A re-evaluation of how you make a case for your business might mean reviewing what you offer recruits in the round. It's not about about the package, but the whole business. What is its mission? Is it driven by values or a definite purpose? Is it well funded and going places? What is its culture, aspiration, personality? Who sets the agenda? How much influence do its people have? Where could it take them?
It’s psychological …
It’s just got tougher for biotech companies – especially those at an early-stage where risk is greater – to access the talent essential to develop a successful business. Two factors, trends accelerated by COVID, are complicating the recruitment challenge. The first is straightforward and structural: there are more roles than people to fill them, making it a candidate-driven market.
Secondly is the issue of candidate attitudes. This is more subtle, about motivation—aside from the role itself, what do candidates want abstractly from their careers? Research shows that scientists’ motivations are complex and have particular relevance in the current context of changing attitudes to work, and in light of the pandemic.
Recruitment is branding
The scarcity of candidates emphasises recruitment’s need for sales skills rather than procurement. Some companies have yet to get their heads around that. One thing you can’t miss, good candidates have more choice. Most will attract multiple offers and when it comes to a decision, they may get counter offers. Such a position naturally makes them more selective.
That fact doesn’t make recruitment impossible, but it does require a different approach. So, where to go for a solution? This is a chance for progressive biotech companies to freshen up their brands. As anyone in marketing will tell you, at its most basic brand leadership is the ability to attract the right audience. In this case, it translates as winning the best people by offering the same opportunity as another company. That means establishing the advantages of joining your business at every stage in the recruitment process, from initial search, selection (theirs as well as yours), induction and integration into the team.
Read the full article here: https://www.singulartalent.io/content/exploring-the-science-of-talent-attraction