The world of work post-pandemic is almost unrecognizable from its pre-pandemic position. No industry was immune from changes to working environments and it is unlikely any industry will be able to revert to old habits. As the world was flipped on its axis biopharma firms regardless of size, scrambled to make the seemingly impossible, possible and find a way to make remote working a success. Pre-pandemic the prospect of remote working was a pipedream but the pandemic proved that it could be done and there are several benefits to it. However, the benefits of the office cannot be completely disregarded particularly in terms of creativity, collaboration, and employee wellbeing.
As the whole world begins to discover a new normal, ways of working will certainly change beyond recognition whether that be remote, hybrid, or office-based working. Biopharma firms will have to carve out new working arrangements which take into account employees new found love of remote working whilst retaining the benefits the office brings. HR professionals will have a delicate balancing act to ensure everyone’s needs are met to attract and retain the top talent or risk falling behind in the current war for talent.
The Benefits of Office Working
Working from home became symbolic of the pandemic with many employees enjoying newfound flexibility. However, the pandemic also made many people understand the power of the collaborative office environment with many managers, particularly in executive positions, seeing the benefits. CEO of Eli Lilly, Dave Ricks stated that he believes ‘collaboration, innovation, and learning is best done in-person at our facilities.’
In a report by McKinsey concerned with reimagining the working environments of life sciences, it was found that if working from home continues indefinitely with a lack of structure, biopharma companies may suffer from:
- Reduced creativity and collaboration
- Difficulty in considering diverse perspectives
- Compromised employee wellbeing due to feelings of disconnect
- Attrition of top talent
Although the previous model of 9-5 in the office may feel outdated, it seems that the answer is not indefinite unstructured working from home. To solve this conundrum many companies are re-focusing on a hybrid working model. However, Accenture cautions in their ‘The Future of Work’ report that not only should firms reimagine their remote working policies but also their onsite work. Their report found that 40% of workers felt that they could work effectively whether onsite or at home. As a result, Accenture suggests that HR professionals should switch their questioning from where people should work to what will help employees unleash their potential.
The Hybrid Approach
For many within the biopharma industry, the hybrid approach is considered the best solution to post-pandemic working. In this philosophy, employees in roles where remote working is feasible will be empowered to have more control over how and where they work. A crucial element of biopharma is creativity and innovation, by adopting a hybrid approach where part of the week is completed in the office allows for this crucial collaboration time.
Several larger biopharma firms have publicized their remote working to stand out from their competitors in the current war for talent. Pfizer has launched ‘Log in for Your Day’ which allows teams to decide when they should be in the office and when they can work remotely – creating a balance between flexibility and connection. Novartis is operating a ‘Choice with Responsibility’ policy aiming, where possible, to allow employees more power to decide how, when, and where they can best function. Sanofi has opted for a day-by-day choice allowing employees to decide on how to work based on the requirements of their day.
MassBio interviewed 31 smaller life sciences firms as part of their survey to discover the working practices of smaller firms within Boston. They found that 97% of companies feel that they will likely implement the hybrid working model in the long-term however 57% did caveat by suggesting that what their hybrid work would be will depend on specific roles.
Every firm’s policies have a slightly different iteration however the principles remain the same: empowering employees to choose how they work best whilst maintaining some in-person time.
Candidate Insights
We spoke to a selection of our candidates placed over the last 18 months to provide insights directly from candidates about how they value flexibility post-pandemic:
- 85% of our candidates placed desired a role with either remote or hybrid working
- 15% of our candidates have rejected an offer due to a lack of remote working
- 10% of our candidates have taken a role with a lower salary due to the flexible working options offered
Flexible Working in the War for Talent
As our candidate insights show a larger number of people are valuing flexibility post-pandemic. The pandemic caused many people to reflect on their working lives and the subsequent talent shortage has been dubbed the great resignation. The war for talent within biopharma has never been fiercer. Organizations need top talent to reach their full potential however, the brightest talent is becoming increasingly difficult to attract and retain. During the talent acquisition process, candidates are able to cherry-pick between multiple offers, choosing the offer which best suits their needs. This is leading to a long, drawn-out, and expensive process.
At Bongene Search, we have years of experience in biopharma executive search and deeply understand the difficulties firms face during the current war for talent. With the unbalance between the number of roles and candidates, hiring managers must convince companies to be nimble and progressive in terms of flexible working arrangements. This is particularly the case as the talent acquisition process drags on.
We recommend HR professionals discover exactly what candidates are looking for in terms of flexibility and adapt offers to suit this – allowing you to stand out from competitors. Although the benefits of onsite working should not be disregarded, there is also a business case for prioritizing flexible working practices. If you are looking to attract the top talent, it is difficult to insist on minimal flexibility. Candidates are no longer accepting roles solely based on salary, more often flexibility offered is also a big element in a candidate’s decision.
During this period retaining your top talent is also crucial. Offering tailored flexible working should not just be saved for new hires, it should also be expanded to your current employees where possible. This will help them to feel valued and could be the difference between them leaving the firm or staying.
Overall we recommend that HR professionals plead the business case for increasing flexible working practices or risk falling behind in the current war for talent in terms of both acquisition and retention.
If you are seeking help with your talent acquisition process within the biopharma industry, Bongene Search can help! Schedule a 15-minute complimentary consultation to see how we can partner with you today.
Email: diana.ji@bongenesearch.com
Phone: +1 888-317-5955
Sources
https://www.fiercepharma.com/pharma/execs-sound-off-pharma-s-workplace-future
https://www.fiercepharma.com/pharma/amgen-parts-part-ventura-county-headquarters-campus
https://www.fiercepharma.com/pharma/pharma-s-back-to-work-plans-2021
https://www.accenture.com/us-en/insights/consulting/future-work
https://slack.com/intl/en-gb/blog/news/the-great-executive-employee-disconnect
https://www.builtinboston.com/2020/08/17/biotech-companies-in-boston
https://www.aon.com/industry-insights/life-sciences-talent-set-to-surge