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May 2, 2023

Addressing Top Four Workplace Challenges Within The Biotechnology & Pharmaceutical Industry

Biotechnology and Pharmaceutical

The Biotechnology and Pharmaceutical industry experienced a record-setting year in 2020, with the pandemic highlighting the value of innovative medical solutions. However, biotech firms still face obstacles. As new competitors enter the field, the importance of hiring and retaining top talent increases, and firms must keep up with the ever-changing workforce.

What Are The Biggest Challenges The Industry Is Facing?

In a rapidly transforming biotech industry, HR teams face a multitude of challenges to support businesses and their employees while navigating an ongoing pandemic, an unpredictable economy, and the expectations of a workforce in a tight labor market.

Challenge 1 – Recruiting Top Talent Amidst Workforce Shortage

Now more than ever, biotech and pharmaceutical companies are seeking highly-skilled professionals. The sector has become increasingly sophisticated in recent years, and biotech firms now seek employees with harder-to-find skills. With a smaller talent pool of qualified candidates, biotech and pharmaceutical companies must adapt and implement innovative changes to the hiring and recruitment process.

Challenge 2 – Employee Retention & Motivation

With new technologies emerging, new generations joining the workforce, and a need for more development opportunities, HR faces the challenge of retaining and motivating employees. Although companies view employee retention as a priority, current efforts at most organizations may need to be revised. The biotech and pharmaceutical industries must go beyond the status quo by implementing innovative approaches to motivate and most importantly, retain their employees.

Challenge 3 – Training & Development Opportunities

As the biotech and pharmaceutical landscape continues to evolve, both industries face a workforce training crisis. According to a Gartner study, only 38% of employees feel their manager has helped them develop skills for their role. Both industries need to be aware that their frontline workers are eager to learn but need organizational and managerial support to do so.

Challenge 4 – Low Employee Engagement

Low employee engagement is often a sign that leaders and managers don’t have the tools and training needed to communicate and build relationships with employees. With only 21% of employees engaged at work and 73% of employees reporting that they are on the verge of burnout, biotech and pharmaceutical organizations must prioritize efforts to connect with their workforce.

The Biotechnology and pharmaceutical workforce saw 93% or organizations are concerned about employee retention. 72% see less candidates for job postings. 63% of life sciences professionals say they are seeking learning and development.

TaskHuman’s Solutions for Pharmaceutical and Biotechnology Organizations:

Addressing these challenges in the biotech industry has not been easy, especially for HR departments that have faced budget cuts, layoffs, and attrition. The disruptions over the last few years have required HR teams to step up and play a more strategic role in the recruitment of new talent and the internal support to retain employees. By leveraging the TaskHuman platform, your organization, and HR team can address challenges like these head-on.

Solutions To Recruiting Top Talent Amidst Workforce Shortage:

Considering the workforce shortage, biotech and pharmaceutical companies will have to put their best foot forward when it comes to recruiting talent. Organizations can do so by expanding the hiring pool and focusing on empowering their employees as a whole. By providing development opportunities and implementing a flexible well-being program, HR departments can more easily attract talent that will want to grow and develop within the company.

Resources for HR leaders:
A Guide To Dev Developing Adaptable Leadership Framework
Workplace Well-Being Program Checklist

Solutions To Employee Retention & Motivation:

Although empowering an organization’s learning culture is vital for employee retention and motivation, workers have made it clear that Diversity, Equity, Inclusion, and Belonging (DEIB) matters as well. Employees are 47% more likely to stay with an organization if it’s inclusive. Who people work with, and work for, is important – employers should not underestimate those working relationships. HR departments can support and empower an inclusive workplace by implementing DEIB programs and robust Employee Resource Groups (ERG).

Resources for HR leaders:
The TaskHuman Guide To Employee Resource Groups (ERGs)
Watch On-Demand: Introduction To Diversity, Equity, Inclusion, and Belonging (DEIB) Programs

Solutions To Training & Development Opportunities:

In today’s market, employees look to their employers for training and development opportunities. Employees’ desire for learning makes succession planning and employee development critical. HR departments can get started by implementing plans that include career pathing, training for new managers and leaders, mentorship programs, and sales coaching.

Resources for HR Leaders:
Why Mentorship Matters To Company Growth

Solutions To Low Employee Engagement:

Engagement drives many positive outcomes in an organization, including higher productivity, efficiency, and profitability. Effective engagement strategies can consist of regular one-on-ones, consistent feedback and praise, tangible goals, and career development. Management and leaders must be equipped with proper training to develop soft skills and implement these strategies.

Biotechnology and pharmaceutical companies stated 89% of works support well-being initiatives, 41% of organizations use DE&I programs to increase retention, and 89% of HR leaders agree that ongoing feedback and check-ins are keys to success.

TaskHuman Delivers Results:

The TaskHuman platform was rolled out to one of the world’s leading biotechnology companies. In 3 months, 35 individuals spent 4,987 minutes on the platform, averaging a 4.8/5 rating, and 82.6% of participants rated they were confident with their skills after coaching sessions with TaskHuman.

Employee Growth & Support At Scale

The TaskHuman platform connects a global network of professional expertise to your employees, unlocking their fullest potential, improving performance and engagement, and providing preventative support – instantly.

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