19, June 2023
Written by PeakPharma
The pharmaceutical industry is a key driver of health innovation, playing a vital role in the global economy. However, like all sectors, it faces a range of unique human resources (HR) challenges. HR managers in this sector must address talent scarcity, the cost of talent, the demand for STEM roles, and employee motivation, among other issues. The following are some of the key HR challenges in the pharmaceutical industry, along with potential vacancy management and recruiting solutions to assist with these issues.
Talent scarcity is a significant issue for HR departments in the pharmaceutical industry. Highly specialized roles often require advanced degrees and years of experience, which narrows the pool of suitable candidates.
The high level of education and experience required in the pharmaceutical industry often leads to a higher cost of talent. This can place a financial strain on organizations, particularly smaller or newer companies.
STEM-related roles are growing in demand, which can lead to a talent shortage in the pharmaceutical industry. These roles are critical in driving innovation and maintaining competitiveness.
Keeping employees motivated is another major HR challenge. With the pressure and high stakes inherent in the pharmaceutical industry, burnout can be a significant issue.
Once talent is acquired, retaining these individuals is the most important challenge. The competitive nature of the pharmaceutical industry can lead to high turnover rates.
Experienced talent is a valuable asset. These individuals often require ongoing investment to stay updated with the latest research and technologies.
Building internal talent can be more cost-effective than continually recruiting externally. However, this requires a focus on professional development.
A diverse range of talent types can help to fill skill gaps. Getting the right variety with a range of diverse backgrounds and skill sets is the most difficult aspect.
Diversity, Equity, and Inclusion (DEI) strategies are increasingly recognized as essential in the business world. However, implementing these strategies in talent mobility can be challenging.
PEAK Pharma Solutions is a leading provider of recruitment and vacancy management solutions for the pharmaceutical industry. We understand the unique challenges faced by this sector and offer tailored solutions to meet these needs. With a team of experienced recruiters and a deep understanding of the pharmaceutical industry, PEAK Pharma Solutions can help you overcome your HR challenges and build a successful, sustainable team. Contact us to learn more and partner with PEAK for better vacancy management and recruiting.
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