Human resource planning is both an art and a science. Some aspects of labor supply and demand are easier to anticipate, and other aspects you will need to deal with as they arise. Few could have expected the toll that the coronavirus would take in 2020 and beyond and how it would disrupt essentially every industry—particularly those in the Medical and BioPharma sector. There is now an increased demand for the workforce. Many companies are left scrambling to fill multiple vacancies while simultaneously navigating new rules and regulations regarding employee safety.
Of course, it will be a while until things fully stabilize following a global pandemic. So, what can you plan for in the meantime? The companies that do a better job at anticipating how talent supply and demand will fluctuate, and make decisions accordingly, will have the most significant competitive advantage. In this article, we will go over a few things that you can attempt to better plan for curbing the coronavirus’s effect on your team.
Level of consumer demand
When seeking to fill positions, or creating new ones, you need to be thinking years into the future, not just responding to the current consumer demand but anticipating upcoming needs and issues. If you can proactively build an infrastructure that can meet this demand, you will be far ahead of the competition, which will be scrambling to meet the market. The healthcare industry will change dramatically, so it is best to keep your finger on the pulse when making hiring decisions.
Company turnover rates
Turnover rates are contingent upon many different factors. It is imperative you have a sense of what is a typical retention rate for your company, both as an average and broken down by team and position. Where possible, you should seek to increase the length of employee tenure, especially of your star team members. By providing growth opportunities and skills training, you can reduce burnout and improve employee morale.
The labor market in the work-from-home era
As a response to the stress and uncertainty that the coronavirus has brought, many potential applicants play it safe and put their job search on hold, particularly in the work-from-home environment. Delaying job searches does not necessarily mean that candidates would not be open to a new opportunity. Still, it might be more useful to reach out to potential hires instead of waiting for them to come to you, which is another reason why it is a good idea to focus on nurturing and growing your existing talent.
There is no doubt that there is currently an imbalance in the labor market’s supply and demand, particularly within the BioTech and Medical industries. However, by planning accordingly, you can minimize the impact on your organization.
Dave Murphy
The Alpine Group
