How Relocations Reward the Pharmaceutical Sector
25 Jul 2023 | Dylan de Souza, Marketing Executive
The pharmaceutical industry is under pressure. The sector achieved ground-breaking research and medicines production during the pandemic. Since then, the level of clinical trials and new launches continues to grow, with oncology as the main focus (38% of research and development). However, increasing pressure arises from three key factors:
- Pressure to innovate, while investment has reduced to pre-pandemic levels,
- ESG expectations (Environment, Social and Governance) of clients, impacting contracts and supply chains, and
- Rising costs and inflation.
Alongside these issues is a growing talent shortage within the sector. For example:
- There is a 20% increase for STEM-orientated roles across life sciences in the US.
- The current pool of digital talent within the pharmaceutical sector is 14% lower than demand.
- Many pharmaceutical companies find it hard to recruit technical talent.
In addition, the increase in remote working has increased employees’ expectations for flexibility. Business consultancy McKinsey reports that, as a result, nearly all pharmaceutical companies are experimenting with hybrid working models.
Is scalable talent mobility the answer?
Labour market challenges have a high impact on rising variable costs within the sector. Adapting to changing employee needs helps reduce employee attrition and the associated recruitment and training costs.
Alongside internal training, relocating employees with key skills is an attractive option. In delivering value and meeting expectations, pharmaceutical companies need to consider long-term operational needs and solutions that offer scalability and flexibility. Perhaps talent mobility is the answer?
‘A viable long-term solution to talent shortages may need to involve more than increasing wages to attract people,’ reports McKinsey. International assignments and their associated benefits are valued by employees.
Talent mobility is a win-win scenario. Organisations enjoy the flexibility of diverting skills to where they’re needed. Assignees relish an opportunity to explore a new culture and add an overseas role to their CV.
‘Relocating employees with key skills should be a key element of strategic workforce planning, supporting and enabling the operational direction,’ says Barrie Gilmour of BTR International. ’An effective workforce mobility programme ensures that this flexibility is available.’
Are you involved with organising international relocations for your organisation?
Would you value support to maximise value and effectiveness?
Talk to Barrie direct on +44 (0)7957 625 406. Enjoy an initial discussion without obligation.