is adenine, uracil, and guanine (AUG), which is why RNA Day is celebrated on August 1st?

Check out this great RNA-Day overview post by Maryam Daneshpour.

RNA's Recent Breakthroughs: BioSpace - https://www.biospace.com/celebrating-rna-milestones-and-potential-on-first-annual-appreciation-day

In Biotech's uncertain times, HireMinds continues to be a solution-driven Biotech talent partner. With two decades of expertise in Biotech and Marketing placement, we've earned accolades including Forbes Best Executive Recruiting Firms 2023 and Inc5000's Fastest Growing Companies.

Your company's success relies on its people. HireMinds is here to secure the best minds for your mission to help patients. Don't miss out on amazing hires and the passive talent market our team offers our Biotech clients. Partner with HireMinds for faster and more efficient Biotech talent recruitment in 2024.

We service clients across therapeutic areas and modalities including Biologics, Small-molecule, RNA, Gene Editing, and Cell and Gene Therapies in top hubs in the U.S. including Boston and San Francisco.

Reach out to the HireMinds team today to discuss your hiring plans and Hire the right Minds!