Benefits of Working With a Pharmaceutical Recruitment Agency

In the ever-evolving pharmaceutical sector, where innovation, scientific endeavour, and regulatory compliance are paramount, skilled professionals are crucial for success. Finding the right talent for critical pharmaceutical jobs can be a long-winded, often demanding process requiring plenty of time, expense, and expertise. However, one strategy in particular has been praised as a reliable method for hiring high-quality candidates - working with a pharmaceutical recruitment agency. 

In this guide, we’ll take an in-depth look at 5 of the most significant advantages of partnering with a dedicated pharmaceutical recruiter. 

What Are The Advantages Of Pharmaceutical Recruitment Agencies? 

The pharmaceutical industry plays a vital role in improving health and well-being worldwide by developing life-saving treatments, bolstering public health preparedness, and driving the advancement of all-important medical technology. With factors such as an ageing population, the emergence of new health threats, and rising healthcare expectations, the need for top talent to fill crucial pharmaceutical jobs is becoming ever-more paramount. 

However, many pharmaceutical companies are finding it difficult to attract and retain outstanding candidates. While the Life Sciences industry as a whole is undergoing a recruitment crisis, the pharmaceutical space, in particular, is experiencing hiring difficulties. The problem has deteriorated since the Covid-19 pandemic, with record high levels of turnover and a shortage of qualified talent contributing significantly. According to a recent survey, companies cited three main pharmaceutical recruitment challenges: the scarcity of talent, inflation, and geopolitical uncertainty.

Despite the recruitment challenges that the pharmaceutical sector faces, there are various strategies companies can implement to secure the exceptional talent they need to drive growth and innovation. One particularly effective strategy is to call on the services of a pharmaceutical recruitment agency with the expertise to connect pharmaceutical companies with high-quality candidates in the Life Sciences industry. 

Here are 5 of the most important advantages of collaborating with a pharmaceutical recruitment partner: 

1. Access to an Extensive Talent Pool

Owing to the shortage of available talent in the pharmaceutical sector, many firms find it challenging to source candidates with the specialist knowledge they require. In fact, a report published by McKinsey & Co found that 80% of pharma companies in the US report a skills mismatch, with a sizable number of vacant pharmaceutical jobs owing to chronic skills shortages. This eye-catching statistic reveals the extent of the pharmaceutical industry’s talent crisis. 

For pharmaceutical firms currently experiencing difficulties with finding the right candidates for your business, you are certainly not alone. And yet, despite the somewhat pessimistic figures, companies can drastically expand their talent pools by choosing to partner with a pharmaceutical recruitment agency. These agencies typically have extensive candidate networks that they can tap into to provide their clients with exceptional talent. 

So, how do pharmaceutical recruitment agencies manage to build up such large talent networks? Here are the key ways: 

Networking

An important method that agencies employ to expand their candidate communities is actively networking within the Life Sciences industry, particularly in pharmaceutical circles. Their consultants will attend industry events, seminars, and conferences, allowing them to meet professionals, executives, and experts in the sector. This helps them to keep up-to-date with industry trends and build relationships with potential job-seekers. 

Online Platforms

Another technique that recruitment agencies use to grow their networks is leveraging online platforms like social media sites or forums. They’ll often share job postings and engage with potential job-seekers via social media platforms like LinkedIn, X (formerly Twitter), and Facebook. They may also engage in forums on Reddit and LinkedIn that are specific to the pharmaceutical industry, participating in discussions to gain visibility and establish authority within the pharma space. 

Passive Candidate Engagement 

Not all potential candidates are actively seeking new opportunities, with research from LinkedIn highlighting that 70% of the global workforce is made up of passive talent. Recruitment agencies actively engage with passive candidates who might not be actively job hunting but are open to new opportunities that align with their career goals. They use various approaches like targeted messaging, personalised outreach, and networking to attract these individuals.

2. Significant Cost Savings 

Utilising pharmaceutical recruitment agencies can help businesses to reduce overall expenditure. Although partnering with recruitment agencies requires a fee for their services, the potential cost savings often outweigh this initial cost in the long term. According to LinkedIn, pharma firms that leverage agencies can cut HR and talent acquisition costs by up to 60%. This substantial cost reduction demonstrates that there is a clear financial incentive to partner with a dedicated pharmaceutical recruiter. 

In an era where market volatility, increasingly costly research and development processes, and the threat of unexpected regulatory costs stand to seriously hamper the financial fortunes of pharma firms, saving costs in key areas such as recruitment is a necessity. But how exactly can recruitment agencies help your business to save money? Let’s explore the most common ways: 

• Reduced Admin Expenses: Dealing with administrative tasks like initial screenings, job postings, and candidate communications can be both time-consuming and expensive. This costly burden can be removed by delegating these duties to your recruitment partner, leaving your team to focus on your more important responsibilities. 
• Lower Risk of Costly Bad Hires: Recruitment agencies are well versed in implementing rigorous screening processes to minimise the chance of bad hires. Hiring the wrong person for your job can be extremely costly, especially considering training and onboarding expenses. In fact, a poor appointment can end up costing a company at least 30% of a new employee’s first-year earnings. 
• Targeted Recruitment Efforts: Pharmaceutical recruitment companies specialise in the industry and understand its specific requirements. Their expertise allows for targeted recruitment strategies, reducing the need for extensive and costly outreach to find suitable candidates.
• Increased Chance of Long-Term Retention: Agencies strive to find candidates who fit the job requirements and align with the company culture. Matching the right candidate with the company can contribute to long-term employee retention, reducing turnover-related costs.

In many sectors within the Life Sciences industry, companies are having difficulties finding to compete with rival firms in the battle for securing the brightest and best candidates, especially in the biometrics space. As we have outlined in this guide, utilising the services of a pharmaceutical recruitment agency can certainly help to overcome this challenge, but this measure should be taken in conjunction with other effective strategies. We urge you to read our guide, ‘5 Strategies for Navigating the War for Talent in Biometrics, ’ for inspiration. 

3. Industry Expertise

Another key benefit of partnering with a recruitment agency is their market-leading specialist knowledge. It is important to remember that pharmaceutical recruitment agencies spend every day helping their clients fill vacant jobs with suitable candidates, so their expertise in the pharmaceutical sector and recruitment in the Life Sciences industry is likely to be exemplary. 

By staying updated on the latest advancements, drug development, regulatory changes, and market shifts, they are capable of giving clients in-depth insights into the world of pharmaceutical recruitment. Many consultants at these agencies have extensive experience working in the pharmaceutical sector, giving them a deep understanding of the hard and soft skills needed to thrive in the industry. 

With this knowledge, they can effectively assess a candidate’s suitability for various pharmaceutical jobs. Whether you are looking to hire outstanding talent for positions in research and development, manufacturing, regulatory affairs, or clinical trials, an accomplished pharmaceutical recruitment agency will be able to guide you in the direction of the most impressive candidates. 

In addition to sourcing talent, these agencies are often able to provide valuable industry insights and market analysis for companies developing long-term hiring strategies. Through their expertise, businesses can get a sense of the latest salary benchmarks, skill demands, and market trends, knowledge that will assist them in determining their hiring needs. 

4. Enhanced Employer Branding 

With the demand for exceptional talent far outpacing the supply of skilled candidates, pharmaceutical companies must go the extra mile to set themselves apart by establishing a unique and recognisable employer brand. Firms that successfully enhance their employer brand can look forward to an array of advantages, including a competitive edge, a better chance of attracting high-calibre candidates, and higher levels of talent retention. 

Research from LinkedIn found that companies with strong brand identities receive 1.5 times more applicants than those without, an important finding that supports the notion that enhanced branding correlates with better talent attraction. The report also revealed that successful branding can reduce new hire costs by up to 50%, indicating that there is a clear financial incentive for bolstering brand identities. 

There are various methods pharmaceutical firms can implement to elevate their branding, one of which is calling on the expertise of recruitment agencies. Any well-respected pharmaceutical company will understand the significance of effectively communicating workplace culture, values, and employer value propositions to potential applicants. With this in mind, they’ll ensure that your unique brand message and principles are represented throughout the hiring process. 

Other ways recruitment agencies can support you in strengthening your brand identity include: 

• Crafting compelling employer branding messages that strike a chord with your target candidate audience
• Screening and assessing candidates based on whether they align with your culture and values  
• Engaging in employer brand advocacy by showcasing your culture, work environment, and career development opportunities with their network
• Ensuring a positive candidate experience by facilitating excellent communication, prompt feedback, and onboarding support

5. Streamlines the Recruitment Process

Saving time is vital for pharmaceutical firms looking to produce life-saving medications within tight timeframes. Streamlining the hiring process is a great way to cut down on time-consuming tasks, and recruitment agencies can provide you with the support you need to achieve this. By leveraging their specialist industry knowledge, networks, and services, your business will be able to reduce the time spent on sourcing, screening, and recruiting candidates. 

There is a wealth of research indicating that recruitment agencies are effective in helping companies shorten their hiring processes. According to one study, agencies can reduce recruitment time by 6 and a half weeks, with most processes taking around 3.5 weeks. 

Of course, owing to regulatory requirements and the complexity of pharmaceutical jobs, recruitment processes in the pharma industry typically take longer than average. However, with a recruitment agency taking care of the more repetitive, protracted hiring tasks, pharma companies still stand to make significant time savings, enabling them to focus on researching, developing, and manufacturing much-needed treatments. 

Here are the specific ways pharmaceutical recruitment agencies can help to streamline your hiring processes: 

• Optimising job postings with engaging, informative descriptions and targeted ads
• Leveraging state-of-the-art AI technology to shortlist candidates who match the job requirements
• Expediting the interview process by implementing pre-screening tests, developing standardised interview guides, and reducing the number of stages with panel interviews 
• Reducing administrative burden through handling background checks, references, and other relevant paperwork

Takeaways From Benefits of Pharmaceutical Recruitment Agencies

Utilising the services of an esteemed recruitment agency presents numerous advantages for companies seeking exceptional talent in the pharmaceutical industry. From gaining access to an extensive talent pool through networking and online platforms to substantial time and cost savings, there are various reasons why working with a recruitment partner is a smart move.

Collaboration between recruitment agencies and pharma firms empowers companies to source top-tier candidates, save time, reduce costs, and bolster their employer brand in an increasingly competitive landscape. Embracing the expertise of pharmaceutical recruitment agencies can be key for companies navigating the complex and demanding landscape of talent acquisition in the pharmaceutical sector, ultimately driving growth, innovation, and success.

Connecting Top Talent With Pharmaceutical Jobs 

With an in-depth understanding of recruitment within the Life Sciences industry, our consultants have matched top-tier candidates with companies worldwide since 2008. From leading pharmaceutical companies to biotech startups, we proudly serve businesses of all sizes. Whether you are looking for an ambitious graduate or an accomplished professional with years of experience in the pharmaceutical space, we are here to support you. 

Reach out to us today to discover more about the best-in-class pharmaceutical recruitment services we offer.