Biopharma warning: Quit rate highest in over 10 years

unemployment fallingPOST SUMMARY: There can be no doubt that the biopharma industry has lost a lot of talented and good people over the last few years, but as the quit rate increases among American companies’ retention and acquiring top talent could be a challenge.

Pharma companies usually pay their people very well, but today that’s not enough. You can’t make people work for money alone – you starve their souls when you try it, and you can starve a company to death the same way.  The work environment within pharma has to change in order to both recruit and retain talented people.

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The quit rate, current employees who are quitting and moving to new companies, is the highest it’s been in over 10 years and sooner or later your people are going to get a call that could entice them to leave.  Here are the biggest gripes about working in biopharma..

1ne: Back to back to back meetings, allowing for no time to get personal projects completed.

2wo: “Find a job” when your product comes off patent.

3hree: Open office environments that allow for very little privacy and lead to a lot of distractions.

4our: “We can’t do that” mentality when it comes to cutting edge marketing.

5ive: Putting business ahead of patients.

6ix: Standard benefits that can be bested by a lot of other companies.

7even: A toxic political environment.

8ight: Your CEO earns 8 figures while saying “it’s hard to lay off people”.

9ine: Your manager goes to pharma conferences to present your hard work.

10en: You have become disillusioned over the course of your career.  Your job title is changing, but you’re not growing as a person or learning new skills.

I have seen extremely high turnover within the industry, as much as 100% in some departments.  No company can survive and thrive that.  Will executives get the message?