The clinical research industry has been affected by a widespread talent shortage, an uncertain financial environment and a weakened economy. These challenges extend beyond the immediacy of hiring needs, urging many organizations to adopt a unique strategy—an approach that goes beyond the standard, a call for aligning long-term talent strategies with organizational objectives and a Total Talent Ecosystem (TTE).
Acknowledging the struggles faced by life sciences companies of all sizes, it’s evident that the perennial battle to balance employees and consultants often leads to short-term decisions that jeopardize long-term talent optimization strategies. Agencies, too, may find themselves out of sync with client nuances, as clients prioritize their own interests. True success, however, lies in fostering a collaborative environment where every player, from consultants to clients and agencies, is integral to the journey.
A True Total Talent Ecosystem Brings Many Benefits
While many organizations across various industries claim to have a TTE, they often do not get it right. TTE requires you to consider all of your human capital requirements as an ecosystem rather than seeing those needs on separate but parallel paths. Traditionally, companies have their permanent hiring workstream separate from their consultant hiring workstream. In this model, the stakeholder articulates what their business need is, and then they would work with their resourcing solution expert to identify the best way to fill that need (such as permanent, staff augmentation, strategic resourcing services provider, FSP, independent consultant, RPO, intern, etc.).
By adopting this philosophy, companies can gain an advantage in talent attraction and retention. The organization is able to reach all populations of talent within the market, instead of only traditional permanent or staff augmentation consultants.
Overcoming Current Life Sciences Resourcing Challenges through Effective Partnerships
Whether guiding a life science company through rapid expansion or aiding in navigating downsizing – all fallout from the challenging landscape as outlined above — a holistic approach to resourcing is essential to meet the shifting demands of a company’s strategic priorities, which in many cases, are shaped by investors, their portfolios – and mounting pressure to get their compounds approved for market.
In 2017, a Forbes article predicted the majority of the US workforce would be freelancing by 2027 due to rapid growth in the freelancing industry. This paradigm shift demands proactive preparation. The workforce isn’t limiting their search to traditional W2 based perm roles. As the statistic above indicates, now more than ever, workers are considering consulting, whether it be through a staffing agency, as a gig worker or as an independent consultant. Organizations that understand this new dynamic and incorporate this growing candidate source into their resourcing plan, will have a significant competitive advantage. In addition, having a strategic resourcing partner who can guide companies in adapting to this change, ensuring they retain a competitive edge in the evolving employment landscape by aligning their long-term HR needs and strategies with the overall objectives of the company, is crucial.
In this competitive market, standing above and beyond requires not just industry knowledge but strategic foresight. For example, it will become increasingly important for drug development organizations to attract and retain the best talent in the coming years through a comprehensive and aligned approach.
Paving a Strategic Way Forward for Life Sciences Experiencing Resourcing Problems
It is essential that life sciences companies find a resourcing partner who sets them up for long-term success and who fully understands their strategic vision—and how to carry and adapt that vision through hard times. Some keys for strategic resourcing success that come from having a devoted client services partner are as follows:
- Receiving holistic, strategic guidance to combat your resourcing goals and challenges
- Creating long-term plans that align with your organizational vision and objectives
- Advising on the best-fit for purpose resourcing solution for your company (MSP, VMS, FSP, Services, Staff Augmentation, Independent Consultants, interns, etc.)
- Creating a workforce ecosystem that attracts the best talent and gives you a competitive advantage over your industry peers
- Creating a differentiated stakeholder, candidate and consultant experience across all business lines
- Executing enterprise suppler and services provider assessment and optimization
- Advising on DE&I initiatives and opportunities within your workforce ecosystem
Your dedicated client services partner should collaborate with you to gain a complete understanding of your organization’s operating reality and create an optimization plan which aligns with your company and your business lines’ strategic priorities and vision.
In conclusion, a strategic resourcing partner should leverage a comprehensive perspective to guide its clients through the intricacies of this dynamic industry. A solid collaboration will help life science organizations navigate the winds of change, ensuring that every facet of the workforce—be it permanent employees, consultants, agencies, or MSPs—rise together, fortifying a foundation of success.