Today’s market presents several talent acquisition challenges, particularly for life science companies. Even after the preliminary task of identifying talent, your organization needs to show why joining your company is more enticing than your competitors. Yet after you’ve overcome those barriers, you need to plan for the negotiating process.
Negotiating is always a complex undertaking, but during a talent shortage, it’s even trickier. Here are the leading benefits and expectations talent will expect during negotiating process.
1. Salary Speaks
Candidates know that they have the leverage in today’s labor market. The best life science candidate is negotiating high compensation packages to reflect their market value. Life science companies hiring in today’s landscape will need to forecast and budget accordingly if they want to compete.
2. Sign-On Bonus
Life science professionals are seeking sign-on bonuses as a part of their compensation package. Bonuses can range between 5-10% of annual compensation. Sign-on bonuses are becoming more frequent in situations when relocation is needed to compensate for moving costs or the bonus gets the starting salary to an acceptable level for the candidate.
3. Relocation Package
Candidates have become more reluctant to relocate in today’s market. The decrease is a result of various factors. With increased housing prices, coupled with technological advances, top talent is unwilling to relocate. Companies that substantially reduce or remove this onus entirely will have a better likelihood of hiring their preferred candidates.
4. Remote and/or Hybrid Flexibility
There is a growing desire for any candidate, including life science candidates, to have the ability to work remotely. Most employees that can do their work off-site will bargain for the ability to do so. Remote or hybrid flexibility offers a unique value for individuals. Some will prefer to work entirely remotely; others will prefer a hybrid schedule. There is also an increase in non-traditional flexibility where talent creates a work schedule that functions best for their commute or living arrangement.
5. Speed to Hire
In a candidate-driven market, candidates rule the hiring process and if your company is taking too long, top talent will turn to the competition to get employed faster. In addition to helping to ensure candidates won’t drop out of your hiring process, you’re also increasing the likelihood of hiring more high-quality candidates. For example:
- Speed means fewer dropouts of in-demand candidates
- Slow hiring means only the average remain
- Fast decision-making attracts the best
- Top candidates decide quickly
- Fast hiring reduces candidate bidding
- Top diversity candidates are gone quickly
Remember, a slow hiring process is costly for a business.
Precision Life Sciences
Precision Life Sciences identifies, recruits, and attracts top talent. By leveraging over 50 years of experience, learn how our approach to life science recruiting can deliver the quality candidates your company needs. We provide scalable solutions to Biotechnology, Pharmaceutical, and Medical Device companies through a unique targeted approach. We understand the value the right talent means to your company, and we recognize the negative impact of time and resources on the wrong hire and the challenges of working with a typical Life Sciences placement service.