Specialization in the Life Sciences industry: Exploring the talent landscape

Remember the COVID-19 pandemic? Who can really forget that? It serves as a stark reminder of the critical role professionals in the life sciences sector play in driving innovation and large-scale production in global healthcare. Without the rapid development and distribution of vaccines and treatments, the impact could have been far worse. As the talent landscape evolves, let’s ensure we are prepared to meet any challenges head-on.

Our blog, based on our findings with the leading research firm Everest Group, offers you a glimpse into the life sciences sector talent landscape. Download the report to discover key insights and strategies to help your organization efficiently plan by future-proofing its talent strategy.

Specialization is the keyword to remember when discussing the life sciences industry. From biotechnological advancements and patient-centricity approaches to value-based healthcare, the life sciences sector is narrowing its efforts and prompting its leaders to do the same as they reassess their talent strategies.

With growing demands, and newer cross-functional roles being created it is crucial to focus on talent with unique skill sets to bridge the gap between scientific expertise and technological innovation.

Follow along as we paint a picture of the intricate talent landscape in the life sciences sector.

Impacted like many other industries, digitalization in the life sciences sector brings its own set of challenges.

This includes the following:

• Demand for tech skills: Rapid technological advancements in the life sciences sector in the US has created a demand for professionals equipped with specialized tech skills in bioinformatics, data analytics, and AI.
• Retention challenges: With many job opportunities available, skilled professionals have more options to choose from, making it harder for organizations to retain their top qualified talent.
• Diversity and inclusion: A greater representation of women and minorities in the US life sciences industry is needed to lead the way for the creation of more diverse and inclusive workplaces.

Download our Everest report to gain a better understanding of the industry’s challenges and more.

As rapid changes impact the life sciences industry, tackling its challenges head-on might mean returning to tried-and-true methods. Slowing down, rather than rushing, can help mitigate mistakes and better future proof your talent strategy. Life sciences organizations are leveraging the following:

• Skill-Based hiring: Acquiring talent with specific skills over educational credentials or job titles. This approach helps expand the talent pool and mitigates skill shortages.
• Recruitment Process Outsourcing (RPO) and Managed Service Providers (MSPs): Turning to these providers to efficiently navigate the complexities of the life sciences sector and address talent shortages.
• Technological advancements: Leveraging technologies such as talent analytics and predictive hiring tools to identify the best-suited candidates, optimize the recruitment process, and improve overall talent visibility.
• Collaboration with educational institutions: Shaping the future talent landscape by collaborating with educational institutions and leveraging programs that address the industry’s evolving requirements.

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Follow these steps to help your organization build a resilient, adaptable, and innovative workforce equipped to tackle the unforeseen challenges of tomorrow.

1. Implement skill-based hiring: Focus on specific skills to navigate talent shortages in the life sciences sector.
2. Outsource talent acquisition: Utilize external providers to remain agile and scalable.
3. Develop a compelling Employee Value Proposition (EVP): Create an attractive EVP to retain and attract top talent.
4. Transform talent acquisition: Use direct sourcing methods to improve recruitment efficiency.
5. Adopt new technologies: Enhance talent management and acquisition processes with advanced technologies.
6. Embrace Total Talent Management (TTM): Address talent shortages by integrating all aspects of talent management.