.png)
The Large Molecule CDMO space has never been more exciting and competitive than in 2021.
Next generation biotechnology has been advancing exponentially in the 21stcentury and life-threatening illnesses are becoming much more treatable with all of the latest medicines available.
Most recently, COVID-19 has seen the need for life-saving vaccines to be discovered, developed and manufactured in record breaking time. Which, thanks to science, hard work and brilliant people, has been achieved. All of this has resulted in the Large Molecule CDMO space being valued above $10bn right now as well as being forecasted to double in size inside the next 5 years.
Needless to say, with such high demand for affordable treatments in a short timeframe there is a hugely competitive market out there with a huge amount at stake. The question CDMO players are asking themselves is: how do we stand out as an employer and attract the brilliant minds within the Life Sciences field? Below are three tips…
Show intent during the interview process:
Top candidates are a valuable commodity in the Large Molecule CDMO space, which happens to be a very candidate short market. When interviewing prospective employees, all too many times we as head-hunters see organisations miss out on the candidate they want to hire because they were not able to move fast enough, whereas their competitors did.
Collating diary availability for multiple people to interview can be difficult at times. But if you want to be seen as a serious organisation who attract the best talent then you need to move fast and not waste any time. Booking in interviews and providing clear feedback is imperative, otherwise, you have a top professional questioning how serious you are about hiring. Whilst you are moving slowly, there is often a company in the background working harder to bring this person to their business.
Create an environment that people want to be a part of:
From speaking with top professionals day in, day out, the biggest drivers for most people when it comes to changing companies or jobs are not financial. In the industry that revolves around bringing life saving medicines to patients as quickly as possible, you see genuinely good people whose desire is to make a difference in the world. One where they are part of the solution to the biggest problems.
It is therefore hugely important that the organisation they are joining is committed to the same mission and values. Creating an environment that people want to be part of also means showing yourselves as an employer who rewards hard work and encourages career progression for their employees. Often, when a top candidate has multiple offers on the table with different organisations, the decision comes down to the people in the organisation and the chance to grow their career.
Pay well and fairly:
Remuneration is not the primary driver for the vast majority of professionals within Large Molecule CDMO. However, it is a necessity as people have bills to pay, lives to lead and families to look after outside of work. Finance usually comprises one of the lesser factors in a candidate’s decision, but no one is going to say no to more money! What this says about an employer, however, is that they value their employees for the work that they do and their contribution to the business.
Ultimately, how an organisation compensates their workforce will filter out into the market. If one company is paying their employees significantly below market rate then it is not a good look and will damage their chances of attracting top talent. This doesn’t mean overpaying and being unwise with spending but compensating your employees well will go a long way.