3 Ways Pharma Can Outsmart Talent Challenges in 2023

Leaders around the world find themselves in one of the most contradictory predicaments of recent years.

After navigating a global pandemic, the Great Resignation (or Great Reshuffle, depending on who you ask), quiet quitting, and an ongoing cost-of-living crisis, it would be reasonable to assume that there is a surplus of talent ready and willing to interview.

However, the data tells a very different story.

A recent report from Manpower Group found that 75% of businesses are struggling to fill roles, with talent shortages prevalent across many sectors. Pharmaceuticals is no exception, with many organisations finding it increasingly difficult to attract and retain talent in today’s tumultuous market.

The secret to successful hiring in times like these is adopting a holistic hiring strategy. Relying on narrow or outdated approaches simply no longer works.

Below, we share our top tips for outsmarting your talent challenges in 2023.

1. Retain Top Talent

To remain competitive, companies must retain their best people — a growing challenge in an industry that is highly specialised and constantly evolving.

The pharmaceutical sector requires a unique and in-demand skill set, particularly in areas such as:

• Regulatory affairs
• Quality assurance
• Clinical research

Despite perceptions to the contrary, finding talent with these skills is extremely difficult.

While flexible working and competitive compensation are now expected, not every organisation can match the packages offered by larger companies. If that’s the case, it’s essential to focus on what else you can offer.

Invest in Learning & Development

Leaning into your learning and development (L&D) function can pay significant dividends.

Almost 9 out of 10 business leaders (86%) say that while professional development is critical to business success, they struggle with the associated costs.

The good news? Career development doesn’t have to break the budget. Consider options such as:

• Mentorship programmes
• Peer-to-peer coaching
• Shared book clubs
• Short, online courses

By creating personalised career pathways, employees feel valued — and in return, they are more likely to stay committed to both their role and the organisation.

2. Embrace Technology

To attract and retain top talent, organisations must demonstrate that they are operating with both today and the future in mind.

That means embracing technology.

AI, virtual reality, augmented reality, and machine learning are increasingly being used within the pharmaceutical industry. The key is to identify how these tools can practically complement your business while delivering real return on investment.

AI in Talent Acquisition

AI, in particular, is becoming an important tool for overcoming hiring challenges.

• Korn Ferry predicts that AI, alongside predictive analytics, will become increasingly prolific in helping talent acquisition teams identify the right roles and skills.
• Organisations that adopt these technologies early gain a valuable head start in the ongoing war for talent.

3. From Baby Boomers to Boomerangs

The UK Chancellor of the Exchequer, Jeremy Hunt, recently urged older workers to consider returning to the workforce, stating that the “country needed them”.

According to The Office of National Statistics, around one million people have left the UK workforce since March 2020, with retirement cited as the most common reason among those aged 50–70.

Globally, there is a vast amount of experience and institutional knowledge currently untapped and it could be the key to solving your talent shortages.

Re-engaging Experienced Talent

Organisations should consider how to attract:

• Older workers returning to the workforce
• Former employees who have left but may be open to returning (“boomerang talent”)

Boomerang employees already understand your organisation, culture, and processes. Significantly reducing onboarding time and risk.

Work with HR to create a clear plan:

• Can these individuals return part-time?
• Would consultancy or project-based roles work?
• How can expectations be clearly defined from the outset?

When done well, hiring from this demographic can significantly improve business outcomes.

Final Thoughts

There is a clear and pressing talent shortage within the pharmaceutical industry that must be addressed now.

Leaders need to take a strategic approach to talent management and invest in the development of their people. By focusing on internal talent, organisations can build cultures of trust and loyalty and become employers of choice for external candidates too.

Upskill your people. Encourage lost talent to return. Use technology to unify your talent strategy.

By doing so, you can ensure the right talent is in place to succeed in an increasingly complex and rapidly changing world.