Employees in the U.S. biotech and pharma industries express significant interest in accepting or seeking out a new employment offer, according to a new Randstad Pharma Engagement Study. The study reveals that within the next six months one-half (51%) of biotech/pharma workers are likely to seek out a job in a different company or organization, as compared to 38 percent of all employees polled. Furthermore, should they receive an enticing job offer from another company, 66 percent of biotech/pharma employees are likely to accept, compared to 44 percent of all employees polled.
Why the Potential Turnover? To illuminate why this sector is likely to experience higher than average turnover, the Randstad survey reveals the top reasons employees would leave their current organization:
- Inadequate pay (36%)
- Lack of opportunity for advancement (34%)
- High stress levels/difficult relationships with managers/co-workers (29%)
- Difficult relationships with managers/co-workers (29%)
The biotech/pharma professionals surveyed are very clear on what their employers can do to impact employee engagement and improve retention.
- Recognition: Recognize employees for their contributions and achievements (38%)
- Flexibility: Be flexible or accommodating in terms of hours or working arrangements (37%)
- Reward: Offer promotions/bonuses to high-performing employees (36%)
While this study is within pharma it self my guess us that within DTC marketing you’re going to see that more and more marketers are willing to leave the industry. Over the last 2-3 years the number of really good marketing people who have left DTC marketing has been staggering. Most leave because of the frustration of acknowledging informed and educated consumers or because Directors are too interested in their own political careers than in doing what’s right for employees. In the area of digital marketing organizations are too busy hiring people who will fit rather than hiring people who can transform the organization into a digital powerhouse. I have personally seen, for example, people who are asking basic questions like “who owns the product website?” rather than “how can we make our product website more effective?”.
The talent drain is a concern and biopharma has to be cautious about providing “golden handcuffs” which attract and retain people because of greater salaries rather than looking to hire people who can really lead great digital marketing.