It will come as no surprise that the Life Sciences market is booming. With 53 drugs approved in 2020, 50 in 2021, and the estimation of the Life Sciences industry to grow up to 8.4% each year for the next five years, companies are going to need all hands-on deck.
But Life Sciences has seen a decrease in staff retention, and with an expected increase of 15,401 jobs for Quality Assurance specialists and 4,266 Clinical Research jobs, staff retention has never been so important.
We’ve all heard of The Great Resignation; this trend has particularly affected the health care and technology industries. So why are people choosing to leave their roles within Life Sciences or any other industry for that matter?
One word: Covid.
Since 2020, we have all had to adapt. Adapt our home lives, adapt the way we go about “normal life” and most of all – adapt to a unique way of working.
This is true for the Life Sciences sector also. Clinical Trials changed, instead of being centralised, patients were able to participate from the safety of their own home. Working from home became the norm too, and it is quickly becoming more “acceptable” after the pandemic.
GSK, Pfizer, and Novartis are just some of the pharmaceutical companies leading the way for a more hybrid way of working post-pandemic. And with the increasing number of remote roles becoming available, Life Science employers can’t afford not to offer some degree of flexibility.
So, what can you do as an employer to keep your team? Below are tips that could help with your retention issue:
Perks – This could be something as simple as a free morning coffee (I’m not talking about instant either!) push the boat out and order in a Starbucks! (Other coffee outlets are available) Monthly competitions or offer small discounts for local shops. This may not seem a lot to you, but to your team – a little could go a long way.
Benefits Package – Offer a competitive benefits package. Your package and another company’s package could be the difference between a team member staying or leaving. When searching for a new role, people tend to look for a variety of benefits – these include Health Care, Flexible Hours and believe it or not Pet Insurance! Take a look at https://www.peoplekeep.com/blog/the-most-important-benefits-to-employees for more benefits job seekers are looking for.
Flexibility – Be flexible. Your employees have lives outside of work – whether those children, elderly parents, or other commitments. Help alleviate some stress by offering some flexibility in scheduling or an opportunity to work from home 1 or 2 days a week. In 2021, over 4 million workers in the UK had employment contracts that allowed for flexing working. Have you considered trialling a 4 day working week? Many countries around the world have implemented this and seen great results, including employee productivity. The UK will trial this in June 2022 for 6 months, with companies volunteering to take part to see if it would benefit them as a business.
Promote from within – This may seem like a weird one but believe me it will help. If your employees see that you promote people within the company to higher levels, it will show them there is room to grow and progress within the company. Employees tend to feel more loyalty towards companies who seek to fill vacancies from those who have been putting in the time and know the daily operations best.
Listen to your employee’s concerns – I would like to think this would be a given, but unfortunately there are people out there who feel the company they work for doesn’t listen to their concerns. Do regular surveys, so you have an idea of what makes your employees happy. If a survey is anonymous, your team won’t be shy in offering their opinions. Just don’t penalise your team if you don’t like the response you get – it is there to help you learn as an employer.
Promote employee happiness within your organisation – The average person spends 90,000 hours at work in their lifetime – that’s a third of their life. It’s important that they are happy in the place of employment. You as an employer can help in many ways to ensure this happens within your company.
Team building is a sure-fire way to get everyone involved and certainly boosts morale. The activity directly correlates with creating a sense of belonging in your team’s individual members and it can drastically improve an employee’s performance. Try involving some incentives or rewards too, this will encourage your team to try harder in future team building.
Pay raises and bonuses have been one of the most efficient morale and satisfaction boosts of all time! Make sure you pay your employees fairly and what you are paying them at least matches your competitors. Of course, money isn’t everything within a job, but it helps!
Reward your employees with small prizes for achievements. Once again this doesn’t need to be big, but the thought will go a long way and make them feel appreciated.
And finally, train your managers within your company to encourage employee happiness. Your employee’s satisfaction directly correlates with a manager’s leadership skills.
Don’t be part of the statistics, and try to put some of these suggestions in place. If you create a great workplace with a culture based around your team, then you shouldn’t find yourself with high numbers of employees leaving to work for your competitors.
If you require assistance with your recruitment needs, please contact one of our team today at Focus On LifeScience!