Because of tight knit business networks within the biopharma Industry, the risk of an employee bouncing from company to company is high. The biopharma industry has an interesting environment where you see employees switching between companies of competitors, customers, and suppliers. Many people are incentivized to switch because accessible connections lead to better opportunities. When you add Millennials to the mix it tends to fuel this notion and create a higher bounce rate as Millennials strive to find the “right fit” and a “feel good” environment.
A study from Randstad Pharma Engagement reported that 51% of employees that worked for a biotech/pharma company were likely to switch jobs within 6 months. High bounce rates in short time frames have a serious impact on a company’s productivity and costs. Bounce rates induce a vicious cycle of finding the time and energy for seeking yet another candidate while spending additional costs on training, relocation, etc.
To reap the investment of new hires and mitigate the risk of high turnover, installing these attributes into your company’s culture can help secure the fate of employee retention.
- Connection: We have evolved into a society where connection and that “feel good” attitude help us rally behind a group, company, thought, or idea. We not only seek this in our personal lives, but also our work environments. The ability to hone in on this from an internal and external perspective can be key, as people will feel motivated and empowered about their job and company.
- Recognition: Whether we admit it or not, recognition is an important part of our lives. It fuels our behaviors and motivation. It also incentivizes us to do better and achieve our goals. Not only does it help with producing results, but it also is a key factor in retention. We have a sense that if we don’t get the recognition here, we will have the ability to move somewhere else, where our efforts will be appreciated and showcased.
- Promotion: For all companies, regardless of industry, it’s important for us to carve a clear path of what promotions and career development look like. An employee seeing that this is tangible and achievable will help with motivation and retention.
In short, it’s important to put a legitimate amount of energy into retaining talent. It will not only save your company significant capital in human resource management but it will also increase productivity leaps and bounds.