Scientific careers, staffing solutions for impending retirement of baby boomers

The “war for talent” is a phrase commonly used when describing the variety of supply, generation gap and economic issues affecting the short- and long-term workforce management needs for the biopharmaceutical industry. Not until recently, however, has the industry begun to examine the effect of the impending baby boomer retirement. And this industry already is faced with a talent crunch as fewer individuals in the U.S. choose scientific careers than the demand for trained professionals. Add to that the looming retirement of baby boomers.

Impending baby boomer retirement
According to USA Today, the oldest of the 79 million U.S. baby boomers born from 1946 through 1964 turn 62 this year, making them eligible for Social Security. With the first large wave of baby boomers expected to enter retirement in 2008, companies across a wide variety of industries, such as the energy and defense sectors, are beginning to position themselves for a shortage in knowledgeable and experienced workers. Those companies who have not yet started to plan for this latest challenge should start immediately.

Although this exodus of baby boomers has been at the forefront of major business news for years, companies specific to the biopharmaceutical industry also must begin to adjust their business models to counter the difficulties associated with this issue over the next decade.

This is where the resources of a staffing company can be effective. Take the time to inform your staffing partner about the long-term workforce management issues you are trying to address. Staffing companies can provide an industry-wide perspective on a variety of these topics such as how to train and mentor younger, less experienced professionals to fill the roles previously held by baby boomers expected to begin leaving the workforce in droves.

For those companies about to feel the effect of the retirement of the baby boomer generation, Aerotek suggests looking internally to identify the critical skills that will start to walk out the door and potentially never return. Companies should begin to build a program internally to train mid-level staff to perform these high potential positions. If training isn’t an option for some of these positions staffing partners also can help by providing candidates with a higher level of experience.

Take a step back and look at the pool of candidates that already exists within your company. How can you most effectively and efficiently train these employees to take over these positions over time versus resorting to an external search for new senior level candidates who have little knowledge of the company?

While some companies have begun this process, many of these programs are focused around training mid-level employees. If a company is solely focused on the mid-level to senior level transition to replace the departing boomers, the employment shortage problem will be shifted to the lower level positions. Companies must look at the entire picture and implement solutions that work across the board.

Now is the time for companies to ask a few questions:
• Are we leveraging and working with our staffing partner to better understand where some of the other positions that need to be filled are going to come from?
• Have we mapped out what entry-, mid- and senior-level positions we can best fill or recruit for in house versus outsourcing to our staffing partner?
• What are we doing to ensure we retain these employees who we are training for the high level positions once their skill set is greater?

Exposure to candidates today and tomorrow
The looming baby boomer retirement further demonstrates the importance of having a strong pipeline of qualified candidates today and in the long run. Pharmaceutical and biotech companies can strategically partner with staffing companies to fill critical positions quickly and efficiently. Staffing companies possess some of the best recruiting resources needed to reach top-notch candidates – specifically passive job seekers. They also actively recruit on a regular basis and maintain long-term relationships with candidates in order to meet present and future employment needs. Many pharmaceutical and biotech companies find staffing companies to be the most cost-effective way to gain the greatest amount of exposure. This is due to potential candidates using staffing companies to gain experience or direct access to the most profitable placement opportunities.

Organizations also should begin to take a non-traditional approach to recruiting for entry-level positions. Partner with colleges and universities with strong science programs from which you may not traditionally recruit.

Because the emerging war for talent and impending mass retirement of baby boomers is expected to loom for more than a decade, companies also should think about getting involved with organizations targeting teenagers and young adults, such as the Boys & Girls Club of America. This will help to educate tomorrow’s workforce about the skills and opportunities within the biopharmaceutical industry.

Aerotek already has begun to partner with organizations for just this reason – to proactively make sure the pipeline of potential candidates is strong today and in the future.

Current economic challenges
As economic turmoil continues to the face the nation, companies also must prepare for internal financial changes as well. Over the past 18 months, the stocks of many U.S. biopharmaceutical companies have taken a hit resulting in decreasing budgets as well as a suspension of hiring employees. Companies as a whole are placing a stricter focus on their overall budget filling only critical positions.

Some companies, however, are not subject to this same knee-jerk reaction to economic or marketplace challenges. For example, given the strict FDA guidelines to secure approval on new drugs, the need for clinical workers tends to remain fairly steady – particularly when a company is in the clinical III trial phase. Biopharmaceutical companies have to staff these clinical trials to get the product on the market regardless of economic realities.

The number of clinical positions is continuing to grow at a very rapid pace as well as positions in the area of R&D laboratory services. As economic, regulatory, supply and baby boomer retirement trends continue to evolve, the industry will see the need for other positions down the road increase while others decrease. During this time companies should continue to obtain information from staffing companies to maintain awareness of the challenges within the industry to attract the right people at all levels of the organization both on their own and by utilizing a staffing company.

Looking forward
As companies progressively begin to adjust their hiring practices due to the baby boomer retirement and economic realities, they also must remember to continue to meet the expectations of today’s new employees.

Staffing partners have been presented with the continuous need to help companies obtain and retain a diverse workforce. Potential candidates want to work in a diverse workplace with a defined path of opportunities for career advancement. Many of today’s potential candidates seek a flexible work environment to better balance his/her work versus home needs. Flexible work schedules or part-time schedules also may be a solution to keep baby boomers working for your company.

The war for talent also means the demand for certain skill sets is driving up salaries. If companies are behind on this trend, they may miss out. Staffing companies can share the best practices in regard to what they are hearing from the potential workforce to help biopharmaceutical companies remain competitive.

With the major issues of supply, generation gap knowledge and the wavering economic realities, companies in every industry must take a strict stance on their staffing situation and understand what people are looking for in specific positions now and in the future. Recruiters working with potential candidates on a daily basis are a beneficial resource to any company by helping streamline this flow of information – saving companies time, money and critical resources.