Photo: The scale that balances cash and employee needs/Nicole Bean biospace
biospace We are proud to be a media partner of LEAP HR Life Sciences: West; It will be held in San Diego from May 13th to 15th. To register for the event, here.
in biospace The 2024 Job Outlook report notes increased competition in the biopharmaceutical job market and expects hiring to be modest compared to previous years in the first half of 2024. Sure enough, many companies are still feeling the impact of layoffs, despite maintaining hiring activity and other positive indicators of improving economic conditions.
Given market fluctuations, HR leaders are keeping busy as biopharmaceutical companies navigate the economic and political climate. Ahead of the upcoming LEAP HR Life Sciences: West. biospace We spoke with several HR executives at the conference to learn where they focus their attention and efforts when it comes to balancing the needs of the company and the needs of its employees.
Communication and transparency
In an industry facing significant upheaval and a wave of layoffs, transparency brings benefits and challenges. “The biggest challenge we faced was communication,” said Stacey Solorio, chief human resources officer at Carius. “As soon as you tell an organization you’re fundraising, they keep asking for updates.”
The challenge is striking a balance between communication within the organization and transparency from leadership. Even after a successful raise, Solorio noted that it's still important to manage employee expectations, especially when it comes to adding resources or hiring. “We have a plan and we intend to stick to it.”
Kate Aiken, chief human resources officer at Arcellx, explained that it's important to share the good news as well as the challenges and keep people informed about what's going on in the business. She says, “Even if we don't have any flashy news to share, we want to share the latest information and share what our leaders are thinking and where their focus is.”
Career development support (within a limited budget)
YulyMae DiNapoli, vice president of human resources at Cytokinetics, said the company is refocusing on talent and leadership development after the disruption caused by the pandemic. She said one of the top two reasons people leave organizations is because they don't feel like they can grow and develop. This led Cytokinetics to focus on mentorship programs that employees had expressed interest in. After running a pilot program last year, the company plans to launch its first mentorship cohort next month.
Sometimes you have to give and take. Despite continuing to announce promotions and pay performance bonuses, Solorio said his career development is an area where Karius needs adjustment. The company focuses on career conversations and empowers employees to have discussions that support their growth.
“In many cases, it's just providing information about the career ladder,” Solorio says. “What do I need for my next position?” How does the organization decide on promotions? What are our promotion criteria? ”
measuring success
“Do more math.” That's the advice of Robert Buckley, chief human resources officer at Enveda Biosciences. Buckley advocates quantifying success, and it starts with numbers. When it comes to candidate experience, onboarding, and employee experience, it's important to use surveys to collect data. Metrics vary by organization.
Once HR has defined the framework and decided what is important, they can start defining success through measurement. It's best to do it from the beginning, but the instructions are clear for organizations just starting to explore their data. “Just start counting,” Buckley says.
hybrid work culture
While the pandemic feels like a thing of the past, its impact on workplace culture is still felt. Hybrid work cultures continue to be negotiated as companies continue to shift toward less remote work and more on-site work.
Bryan Gillespie, vice president of human resources at Dermavant Sciences, explained how the company, which was already diversified from its parent company, created a virtual organization. Still, he said it takes effort to make it happen. “The set of things that we coach people on when recruiting is around remote relationships and driving business even when you’re not in person.”
Without precedent, some organizations are still grappling with the challenge of bringing employees back to the field more frequently.
“Remote working versus on-site working is still a constant conversation that every company has to deal with. . . . It's still difficult,” Gillespie said. “We thought we would get through it, but there are so many people who want that kind of flexibility in their work lives.”
DiNapoli said a key challenge is attracting people who left their hometowns during the pandemic and certain functions that were offered with much more flexibility. Cytokinetics takes a hybrid approach, hiring people on a schedule where he will be in the field three days a week, two of which are core days, for a total of three days in the office.
The data certainly reflects a growing desire to hire local candidates.in biospace More than a quarter said they focused on hiring only local candidates, an increase of 15% from the previous year, according to the survey. Additionally, 57% say they prefer to hire local candidates but would consider hiring remotely for certain roles, an increase of 38% compared to last year. And does anyone recruit and hire remote employees regardless of location? Just 16%, down 48% from last year.
Evolving technology and AI initiatives
Artificial intelligence (AI) has been a key point of discussion at industry events and with HR professionals throughout the year.
“At this point, I don't know what to do with it,” Gillespie said.
HR leaders are focused on how the use of AI will impact drug discovery and, in turn, how it will impact the workforce, demand for specific skills, and recruitment.
“There are probably more questions than answers,” Aiken said. “How does that impact my business? And as an HR leader, how can I leverage this amazing tool, perhaps creating a highly customized experience for my team members, or accelerating productivity or learning?” How do we think about creating experiences that help people? I think this is a big theme that we're very interested in. People are very into this. .”
DiNapoli is also thinking about how to leverage AI. He evaluates how technology and AI can improve efficiency (e.g., scheduling interviews) and the overall employee experience, thereby freeing up HR professionals to spend more time partnering with companies. We are considering making it possible to spend .
election
Another key theme that will determine how leaders navigate 2024 is the upcoming US presidential election.
“This is an election year, so all of our businesses are going through difficult times,” Gillespie said. “It's posing a challenge to the economy.”
Solorio agreed: “It's going to be an interesting time.” “I’m not advocating talking about politics in the workplace, but I think it’s a sensitive thing that HR managers need to be aware of, and how the stress of being an election year affects employees. We are also thinking about the possibility of having a negative impact.”
Given the ongoing debate over how different administrations will impact the industry, it's no wonder elections are top of mind for HR departments as they balance business needs and employee engagement.
Towards LEAP
When I asked them what they were most looking forward to discussing at LEAP, they all agreed that it was the opportunity to learn from others who had gone through similar growing pains.
Solorio plans to look for ways to continue to improve heading into 2024. “We're not doing more, we're doing better,” he said.
“I'm always thinking about what I can add to the strategy,” Aiken said. Similarly, DiNapoli seeks understanding of best practices and innovations that people have tried. “I think LEAP is one of the best conferences because it's within our industry,” she said.
Gillespie said the event provides an opportunity for reflection.
“We're so busy taking care of everyone else that it's a great opportunity to step away from the business. . . . Bring back something that helps me grow, helps my team grow, and helps the company grow.”
biospace We are proud to be a media partner of LEAP HR Life Sciences: West. The 2024 edition of the event will be held May 13-15 in San Diego, California and will explore how dynamic life sciences organizations are transforming employee engagement and becoming agile to attract and retain key talent. More than 25 case studies will be presented on how to utilize talent management strategies. To register for the event, here.
Chantal Dresner is Vice President of Marketing.biospace.She analyzes and reports on the industrytrend This includes benchmarking for recruitment and employment, diversity, equity and inclusion, and compensation. She can be reached at the following address:chantal.dresner@biospace.com.follow herlinkedin.
