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Life sciences companies have always operated in a world of uncertainty. Issues around cost and pricing, clinical and operational innovation, customer and consumer engagement, and regulatory compliance have existed for decades. At the top of the list of challenges, building an organization of the future is a top priority for healthcare and life sciences human resource leaders. In 2016, the life sciences industry overall employment grew to 1.74 million, up 4.4% from 2014. To ensure their companies’ success, life science employers must navigate a myriad of forces, and identify, secure, develop and retain necessary talent.
The current landscape
Global health care spending is expected to reach $8.7 trillion by 2020 due to emerging market expansion, advances in medical treatments, growing populations, and rising labor costs. According to a report released earlier this year by CSBI, 263,777 jobs were posted in 2017 with 53,426 of those jobs being classified as technical. To complicate matters further, a recent poll by MassBio revealed that the types of roles in which companies expect the most growth — including research and development and regulatory affairs — are also the most difficult ones to fill with qualified candidates sometimes taking more than 2.5 months to fill an opening.
How technology is impacting how companies hire
Artificial intelligence, automation, cognitive technologies and computing power are creating transformational opportunities that are industrializing the life sciences sector. Technologies such as 3D printing, blockchain and robotic process automation (RPA) are shortening production times and increasing process efficiencies. These technological advancements are creating new positions aimed at increasing speed, scale, complexity and security such as Chief Data Officer. As companies adapt toward new technologies, developing recruitment reflexes are scaling the need to use artificial intelligence to do prospective candidate “matching”. The use of developing profile algorithms to make a determination of best fit actually comes at a cost, the slow-down of actual recruitment.
How companies can hire to get ahead of the curb
Development of a robust long-term hiring plan is quintessential to sustain company momentum and growth. Hiring for later, rather than hiring, for now, is a dynamic way to begin setting up “cultivation” channels of prospective talent candidates that you can help develop as your hiring needs change; therefore it maximizes the ability to have candidates on-ramp to your organization as seamless as possible. As the industry will shift in growth patterns, having the ability to invest in prospective talent will greatly reduce the talent shortages companies will face as they continue to expand.
If you are having a difficult time filling key positions in your life sciences company, learn how Rubix LS can help identify and place qualified and experienced candidates for temporary, contract or permanent positions.
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