May 2023
How Employers Can Stand Out to Top R&D Talent
Discover insights from Principal Consultant Ed Curry ahead of the American Society of Gene & Cell Therapy (ASGCT) annual meeting in May 2023.
With a particular passion for drug discovery and pre-clinical, Ed works with top life sciences employers and successfully builds and manages their R&D talent pipelines. In this interview, Ed shares his thoughts on how employers can stand out to R&D talent and give themselves the best chance at attracting top talent. Ed will be covering topics such as how employers can create a compelling offer, streamline their hiring process, and how to differentiate yourself from competitors.
What is the talent market like right now in R&D?
Talent acquisition remains a major challenge, particularly in the MedTech R&D sector. While the market is still competitive, macroeconomic factors, like high interest rates, have led some companies to downsize or close, creating the illusion of a larger talent pool. However, qualified candidates are still scarce – for instance, a recent role had 80 applicants, but only 4 met the necessary criteria. These conditions make top talent more passive and cautious about new opportunities, especially following layoffs. Despite these challenges, sourcing the right candidates from a limited pool remains a key focus for recruitment specialists. It is up to us as a leading talent partner to source from a tight talent pool and work with a candidate to enable that move, even in more precarious economic times. Finding the right people as market specialists is what we do best.
How can organizations win over the most sought-after talent in a highly competitive space?
- Attract top talent in a competitive space - companies must go beyond exciting projects and outline their short, medium, and long-term plans, including funding stability. Candidates now want to know more than just the role – they need to feel confident in the organization’s future.
- The interview should be a two-way street - companies need to sell themselves just as much as candidates sell their skills. From the start, hiring managers should present the company’s growth opportunities, work-life balance, and company culture, all of which remain important to professionals.
- Streamline your hiring process - to stand out, speed up the hiring process to avoid interview fatigue. Instead of multiple stages, consolidate interviews to make the process quicker. Also, align your selling points with the candidate’s individual motivations and provide timely feedback, as communication is crucial. This approach helps build a strong reputation and can even lead to future referrals.
Where can organizations look for transferable skills to fill talent gaps?
How can ED&I and ESG assist with talent attraction and retention?
This is one of the reasons I love working in life sciences because I am fortunate to work with mission-driven individuals. The industry is one of the best places to tackle wider societal issues, it is a diverse sector that tackles these challenges head-on.
I have noticed younger talent seems to think aligning values is very important, and that trend will only continue. Life sciences as an industry is addressing bias in clinical trials as historically there may have been some selection discrimination. The industry is also looking at how it can tackle climate change, for example one organization is exploring how it can genetically modify cows to decrease methane production.