INSIGHTS

There is no argument among senior executives that having the right talent is mission-critical to innovation.  But in a tight labor market, how do companies attract superior talent from a limited pool in order to ensure they look no further and say “this must be the place” for me?  

For insights, we looked at top biotech companies to help us understand the laws of talent attraction, and offer some suggestions for implementation in smaller companies.

 1.      Establish a clear “why” with a focus on patients

Most individuals who pursue a biotech or healthcare career are motivated by a desire to transform patient care.  

–       You can demonstrate that commitment through a patient-centered mission statement and a website that expresses how your company and technology will achieve that mission.

–       Consider ways to inspire your team by engaging with patient advocacy groups. Invited speakers who address the challenges patients face, or team community service and fundraising events can spark motivation and reinforce your company’s “why”.

2.     Create a culture where your team members feel valued

Large companies like Roche have incredible lifestyle and recreational perks including on-site farmer’s markets, pool tables, urgent care centers, nap pods, and vegan cafeterias.  With some creativity, you can establish a similar environment without significant expense. 

–       Think about your breakroom, and supplying fresh organic fruit or snacks each week, or investing a little to make it feel like an upscale, comfortable lounge.

–       Be open to telecommuting.  It’s an excellent way to limit overhead and provide employees with the opportunity to work from the place they are most comfortable – home. 

3.      Embrace diversity and inclusion

It’s common to hire people you’ve worked with previously or hire people in your mirror image. However, this can create a workforce that has a more narrow, uniform mindset, and therefore doesn’t benefit from the creativity that can come from diverse backgrounds and insights. Diversity also brings financial rewards. For example, a recent study by McKinsey found that companies ranking in the top quartile of executive board diversity had returns on equity that were 53% higher than those on in the bottom quartile.     

–       Educate your leaders and team members on the benefits of a diverse workforce, and the importance your company places on diverse referrals and hires.

–       Use your website to communicate your commitment to diversity and inclusion.

–       Partner with multicultural professional associations and student groups to source candidates.

Want more ideas as to how to secure elite biotech and high tech talent?  Reach out to Kristin Jiles, CEO and Founder of The Jiles Group at +1 833 33 JILES or info@jilesgroup.com.