Randstad Pharma Engagement Study reveals how companies can better engage and retain talent in the pharmaceutical and biotech fields
ATLANTA, Ga. – Workers in the pharmaceutical/biotech sector are more likely to say their companies have many of the right mechanisms in place to keep employees engaged compared to workers in other industries, according to the Q2 2013 Randstad Pharma Engagement Study commissioned by Randstad, the second largest HR services and staffing company in the world.
More than half (60%) of pharmaceutical/biotech workers report that their employers provide regular performance reviews, compared with only 44 percent of all employees who were polled across industries. Furthermore, 52 percent in this sector cite their employers invest in employees’ careers through training and development versus just 35 percent of employees overall.
Randstad’s Engagement Study is a biannual research report that examines the factors driving employee engagement and retention, a significant consideration given that the Center for American Progress estimates replacing an employee costs approximately one-fifth of that worker's annual salary.
“Given the demand for talent across the pharmaceutical and biotech sector, companies understand the great need to attract and retain top talent and are investing in tools and programs designed to foster stronger employee engagement levels,” said Greg Coir, President of Randstad Pharma. “We witness this effort every day as we help companies evaluate their programs and identify new and innovative strategies to differentiate their organization as an employer of choice.
“However, while we see positive momentum within the industry, companies must continue to put an emphasis on engagement strategies. Our research shows that, while pharmaceutical employees say they feel inspired at their job, 43 percent of respondents would be likely to accept an enticing offer from another company and 37 percent say they plan to seek out a job in a different company or organization in the next six months, underscoring the need for targeted retention strategies and investments. One thing to note from not only our own findings, but also in trends we are seeing from our clients and candidates, is the growing desire for a more flexible work arrangement. We’re not only seeing more employees want this type of flexibility, but also more employers becoming more open to this in order to improve the retention and engagement levels of their internal associates,” Coir continued.
According to the study, the top three engagement tools that pharmaceutical/biotech employees value the most are:
- Flexible work arrangements or reduced hours
- Offering bonuses and promotions to high performing employees
- Investing in employees’ careers through training, professional development or continuing education
To learn more about this Study and other Randstad research, visit Randstad’s Workforce360 thought leadership platform.
The Randstad Pharma Q2 Engagement Study is comprised of findings from quarterly waves of research targeting employees and annual surveys of employers. The seventh wave of findings was conducted online March 25-April 8, 2013 from a national sample of 3,282 adults aged 18 and older who are currently employed full time from Ipsos’ U.S. online panel. They survey included 161 respondents in the biotechnology/pharmaceutical and sciences, including an oversample of these employees.
Weighting was used to balance demographics and ensure samples reflect the U.S. population of working adults.
Employees and employers were surveyed to compare notable differences in perceptions and attitudes. Multiple waves of research allow for trending and to track changes in perceptions and attitudes over time. Research into employee attitudes and perceptions will be conducted quarterly. Research into employer attitudes and perceptions will be conducted on an annual basis.
About Randstad US
Randstad US is a wholly owned subsidiary of Randstad Holding nv, a $22.0 billion global provider of HR services. As the third largest staffing organization in the US, Randstad holds top positions in permanent placement, office and administrative, IT and accounting and finance. From professional services, commercial staffing, recruitment process outsourcing, to managed services and more, Randstad delivers a comprehensive range of temporary, temporary-to-hire, permanent placement and outsourced placement services. With its 5,660 employment experts, Randstad puts an average of nearly 100,000 people to work in the U.S. each week, through its network of more than 900 branches and client-dedicated locations.
Learn more at www.randstad.com and access Randstad’s panoramic US thought leadership knowledge center through its Workforce360 site that offers valuable insight into the latest economic indicators and HR trends shaping the world of work.
About Ipsos Public Affairs
Ipsos Public Affairs is a non-partisan, objective, survey-based research practice which conducts strategic research initiatives for a diverse number of American and international organizations, based on public opinion research. They are the international polling agency of record for Thomson Reuters, the world’s leading source of intelligent information for businesses and professionals. To learn more, visit: www.ipsos-pa.com.