Over the last few weeks, I have had the pleasure of speaking with a variety of professionals within the life sciences industry, from Senior HR and Talent Leaders to Line Managers and beyond, both from a client and candidate perspective.
Having started a new role only a month ago, my key aim was to reengage with my network, expand it further, and of course prospect for future business. However, during these initial conversations, it became evident that certain patterns were emerging. The topic of talent retention, whether positive or negative was a consistent theme. Companies were either deeply concerned about it, investing significant efforts into it, or seeking support and ideas on how to keep their employees engaged…so here I am, hopefully to shed some insights!
There is no disputing that the industry has faced significant challenges over the last few years. Balancing this comes with its own set of difficulties. With previous funding shortages, shifting market demands, technological advancements, mergers and acquisitions, and widespread redundancies, it is hard not to empathise with the challenges employers and employees are currently facing. That is why striking the right balance to maintain engagement during these rocky times is a difficult task, but one that is crucial for the sustainability and growth of the industry.
If we start by looking at employee expectations and what keeps them engaged, we can explore the good, the bad, the challenges and hopefully some solutions. Understanding what drives employees and how to meet their expectations can provide valuable insights into improving retention and a more engaged workforce:
Work-Life Balance: Let’s be honest, this has become one of the most talked about topics. There is a demanding nature of work associated in the life sciences industry. Employees who feel overworked and unable to maintain a healthy work-life balance are more likely to leave for positions that offer more flexibility and better work-life balance.
- Flexible Working Hours: Offering flexible working arrangements, such as remote work options and flexible hours, not only helps eliminate this, but also promotes and environment of engagement and trust.
- Annual Leave: Ensure employees have adequate paid time off to recharge and avoid burnout, I know personally I have been terrible for this over the years, but it really does ensure you are at 100% and giving your all when rested.
- Hybrid Working: The feedback on hybrid working was quite varied, but one clear trend emerged, and many employees want a mix of both office and remote work. Office presence significantly enhances team collaboration, but companies that strike the right balance between remote and office work are in the leading position. Post-COVID, achieving this balance and working with employees on their preference, while considering personal circumstances really does leads to positive outcomes. A one-size-fits-all approach may not always work and could hinder the ability to attract and retain top talent. Companies that can adapt and offer flexible working arrangements seem to be the ones standing out.
Employee Engagement and Recognition: Regularly engaging with employees and recognising their contributions can significantly impact retention. A lack of recognition and engagement can lead to decreased job satisfaction and higher turnover rates. In a world where technology is taking over, we cannot step away from how impactful a one-to-one meeting is, a team get together and how the power of a ‘thank you’, a ‘well done’ and a ‘great job’ can be!
- Performance-Based Rewards: Implementing a system for recognising and rewarding outstanding performance and take the time to value and appreciate achievements.
- Employee of the Month/Quarter: Highlight and celebrate employees who go above and beyond in their roles.
Career Development and Advancement Opportunities: This was a continuous topic, and it is clear many had variations on this, however engaged employees will always seek opportunities for growth and development which is a good thing, so embrace it! If someone feels that their current employer does not provide clear career progression or adequate professional development opportunities, they may look elsewhere! Some of those I spoke to both from an employee and employers’ perspective highlighted the below:
- Training Programs: Offering ongoing training and development opportunities to help employees enhance their skills. The life sciences sector is driven by innovation and employees want to work for companies that are at the forefront of technological or scientific advancements. Failing to invest in innovation may lose employees to more forward-thinking competitors. However, and key to this, is when new processes and technologies are implemented, ensure employees are well trained, but also understanding the impact and the ‘why’ on how various platforms, implementations and advancements will help enhance their career – it’s a two-way thing and key to engagement, but don’t forget the ‘human touch’. (it’s a lot to get right and a fine balance, I know).
- Career Pathways and Development Plans: Provide clear career paths and opportunities for development within the business. This is vital and should be there in writing, with goals and objectives in place to get you there. Those that received regular check-ins and reviews with their managers, were the ones that felt the most ‘on track’ to achieving their milestones.
Leadership and Management: I have spoke about the ‘human touch’ and the impact of one-to-one meetings, but I really can’t stress this enough, as we never forget a great manager and how someone makes you feel – ‘how are you’ really does go a long way!
Effective leadership and management plays a key role in employee satisfaction and retention. Poor management practices, lack of support, or ineffective communication from leadership can drive talent away. Those I spoke to from an employee and manager perspective had the same patterns emerge to feeling engaged and good retention levels within their teams and that was:
- Empowering employees to make decisions related to their work, letting people learn from mistakes to enable them to develop and ultimately get better outcomes. Sitting down to work through potential problems openly and giving the chance of autonomy to manage tasks and responsibilities goes a long way.
- Reviews: Conducting regular reviews, being prepared with a two way agenda and being open and honest in communication and feedback. Using this time to address and update is impactful. Those that felt they were able to be transparent with their manager felt more engaged and able to perform more productively.
It was particularly enlightening to learn about the additional initiatives and policies businesses have implemented that have become deeply embedded in company culture. Many of these initiatives go above and beyond the ‘norm,’ demonstrating a genuine commitment to their employees’ well-being and satisfaction.
- Competitive Compensation Packages: I tried when writing this to steer away from the ‘money’, however in the competitive landscape of the life sciences sector, companies often find themselves navigating the necessity of offering competitive compensation packages. While it’s tempting to steer away from discussing finances, the reality is that competitive salaries, benefits, and incentives play a crucial role in attracting and retaining top talent. Employees who feel financially secure are often more productive and focused, therefore contributing significantly to the company’s success. Despite the challenges of addressing this topic (I get it, its always awkward), ensuring a comfortable standard of living for employees remains essential for maintaining workforce satisfaction and overall productivity.
- Company culture is crucial for employee retention. If employees feel undervalued, unappreciated, or misaligned with the company’s values, they are more likely to seek a workplace where they feel more engaged and valued. It is important to ‘practice what you preach’ and ensure the values not only resonate but policies and initiatives are available to all and actioned – so what are companies doing here:
- Clear communication and regular updates, ensuring that employees are regularly informed about company goals, progress, and changes (good or bad), this seemed to be most common in the format newsletters.
- Open door policies and encouraging open communication between employees and management, managers ensuring they are making time for team members weekly.
- Gaining employee feedback by conducting regular employee satisfaction surveys and identify areas for improvement and showing action and outcomes.
- Suggestion boxes came up a few times and employers felt it provided a platform for employees to share their ideas and suggestions anonymously.
- Implementation of wellness programs that promote physical and mental health.
- Employee Assistance Programs (EAPs): Offering resources for employees dealing with personal or professional issues, being able to speak to someone outside of their ‘everyday’ was a huge benefit.
- Team building activities to strengthen relationships and collaboration along with hosting social events and gatherings to build healthy relationships among employees (wine tasting and cake bakes come up a lot 😉 as well a running clubs)
- Community engagement and volunteering opportunities was where employers felt passionate about encouraging and facilitating employee participation in volunteering activities. Having a chosen charity for employees to be onboard and engaged with to support in ways that did not feel forced or mandatory.
- A notable trend is the shift towards completing five days of work in four. Employees reported higher productivity and better output with this arrangement compared to traditional five-day work weeks. This approach seemed to have been particularly beneficial for mothers returning from maternity leave, who found the flexibility helps them balance their professional and personal responsibilities more effectively.
In what has been a challenging first half of the year for companies, it was refreshing to understand and see businesses implementing a wide range of policies that can help create an engaging and supportive work environment. Anything that can lead to higher employee satisfaction and retention can only impact an organisations success.
I must take a moment to empathise however with the amount of redundancies that are currently happening within industry, it was a recurring topic when speaking to companies and employees and it is something I have not seen at such a high number in many years. While the risk of redundancy is challenging for all involved, companies can mitigate the impact through proactive measures such as offering retraining and reskilling programs, providing support for affected employees, and exploring internal redeployment opportunities, but most importantly, maintaining open communication and transparency during restructuring processes can help manage employee morale and trust.
My takeaway from conversations with such a diverse group is clear: despite the high demands and accelerated pace of work during uncertain times, the way individuals are treated, and the importance of regular check-ins are key. We do not forget how another makes us feel. Companies that successfully balance this with meaningful initiatives, that make a genuine impact and create a supportive and caring work environment; where employees feel valued and know that their well-being is being prioritised – they are the ones that are retaining talent.
Thank you for reading and thank you to all of those that have taken the time to share your personal experiences and company policies and initiatives. For any further insight reach out to Kirsty Calow kirsty@nexalifesciences.co.uk
