What You Need to Know: 2019 Pulse on the Market
Written By: Mackenzie Skold
Edited By: Melissa Megna
What factors are influencing the market?
The national unemployment rate is low, dipping to 3.8% this past February. (National Conference of State Legislation (NCSL) With close to full employment, there are fewer job seekers in the market. In addition, an average of 10,000 baby boomers are retiring every day and their millennial replacements are not as experienced. Subsequently, companies are facing a shortage of seasoned candidates to take the place of those retiring. These are some of the factors contributing to a candidate-driven market.
What does this mean for companies who want to hire?
Companies will need to attract candidates who are not actively looking but would be open to the right opportunity. Within this pool of candidates, 80% have multiple opportunities, both internally and externally. Internally, they are receiving faster promotions and external offers include additional LTI (long term incentives) on top of competitive base salaries. Keep in mind, that most passive candidates will be motivated to move to another organization if it advances their careers. All of which makes it difficult to attract, hire and retain top talent.
How can you attract top talent?
The best strategies for enticing top talent to your organization include a tight interview process. Be organized, succinct and provide a consistent message to potential hires.
Is your company ready to act quickly to hire that dream candidate?
Meeting candidates face to face as soon as possible is vital. Phone interviews allow companies to screen for the most qualified candidates, but meeting in person is the best way to impress potential employees with your company. The Biopharma recruiting team at Govig does just that. The team works hard to move potential candidates efficiently through the process. By getting quality talent moving through the interview process fast, Govig ensures its clients get their offers out before competing organizations.
If it isn’t a title change, are there additional benefits?
Offering a flexible work schedule or the ability to work from home are desirable benefits for many people. For example, in the biotech industry, it is very rare for employees to work the standard 8 to 5 schedule. Employees are dealing with deadlines, international partners, and are overseeing individuals that are located all over the world. Accommodating these realities instills trust and loyalty in employees. Another common benefit offered by large pharmaceutical organizations is to allow employees to work from home 1 day a week. Other companies, situated in heavily populated areas, may allow for flex hours that allow employees to avoid traffic.
How is value alignment important?
Figuring out if a candidate is a match is not easy to determine from a resume alone. While a resume can highlight education, skills, and experience, it takes an in-person meeting to assess the nuances that make a good fit. This is where culture matters. It is important to look at a “cultural add” over a “cultural fit.” Cultural add is an inclusive term that brings forth the value of an individual whereas cultural fit is based on a feeling. Though that “gut feeling” is important during the interview process, it is important to take a step back and see how the individual’s skill set can add more value to what the company already has. Most candidates are seeking value alignments that allow them on-going opportunities for interesting challenges, growth and professional development. In our experience, it is challenging to lure candidates away from companies that provide such an environment.