What to Do in Times of Candidate Scarcity
In times of uncertainty, the natural survival instinct is to lay low in an effort of self-preservation. The same is true when it comes to the job market. During political and social unrest and a global pandemic, many would-be job candidates are just keeping their heads down and trying to keep a routine and feel “normal.”
It is challenging enough recruiting in the biotech and pharmaceutical industry, lately top talent is even scarcer. Without filling your open positions with qualified employees, you risk deteriorating your work product – which would be devastating in a clinical or pharmaceutical setting – or losing money over a long recruitment period.
In times like these, all competitors will be vying for the same applicants. By keeping the following advice in mind, you can make sure that you are filling your open positions with top talent even when candidates are scarce.
Always be on the lookout
Instead of waiting until a position opens up, thus creating urgency to fill, you should always have your eye open for top talent. Keeping open communication lines is critical. That way, even if they are not looking to change companies now, they will already have you in mind when they do six months down the line. You should also regularly ask your star team members for referrals. These are individuals who are not only on the top of their game in terms of skills but also significantly contribute to the company culture and workplace morale.
Focus on the interview experience
In periods of candidate scarcity, top talent is going to have their pick of opportunities. In many cases, they will have similar offerings in terms of responsibilities, and it will come down to the feel of the organization. You want to make sure that the applicant gets a sense of your company’s personality and a chance to see if it would be a good fit. Exit interviews are the best way to learn more about its reputation and improve the workplace experience.
Invest in your current employees
Remember that you can also grow star talent from your current team. When you are unable to hire from the outside, consider training a promising employee into the role. By giving your employees opportunities to grow and improve their skills, you will also prevent burnout and decrease turnover rates. If there is a talent shortage, the best thing you can do is keep your top employees happy.
The job market will always have ebb and flow. Knowing how to engage potential candidates best and grow your internal team will set yourself up for success – even during a talent shortage.
Dave Murphy
The Alpine Group
