Hiring Trends in the Pharmaceutical Industry
For job seekers, deciding which industry will best use their skills and expertise can be a challenge. However, the Pharmaceutical industry is full of opportunity for candidates with a variety of backgrounds. Both small and large companies have observed steady job growth each year with an estimated 4.4 million people employed globally. Let’s take a look at the hiring landscape of the industry today.
Are they Hiring?
Although the industry is currently facing a time of change and trying to adapt to keep up with the ever-changing landscape of healthcare, companies of all sizes are consistently hiring new employees to help them navigate new landscapes and contribute to their business growth. Since 2014, hiring in the Pharmaceutical industry is up 2% in the United States alone. When surveyed, 25% of pharmaceutical companies reported they made 50 or more new hires in the year 2018, while 71% made between 1-25 new hires during that same hiring period.
What are they Hiring For?
While many companies will be hiring for positions across the board there are some key areas where we anticipate the most growth in the upcoming year. The functional area companies see the largest need for increased talent is: Research & Development (R&D). As organizations make the shift to focus on new products, 51% of companies surveyed stated they plan to invest more in their R&D teams by adding headcount to this department. To ensure their organization is meeting all legislative requirements set by regulatory agencies, companies are also on the hunt for more regulatory personnel to add to their staff and they have reported these positions to be the most difficult to fill. As regulations undergo rapid change and new regulatory policies come into effect, this is a great time for candidates with the right experience to join the business and have the opportunity to work on the medicines of tomorrow.
How Long Does It Take Them to Hire?
When companies were surveyed and asked how long it takes to fill their open positions, they reported that they are able to fill openings in four months or less 78% of the time, with 42% of those positions being filled in nine weeks or less. The pharmaceutical and biotech industry is known to have a lengthy interview process with an average length of 28.1 days. Including posting the position, parsing through resumes and scheduling interviews for multiple candidates, a large amount of a company’s resources and employee’s time are spent in filling a single role.
To expedite this process and allow for a seamless transition between an employer and employee; many companies are outsourcing their hiring needs. By doing so the time spent in hiring is reduced by 40% and the cost per hire is decreased with over 50% cost savings. This method of recruitment process outsourcing lets companies allocate fewer resources to look for the right candidate and allows more time to be spent in getting to know them and what they will bring to their organization.
What Skills are They Currently Looking for?
With new technology emerging each day and shifting the way businesses are run, every facet of the healthcare industry is undergoing change. To keep up with the latest technology and new methods of research, companies are seeking candidates with more technological expertise than ever before. Candidates who are comfortable with the latest computer software and are receptive to continuing to educate themselves throughout their career are the most sought after. As technology has given us the ability to communicate with people across geographical borders, candidates with the ability to navigate foreign markets and collaborate with teams are needed more than ever before.
Although technological skills may be at the top of the list for employers, soft skills are still just as important. The top cited soft skills employers are looking for are: written, verbal and problem solving. Companies in today’s environment are in constant evolution which means they need employees who are not only able but easily adaptable to these changes in order to drive innovation.
Where are They Looking?
Candidates may possess all the skills needed to excel in the industry, but where should they be looking for the open positions? Companies in the life science industry are sourcing potential candidates from every avenue, but here is a breakdown. For entry level positions they reported doing the majority of their recruitment from colleges, universities and their internship programs. Many organizations are also utilizing online job boards, internal hires and referrals from current employees to fill both entry level and experienced roles. However, when they have openings at the executive level, they are relying most heavily on recruiters and staffing agencies with years of expertise, like ours, to fill these roles.
Here at PharmaOut we can help match your skills and expertise with a role in the pharmaceutical and life sciences industry. Please submit your resume on our website to be added to our database, then take a look at our current openings to see if any match what you are looking for. We looking forward to working with you to find your dream job!
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