More than one-half--51%, to be
exact--of biotech and pharma workers are looking to jump ship to a new company,
according to Randstad's Pharma Engagement Study. The study reveals that within
the next six months one-half (51%) of biotech/pharma workers are likely to seek
out a job in a different company or organization, as compared to 38 percent of
all employees polled. Furthermore, should they
receive an enticing job offer from another company, 66 percent of
biotech/pharma employees are likely to accept, compared to 44 percent of all
employees polled.
What Attracts Employees in the
First Place? As part of their workforce development strategies, biotech and
pharma companies must understand what potential employees value most. The
Randstad study reveals that job seekers find the following most important when
considering a position with a new company:
- Fair pay: A good reputation in terms of offering fair compensation (94%)
- What others say: A reputation among current employees as a good place to work (92%)
- Flexibility: Flexible/telecommuting work arrangements (88%)
In addition, when learning
about a company, professionals in this sector underscore the importance of
company reputation, saying they are most influenced by word of mouth from
current employees (69%). They next rely on input from family and friends (45%),
followed by information from the company's website (43%). "While fair pay will
always be an important factor to employee retention and engagement,
professionals in the biotech/pharma sector clearly want to be recognized for
their hard work and achievements," said Greg Coir, President of Randstad
Pharma. "Executives must work closely with their HR departments to promote
a positive working environment."
A flexible work environment is
another major topic for employees, especially those within the biotech and
pharma companies. According to Randstad Pharma's 2014 Workplace Trends Report ,
49 percent of pharma executives said they are now offering home or remote work
options, versus 36 percent of executives from other industries. "This is
the reality we now live in," stated Coir. "Today's employees want
attractive options and being able to offer those flexible arrangements can be a
powerful retention tool and offers employers access to a larger talent pool."
Why the Potential Turnover? To
illuminate why this sector is likely to experience higher than average
turnover, the Randstad survey reveals the top reasons employees would leave
their current organization:
- Inadequate pay (36%)
- Lack of opportunity for advancement (34%)
- High stress levels/difficult relationships with managers/co-workers (29%)
- Difficult relationships with managers/co-workers (29%)
The biotech/pharma
professionals surveyed are very clear on what their employers can do to impact
employee engagement and improve retention.
- Recognition: Recognize employees for their contributions and achievements (38%)
- Flexibility: Be flexible or accommodating in terms of hours or working arrangements (37%)
- Reward: Offer promotions/bonuses to high-performing employees (36%)
"Both established and
start-up biotech and pharma organizations must retain top talent to continue to
drive innovation, quality, and timeliness," said Coir. "With the
clear possibility of workforce volatility, companies can take the Randstad
survey results and verify them within their own organizations. The study
provides a great starting point from which to take action to better engage and
retain their best and brightest."
For more information about
workplace trends related specifically to the pharmaceutical industry, view our
Workplace Trends Report .
Survey Methodology The 2014
Randstad Pharma Engagement Study is comprised of findings from biannual waves
of research targeting employees and annual surveys of employers. The ninth wave
of findings was conducted online between April 1-8, 2014 from a national sample
of 2,257 adults aged 18 and older who are currently employed full time from
Ipsos' U.S. online panel. They survey included 142 respondents in the
biotechnology/pharmaceutical and sciences, including an oversample of these
employees.
Weighting was used to balance
demographics and ensure samples reflect the U.S. population of working adults.
Employees and employers were
surveyed to compare notable differences in perceptions and attitudes. Multiple
waves of research allow for trending and to track changes in perceptions and
attitudes over time. Research into employee attitudes and perceptions
will be conducted biannually. Research into employer attitudes and perceptions
will be conducted on an annual basis.
SOURCE
Randstad US