Leaders around the world find themselves in the most contradictory of predicaments in 2023. Having navigated their way through a global pandemic, the Great Resignation—or Great Reshuffle depending on who you ask, “quiet quitting,” and now, a continued cost-of-living-crisis, they would be forgiven for thinking that there is a plethora of talent eager to interview with them. Yet, the data points to quite the opposite.

A recent report from Manpower Group¹ found that 75% of businesses are struggling to fill roles, with talent shortages prevalent across many sectors. Pharmaceuticals is no different with many organizations finding it difficult to attract and retain talent in today’s tumultuous market.

The secret to successful hiring at times like these is to ensure you’re looking at your hiring strategy from a holistic viewpoint. Relying on a narrow or outdated approach will no longer work. Read on as we reveal our top tips for outsmarting your talent challenges in 2023.

1. Retain top talent

Companies must be able to retain their best people to remain competitive, but this can be difficult in an industry that is constantly changing and the operating in a challenging environment.

The industry is highly specialized and requires a unique set of skills, including expertise in areas that are notoriously difficult to hire; regulatory affairs, quality assurance, and clinical research. Finding the right talent with these skills is a major challenge for companies, even though the perception is different.

Offering flexible work arrangements and competitive compensation packages is expected but if you can’t offer at the same level as some of the bigger companies you need to think about what else you can offer.

Leaning into your L&D function can pay dividends here. Almost 9 out of 10 business leaders (86%)² say that while they know professional learning and development is critical to business success, they struggle with the associated costs.

However, career development doesn’t have to break the budget. Mentorships, peer-to-peer coaching, a shared book club or short online courses are just some of the ways to encourage internal development and ultimately retain your talent. By creating a personalized career pathway your employees feel valued and will in return offer their commitment to the role and the business.

2. Embrace technology

To attract the best talent and keep the best talent, you need to demonstrate that your organization is operating in 2023, with a mindset of how it will look in 2030. What does that mean? You must embrace technology. AI, virtual reality, augmented reality, and machine learning are among the technologies increasingly being used within pharma. Find a way that they can complement your business so you can stay competitive in a rapidly evolving market.

Although make it practical and keep one eye on the real return on investment.

AI for example is becoming an important tool when looking to overcome hiring challenges. Korn Ferry³ predicts that alongside predictive analytics, AI will become even more prolific in helping TA teams identify the right roles and skills required. Jumping on board the technology train now gives your organization a head-start in the war for talent.

3. From baby boomers to boomerangs

The UK’s Chancellor of the Exchequer, Jeremy Hunt recently urged older people to consider returning to the workforce. Addressing the labor market crisis, he emphatically pleaded to them, saying the “country needed them.”

The Office of National Statistics⁴ reports that around one million people have left the UK workforce since the onset of Covid 19 in March 2020, with retirement cited as the most popular reason for people aged between 50-70.

Around the world there’s an enormous amount of knowledge and experienced locked away that could be the key to your talent drought. Consider how you can encourage not only older workers back into the business, but also those that left and perhaps haven’t found the right role since—the “boomerang” talent. Boomerang talent has worked for you before and already know the organization inside out.

So, sit down with HR and create a clear plan. How can this demographic fill your talent gaps? Can they come back part-time? Or perhaps in a consultancy role? Hiring from this group will improve business outcomes if the expectations are clear from the start.

Final thoughts

There is a clear dearth of talent within the pharmaceuticals industry that must be addressed now. Leaders must adopt a strategic approach to talent management and invest in the development of all their employees. By focusing on your internal talent, you will not only create a culture of trust and loyalty, but you also become an employer of choice to outside talent too.

Upskill your people, encourage back lost talent, and use technology to pull your talent plans together. By doing so, you can ensure that you have the right talent in place to succeed in this rapidly changing world.

References
1.https://go.manpowergroup.com/hubfs/Talent%20Shortage%202022/MPG-Talent-Shortage-Infographic-2022.pdf
2.https://www.bie-executive.com/bie-people-culture-talent-report-2022/s38402/
3.https://www.kornferry.com/content/dam/kornferry-v2/featured-topics/pdf/Paper-RPO-TA-trends-2023.pdf
4.https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/employmentandemployeetypes/articles/movementsoutofworkforthoseagedover50yearssincethestartofthecoronaviruspandemic/2022-03-14