Despite facing market uncertainty, life sciences employers’ winning strategy begins with talent

In a dynamic and rapidly evolving world of work, how can employers of STEM talent attract and retain the best people in a competitive labor market? Contrary to popular belief, good salaries alone won’t do it. Rather, companies need to do a better job of offering purpose and other compelling benefits to candidates, according to a panel of work experts who recently spoke on an SRG webinar. The event focused on the findings of New Scientist’s Global Talent Trends & Insights report, which surveyed the sentiments of 4,000 life sciences professionals across the UK, US, and Europe. Discover Who Has the Best Pay in Life Sciences.

Facing today’s climate of uncertainty, life sciences companies are challenged to become more agile and competitive, and it’s clear that talent is the lever to make this happen, according to the panelists. Success, however, depends on employers acquiring and utilizing talent in cost-effective, impactful ways that achieve milestones more quickly and consistently, whether that’s developing a new blockbuster drug, a new medical device, or a diagnostic test.

“There is pressure to do more with less, but there is a real focus on that speed of getting innovation to market as soon as possible. And I really do feel that now more than ever leaders have to demonstrate a real level of adaptability and flexibility in everything that they're doing,” according to panelist Philippa Clark, Senior Client Manager with SRG in the UK. 

Clark explained that with investments in the UK life sciences sector remaining strong, employers increasingly turn to contingent talent to get work done more cost-effectively and efficiently. This has led to growing interest in statement of work resources, direct sourcing of flexible talent, and other work arrangements to help medtech and drug manufacturers drive revenue growth. And the pressure to meet work goals is not isolated to the UK and Europe. In fact, one-third of those surveyed by New Scientist in North America say they expect their department to receive budget increases by the end of 2025.

Demand for talent unabated

With spending anticipated in the near future, demand for STEM talent will likely remain sustained worldwide. One reason is that during the pandemic, a disproportionate amount of research went to treating COVID, leading to deprioritization of other projects, according to Justin Mullins, a panelist on the webinar and Consultant Editor at New Scientist. He pointed out that when the pandemic was over, many life sciences companies faced a backlog of projects. This led to a surge in demand for talent, and that appetite for resources has not diminished.

Mullins pointed out that UK life sciences companies have since stepped up research and development work and appear poised to innovate more quickly. The sector has overcome the backlog and “turned into a streamlined, forward-thinking agile agency, which is really accelerating the way in which Innovation can be brought to market,” he said, pointing out the post-COVID “bounce” for businesses has also benefited from greater economic and political stability recently. With the UK’s recent elections now over, he said companies can better focus on growth, which will further accelerate the sector’s growing need for talent. 

This trend, however, will put additional pressure on talent scarcity. Last year, salaries in life sciences rose markedly, especially in the UK, where the average pay rose more than 11%, according to New Scientist’s research. Growth reached 3.9% in North America and 3.4% in Europe — figures all above the average wage growth for all jobs in those regions. At the same time, 60% of all workers surveyed said they planned to change jobs this year, further challenging employers to acquire and retain great talent.

How can life sciences employers address this growing problem? As panelist and SRG US Senior Vice President Patrick Stedman noted, companies must offer more than just competitive compensation to acquire, motivate, and retain their best people. In fact, the Talent Trends & Insights report found that 62% of STEM professionals ranked wages lower than other employment benefits as the reason for joining a company. Stedman said today’s workforce is focused on the values of an employer, its purpose, and how it treats its people. Specifically, many workers want assurances that they work for a diverse and inclusive organization.

“If you look at the STEM portfolio, specifically within life sciences and clinical, we're a very diverse population so it's extremely important that we are keeping at the forefront. It's a catalyst in all these organizations to understand how important it is to promote inclusivity and diversity — promoting it in a way that it's openly discussed and that we're in a position where people are comfortable with understanding the mission, vision, and value of these organizations,” Stedman noted.

AI and the urgency for skilling

Another priority for STEM talent is their need for upskilling. With AI proliferating across the life sciences industry, professionals increasingly need training and development to stay current with technology. And it’s not just their hard skills that scientists seek to enhance; Talent Trends & Insights research found that the competencies most people want to improve are cognitive ones, such as critical thinking, problem-solving, creativity, and adaptability. In the AI era, helping people adjust to the changing nature of work will be critical to long-term organizational success, according to Tracy Monsour, Senior Vice President of Marketing for the Impellam Group and a member of the webinar panel.

“The topic of upskilling and reskilling is going to be one that we're talking about for a very long time,” Monsour said, especially as artificial intelligence is fundamentally transforming how medtech and pharma companies operate. “AI is necessary for skill sets, in terms of advancing research, development production and manufacturing of the products that impact the greater life sciences industry.”

Indeed, half of those surveyed say AI will change the nature of their job completely, with a majority saying the technology already makes them more efficient at work. 

In what other ways will AI transform the future of work? That remains to be seen, but one thing is clear: investing in people will continue to be a winning strategy in the future, whether that’s through upskilling and reskilling, raising engagement through purpose and value, enhancing human capabilities with technology, or a combination of all these initiatives. The key to unlocking workforce potential requires insights and understanding of people’s expectations of work and the key motivators that resonate with STEM professionals.

To better understand the sentiments of life sciences professionals, request your copy of the 2024 Talent Trends & Insights Report by New Scientists Jobs and SRG. Stay tuned for our 2025 survey questionnaire to be launched soon.

To see the complete round-table discussion on how to unlock talent trends and insights, click here.