How to Keep Top Talent During Inflation

Employees Working Together in Office

As the pandemic rages on, many life science companies are scrambling to keep up with inflation. From competition and cost of living to talent shortages, these companies are feeling the pressure to keep their employees happy and their businesses afloat.

Fortunately, according to Biospace's 2022 US Life Sciences Salary Report, the average salary for a life science professional has increased by nearly 20% since 2019. This is in stark contrast to the national average of 7.8% in the same time frame, which goes to show that the life science industry is working hard to keep up with the rising cost of living in order to compete for top talent.

...But at what cost?

In order to stay afloat while maintaining a competitive edge, many life science companies are going to have to get creative in order to keep up with rising salaries and inflation. Let's take a look at how companies can keep their head above water in the face of these challenges.

How to Keep Top Talent During Inflation

The answer may be something that might not cost companies a dime.

We're talking about company culture.

Yes, company culture. In order to attract and retain the best talent, companies need to have a strong company culture. With so many companies competing for the same talent, culture has become the differentiating factor.

Strong Company Culture

Culture is what will make your company stand out. First and foremost, life sciences companies need to be aware of the trends in order to stay ahead of the curve. They need to know what their employees are being offered by other companies, and they need to be able to offer competitive salaries and benefits packages in order to attract and retain the best talent.

However, as the increased salaries have demonstrated, many companies may already be competing themselves into the grave as is. So, what gives? What is the missing piece to the puzzle?

It is something that you can control. It's the way your employees interact with each other, the way they feel about their work and the way they feel about your company.

Strong company culture will make your employees feel valued, appreciated and motivated to do their best work. It will make employees want to stick with their company through thick and thin.

In fact, according to the Society for Human Resource Management, recognition and value are one of the most important factors employees consider when deciding whether or not to stick with their current employer. So, if life science companies want to keep their employees, they need to start thinking about how they can offer more than just a competitive salary.

Increase Productivity

In order to keep up, life science companies need to be able to find ways to increase their productivity. This may include automating certain processes or outsourcing some tasks. For instance,  if a company is spending too much money on research and development, it may be time to outsource some of that process to a contract research organization. Outsourcing can be a difficult decision, but in some cases, it may be the best way to stay afloat when salaries and inflation are rising.

Turning to Automation

Many companies in the life sciences industry have already turned to automation and robotics to help them increase their productivity. This can be especially helpful in the manufacturing process. Automation can help life science companies save time and money while still maintaining a high level of quality.

However, what about life science companies that are not in the manufacturing business, such as those in the pharmaceutical or biotech industry? They too can benefit from automation. Automation can help these companies with tasks such as data entry, analysis, and even customer service.

For instance, customer service is an area that is key to the success of any life science company. However, it is also an area that can be very time-consuming. Automation can help to take some of it the load. By automating the customer service process, life science companies can free up their employees to do other tasks and improve the customer experience.

Consider Automation

The best chance life science companies have to increase productivity is by looking internally and examining their current processes. They need to find ways to streamline their operations and make them more efficient.

This process starts with the employees who are already in place. Companies need to invest in their employees and help them become more efficient and knowledgeable in their roles. Additionally, companies should provide employee development opportunities so that they can learn new skills and grow within the company.

For example, a  company may invest in employee training on the latest software programs or industry trends. This will help employees be more productive in their roles and better equipped to handle the company's changing needs.

By investing in their employees, life science companies can hope to increase their productivity and keep up with the rising salaries and inflation. Turnover is a difficult and costly process, so it is important to keep good employees.

However, this is only part of the solution. Companies also need to be proactive in their approach and look for ways to increase their productivity. Automation, outsourcing, and process improvements are all possible solutions that life science companies should consider.

Don't Wait for the Storm to Pass

The bottom line is that it's time for companies within this industry to start thinking outside the box if they want to stay ahead of the curve.

Even if profit is not as high as it once was, as long as companies are willing to adapt, they can stay afloat long enough to see the industry rebound. After all, the life sciences industry has always been one of innovation. And, in order to survive, companies will need to continue to be innovative in their approach to productivity. This starts with taking a close look at current processes and finding ways to improve them.

If there's a process that can be automated, consider it. If a company is struggling to keep up with employee salaries, it may need to outsource certain parts of its business. If competitive salaries are maintained, yet a company finds retaining talent to be a struggle, then it's time to look into company culture and see where changes can be made.

It's not going to be easy, but if companies are willing to make the necessary changes, they can weather the storm and come out on the other side. After all, the life sciences industry is always changing. And companies that are able to change with it will be the ones that succeed.

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