Shaping the future of Life Sciences: Finding, hiring and retaining the best STEM talent

With the STEM industry constantly evolving, and the skills it needs to continue to evolve ever-changing too, STEM organisations are having to rethink the way they find, attract and retain the very best STEM talent available.

Contrary to what many think, simply paying well isn't enough. Instead, companies must improve their ability to ensure their people feel enabled, valued and have access to other attractive perks too, as highlighted by a group of industry experts in a recent SRG webinar – an event focused on the insights from SRG & New Scientist’s Global Talent Trends & Insights report, which detailed the insights from 4,000 professionals in life sciences from the UK, US, and Europe.

Life sciences companies are in uncertain times. To continue to develop and thrive, they must become more agile and competitive. To enable this, according to the panellists, talent is the key. Achieving success, though, relies on companies’ abilities to enable skilled individuals to use their talent via efficient, impactful methods that lead to faster-to-develop, more reliable achievements, whether it's developing groundbreaking drugs, medical devices, or diagnostic tools.

“There is pressure to do more with less, but there is a real focus on that speed of getting innovation to market as soon as possible. And I really do feel that now more than ever leaders must demonstrate a real level of adaptability and flexibility in everything that they're doing,” according to Philippa Clark, Senior Client Manager with SRG in the UK. 

Clark continued to discuss how, with UK life sciences investment remaining high, contingent talent was becoming increasingly important for enabling work to be done most efficiently and cost-effectively. This has resulted in an increasing focus on resources related to Statement of Work, the direct acquisition of adaptable talent, and various employment agreements to assist medical technology and pharmaceutical companies in achieving higher revenue growth. 

A growing, unwavering demand for talent

With spending anticipated in the near future, worldwide demand for STEM talent is likely to remain high. Justin Mullins, a panellist on the webinar and Consultant Editor at New Scientist, believes that the COVID pandemic and its ongoing implications have led to other projects being delayed or, in some cases, abandoned. Mullins discussed how, when the pandemic was over, many life sciences companies faced a huge project backlog, which has driven talent demands further.

According to Mullins, UK life sciences companies have since kick-started their research and development work, with more efficient innovations high on the agenda. The sector has started to turn the tide on its backlog, with Mullins stating that it has “turned into a streamlined, forward-thinking agile agency, which is really accelerating the way in which Innovation can be brought to market.” Meanwhile, thanks to the post-COVID ‘bounce’, and the recent UK election now over, companies have more stability to focus on growth and accelerate the industry’s talent attraction needs.

This trend, however, will put additional pressure on talent scarcity. Last year, salaries in life sciences rose markedly, especially in the UK, where the average pay rose more than 11%, according to the SRG and New Scientist report. Above average wage growth was reported, with 3.4% growth in Europe and 3.9% in North America respectively. Additionally, a further challenge for employers looking to hire and attain high-level talent was highlighted in data that suggests around 60% of all workers surveyed planned to change jobs in the near future.

Addressing the challenges for Life Sciences employers

Patrick Stedman, webinar panellist and SRG US Senior Vice President, discussed the need for companies across life sciences to look at ways to hire, motivate and retain the best STEM talent beyond the usual offers of higher wage compensation, referencing insights from the Talent Trends & Insights report that highlighted how 62%STEM professionals ranked wages lower than other employment benefits as the reason for joining a company.

In fact, more than monetary gain, many workers feel it is imperative that the organisation they work for is diverse and inclusive for all. According to Stedman, the values of an employer, its purpose, and how it treats its people is the most important, deciding factor for talent when considering whether to join, or stay at, a company.

“If you look at the STEM portfolio, specifically within life sciences and clinical, we're a very diverse population so it's extremely important that we are keeping at the forefront. It's a catalyst in all these organizations to understand how important it is to promote inclusivity and diversity — promoting it in a way that it's openly discussed and that we're in a position where people are comfortable with understanding the mission, vision, and value of these organizations.” said Stedman. 

The power and impact of Artificial Intelligence in Life Sciences

Artificial intelligence is making its mark across all industries. In life sciences, the wide-scale abilities of AI are not only helping to drive innovation forward, but it is also requiring professionals to constantly adapt, evolve and look forward to, and undertake training and development to upskill and keep up-to-date with current trends and tech.

This goes beyond core, hard skills too. According to the Trends & Insights research, critical thinking, problem-solving, creativity, and adaptability are key skills that employees wish to develop further.

According to Tracy Monsour, Senior Vice President of Marketing for the Impellam Group and a member of the webinar panel, the ability of people to adjust to the changing nature of work and the impact of AI, will be critical to the success of companies in life sciences.

“The topic of upskilling and reskilling is going to be one that we're talking about for a very long time,” Monsour said, especially as artificial intelligence is fundamentally transforming how medtech and pharma companies operate. “AI is necessary for skill sets, in terms of advancing research, development production and manufacturing of the products that impact the greater life sciences industry.”

Indeed, there is already a growing belief that AI is changing the nature of job roles completely, with many respondents to the insights survey highlighting how the technology is making their work more efficient.

The full impact of AI on working environments remains to be seen. But what we can say for certain is that investing in people through upskilling and reskilling, raising engagement through purpose and value, enhancing human capabilities with technology, or a combination of all these initiatives, will always be key to the success of companies and their industries overall. 

For even more insights, request your copy of the 2024 Talent Trends & Insights Report by New Scientists Jobs and SRG.

And, to see the complete round-table discussion on how to unlock talent trends and insights, click here.