The War for Talent – A Significant Challenge to start-up biotech´s in 2022 and beyond
The biotech industry is booming. Companies are routinely raising millions of dollars in venture capital, startups are flourishing on a weekly basis, and developers are planning more lab space by the day in the US, Europe and Asia. As the biotech industry continues its rapid growth, one of the headline themes of 2022 is the ongoing ´talent war´ - this seemingly constant battle to acquire and retain talent in this hypercompetitive industry. This is set to remain a major challenge among companies competing for the skilled workforce required to fuel and sustain this biotech boom in the next decade.
Start-ups and small businesses play a crucial role in stimulating the biotech industry with innovative breakthrough findings. Although, one of the major problems in this talent war is the ability for small, privately held biotech’s and contract labs, and early-stage or slower-growth start-ups to attract the right talent they need to continue to prosper. Employment branding can be seen as crucial part of any business development strategy to edge ahead of competitors. Whilst compensation undoubtedly remains a principal factor when hiring and retaining, people leave a company or join a company not because of relative salaries, but rather the work environment, the excitement, the vision that the company has. From an individual standpoint, the appeal of the start-up is a focus on development, to feel respected, and to contribute and fulfil the mission the company has. External perception is key to attracting talent.
As part of an employer brand, adaptability and flexibility plays an essential role in the war on talent. The pandemic has accelerated trends in the workplace and listening to what employers’ desire whether that is a focus on community, societal, educational engagement, work-life balance strategies, and remote work schedules make the differences in whether the organisation is attractive to work for.
Here at BioProgress, we pride ourselves on navigating biotech’s through these testing times through curated, personalised searches to find just the right talent. We look forward to creating successful and long-lasting partnerships and to see biotech’s flourish with the best talent to drive your organization forward. With experienced consultants based strategically around the world, we pride ourselves on helping to scale-up biotech’s with an international outlook.
To understand how BioProgress can help you win in the war for talent in the biotech market, book a virtual coffee with us today!