Effective Strategies for Building Tech Talent in Life Science Companies

Building a strong team of digital experts has become critical as life science organizations increasingly rely on technology to drive innovation and efficiency. On the other hand, finding and attracting talented experts with scientific and technological skills may be challenging.

To build IT skills as foundational to a company, life science organizations must assume a systematic strategy that addresses the unique requirements of this specialty area. This includes delivering competitive salaries and benefits and creating a welcoming workplace atmosphere that encourages creativity, cooperation, and innovation.

To alert first-rate tech people to a company’s potential, businesses must actively engage with potential candidates via targeted recruitment and social media outreach. Once hired, life science organizations should continue to invest in personnel training and development programs to guarantee that these employees’ technical expertise remains current concerning the latest technology and industry trends.

This article will look at five successful approaches for life science organizations to build IT skills within their firms and stay competitive in the ever-changing biotech and pharma industries. As well as Cornerstone International Group observing these successful approaches worldwide, the following recommendations draw on six high-level research articles:

1. According to a Deloitte analysis, the life sciences business is undergoing substantial transformations due to technological advances such as AI, genomics, and precision medicine.
2. According to the Association of American Medical Colleges, 86% of medical schools have corporate ties to boost research and innovation.
3. According to a PwC poll, 80% of millennial workers prioritized innovation when choosing employment. Furthermore, companies with strong innovation cultures are 3.5 times more likely to be industry leaders.
4. According to a Mercer poll, the average base wage rise for US life sciences organizations in 2020 would be 3%.
5. According to an Udemy poll, 42% of employees would leave their jobs for greater training chances. Furthermore, firms that engage in employee development retain 10% more employees than those that do not.
6. According to McKinsey research, diverse teams are 33% more likely to exceed their rivals in terms of profitability. Furthermore, companies with a diverse workforce are more likely to attract top talent, with 67% of job seekers stating that a diverse workforce is a significant factor when considering job opportunities.

Five Effective Strategies for Building Tech Talent in Life Science Companies

1. Collaborate With Academic Institutions
   One of the most successful methods to establish a pipeline of IT talent is to collaborate with academic institutions. Universities and colleges are home to some of the world’s greatest minds, and they are always on the lookout for real-world applications for their research. Companies in the life sciences can tap into this talent pool to acquire access to cutting-edge research and technologies. They can form alliances with academic institutions to support research projects, sponsor academic programs, and work on collaborative research efforts. These collaborations may help life science organizations stay on the cutting edge of technology and innovation while creating a pool of people who can be recruited for future positions.
2. Create an Innovative Work Environment
   Creating an innovative work environment is critical for recruiting and keeping top tech talent. Life science firms must cultivate a culture of innovation, encourage experimentation, and value cooperation. They should create an open and welcoming work atmosphere, promote employee engagement in decision-making, and foster cross-functional collaboration. Companies should also give staff access to cutting-edge technology, training and development opportunities.  A supportive management team is the bedrock of these good practices. 
3. Compensation Packages Should Be Competitive
   Top IT talent is in high demand, and the competition for these coveted people is severe. Life science organizations must provide competitive remuneration packages to recruit and retain the finest and brightest individuals. As well as competitive pay, these packages should include substantial benefits such as healthcare, retirement plans, and flexible work arrangements. Companies can also give stock options to motivate employees, encouraging their commitment to the company’s performance.
4. Invest in Staff Training and Development
   A good way to cultivate a team of IT specialists working enthusiastically for their company’s success is by investing in their professional development.

   Employees in the life sciences industry should be given the opportunity to acquire new skills and technology, attend conferences and seminars, and engage in mentoring and coaching programs.  These ventures can assist employees in developing new skills and staying current with industry trends. In turn, they will be incentivized to implement new initiatives within the company.

5. Encourage Diversity and Inclusion
   Promoting diversity and inclusion is not just appropriate but also smart business.  Life science organizations should recruit a broad spectrum of people to bring a variety of viewpoints and experiences to the table.   Companies in the life sciences must actively endeavour to establish a diverse and inclusive workplace.  Specifically, companies should be encouraged to implement diversity and inclusion initiatives such as unconscious bias training, employee resource groups, and mentorship programs.

Conclusion

To summarize, developing IT skills is critical for the success of life science organizations. Life science companies can build a team of tech experts ready to tackle future challenges by partnering with academic institutions and creating an innovative work culture. Successful team building includes offering competitive compensation packages, investing in employee training and development, and fostering diversity and inclusion. These efforts will give life science organizations an edge in remaining competitive in the ever-changing biotech and pharma landscapes. 

Please contact Mr. Vijay Karkare, Global Practice Leader Pharma & Life Sciences at vijay@cornerstone.co.in for more information, suggestions, or queries.