Half Of Biotech Employees Dissatisfied With Their Employer
July 24, 2014
By Angela Rose for BioSpace.com
“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.
That recognition (along with competitive pay and an attractive array of benefits) is something all biopharma organizations—from start-ups like Cidara Therapeutics and Lysogene to big names like AstraZeneca, Genentech, and Pfizer—need to do a better job of providing if employee job search behavior is any indication of their current efforts. According to the new Randstad Pharma Engagement Study released on July 17, more than half (51 percent) of biotech and pharma employees are so dissatisfied with their working environment they plan to seek new opportunities within the next six months.
But the news gets worse—at least for complacent employers. If these professionals receive an attractive offer from another biopharma organization, 66 percent are likely to accept it. In contrast, only 38 percent of employees across industries plan to explore their options, with a mere 44 percent likely to accept a job with a competitor company.
Low Wages, Lack of Opportunity and Stress Contribute to Higher than Average Turnover
Biotech and pharma employees responding to the Randstad survey indicated a variety of reasons for leaving their current organizations. The top three were:
• Inadequate pay (36 percent)
• Lack of opportunity for advancement (34 percent)
• High stress levels/difficult relationships with managers/co-workers (29 percent)
On the Other Hand, Pay, Reputation and Flexibility May Improve Retention
Biotech and pharma companies that wish to retain their best workers should take note of the following factors that the Randstad study identified as important to employees who are considering positions at new organizations:
• Fair pay (94 percent)
• What others say/current employee reputation (92 percent)
• Flexibility, including telecommuting arrangements (88 percent)
Understanding what their employees value most—such as remote work options—is an essential step in developing a plan to impact biotech and pharma employee retention and engagement positively. Some organizations are already pursuing this. According to Randstad Pharma’s 2014 Workplace Trends Report, 49 percent of pharma executives said they have begun offering their employees telecommuting options. The employers who don’t may be in greater danger of losing valuable workers.
Survey respondents offered these additional suggestions for employee retention:
• Recognize employees for contributions and achievements (38 percent)
• Be accommodating in terms of hours and working arrangements (37 percent)
• Offer promotions and bonuses to high-performing employees (36 percent)
“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.”
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