What candidates want: Flexibility, pay and perks in a candidate-driven market
30 Jun 2008
Amid industry worries about skills shortages, some pharmaceutical companies are doing all they can to make sure they attract and keep top talent.
Concerns over skills, especially in candidates of school and university age, have been voiced for some time, notably by the Association of the British Pharmaceutical Industry (ABPI) which in November 2005 called for action from the government to protect the future of the UK pharmaceutical sector.
In a job market where a candidate with the right qualifications and experience have a range of opportunities available to them, companies are tempting them with good pay packages and a range of perks. According to recent research from Blue Pelican Group, UK pharma companies need to be on the ball when it comes to what candidates want.
Oliver Leger, executive search consultant at the group, told Drug Researcher there is an "exodus" of highly skilled candidates in the current market. He added: "However, pharmaceutical companies are not investing enough in training programmes; very few visit universities to tempt graduates and for those who are tempted there are few openings for them because of lack of training."
AstraZeneca offers staff training opportunities and leadership programmes and an HR spokesperson for the company told the website that this was essential for retention and recruitment of candidates. Government intervention via training and education resources was vital, he added, echoing the opinion of the ABPI.
The firm says it was one of the first to offer employees improved choice and greater flexibility in their reward and benefits package. The company recognises the individual's contribution to its success via a shares and cash bonus plan. It puts the design of its so-called AZ Advantage benefits package into the hands of individual candidates and has distinct lifestyle, financial and healthcare benefits.
Work-life balance is also an important factor recognised by GlaxoSmithKline, catching on to the importance candidates place on the quality of their life outside of the lab or the office. The contentment of staff is essential to business success, the firm realises. It also has a flexible working policy that includes home working, part-time employment, annualised hours and term-time working.
A GSK lifestyle survey conducted in 2004 revealed that 78 per cent of employees said the flexibility offered was helping them balance their work and personal responsibilities. Only 20 per cent of employees did not feel the need for flexible working.
Meanwhile, Hay Group research showed that attitudes have changed toward flexible working over the last decade. Forty-five percent of UK businesses now offer some choice as more and more candidates consider this option as a lucrative benefit when considering vacancies.
Robert McPherson, reward information consultant, said: "Even in the last twelve months, eighteen per cent of organisations have made changes to their flexible working policy. These changes are the result of legislation combined with employee demand in this area."
The importance of attracting new employees and the increased complexity of salary and compensation packages have also had an impact on the skills needed by HR consultants, the Hay Group research, published by Employee Benefits, suggests.
Recruitment strategies are becoming a cut-throat specialisation: recently Abbott Laboratories, which increases its global workforce by about 7,000 a year and replaces 5,000 members of staff, spends millions on netting the best candidates.
Stephen Fussell, senior vice president of human resources at Abbott, told Investor's Business Daily that the company wanted its "unfair share of the best people" and was tackling predicted skills shortages head-on.
The company pumps massive finances into funding which leads to increasing numbers of internships: thirty-five per cent more this year alone. It has also designed an accelerated career development and promotion programme in order to ensure it retains its talented recruits.
What is essential in a candidate, in exchange for a good remuneration package and its associated benefits, is passion, Mr Fussell concluded.
"We look for a passion about working in health care. We've learned how to recognise that in people over the years," he said.
