Increasing Employee Retention Through Training & Education
The biotech and pharmaceutical industries are constantly evolving, and employees want to have the resources to continue to learn and gain knowledge. Offering learning opportunities to employees can highly increase a company’s employee retention rates. When learning and opportunities are in place for employees to utilize, they feel as if there is room for them to grow in the position they are in.
The Role of the COVID-19 Pandemic
The pandemic led to rapid growth in the pharmaceutical and biotech industries, but that growth came with issues as well. With such rapid growth came a demand for workers that rose higher than the supply. Many of the workers currently needed are candidates that possess both business development and commercial experience, along with their experience in biotech.
Even before the COVID-19 pandemic, employee turnover in the healthcare industry was high. According to the U.S. Bureau of Labor Statistics, in 2016, turnover was nearly 32%. By 2020, that figure had risen to just over 45%. The new operating model for Pharma introduced by the COVID-19 pandemic forced companies to rethink their strategies, which led to various unique challenges.
The industry should expect one of their biggest challenges being employees recruiting and retaining through the year 2028. The US Bureau of Labor Statistics expects life, physical, and social sciences to grow 7% with the current US pharmaceutical job vacancy rate being around 8%.
The pandemic also caused many employees’ career development to be put on pause leading to 35% of employees feeling that the pandemic has impacted progression opportunities with the employer they’re currently working for.
Why is Learning & Development the Answer?
With the adoption of new regulations and technology such as AI and data analytics, biotechnology and pharmaceutical firms need employers who have knowledge on current technology and processes. Being in direct competition with the IT industry for data scientists and engineers makes finding and retaining employees even more challenging. Biotech and pharma companies must evolve with these industry changes quickly in order to stay ahead of competitors.
Did you know 37% of candidates said they would take a pay cut for a change to learn new skills in the industry they work in? People looking for jobs in this industry want to work and stay at a place that is on the cutting edge of innovation and has programs in place to educate employees. Because biotech evolves faster than most industries, learning and development is critical to an organization’s success. It is also important to have programs in place that are interesting and engaging to gain and retain employees.
In 2022, there were more than 800,000 people working in US biopharmaceuticals with LinkedIn listing 61,0000 job vacancies in US pharmaceutical companies. One reason the vacancy rate is so high in this industry is the combination of thriving in corporate life but also working with patient-centered medicine. There is also a struggle with retention due to the increase in turnover and employee burnout.
Professional development opportunities are the best way to keep your employees engaged and ensure they aren’t becoming complacent. The benefits of having engaged employees include higher employee retention, increased productivity, and higher profits. Educating or cross training employees and then being able to promote them to higher opportunities helps solve staffing challenges and properly prepare employees for success.
Custom Learning & Education Services for Your Team
Prioritizing professional development means growing and training staff through continuous education and development. At The Prime Meridian Group, our team understands what your sales teams require to be successful and how important engaging education and learning is. We create custom based products that will enhance your sales team and drive results.
Educate and motivate your sales team by contacting us today at https://theprimemeridiangroup.com/contact-us/
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