Flexibility and continuing education are two ways employers can retain workers in the pharmaceutical and biotech industries, according to a new Randstad Pharma engagement study.
The biannual study revealed that 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.
Companies Investing In Engagement As Demand For Talent Remains High
“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."
What Are The Top Three Engagement Tools
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
Employees Eyeing Other Job Opportunities
"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," Coir said. "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."
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