Labiotech: STEM talent scarcity is a major pain point.

The life sciences and pharma industries continue to grow at a rapid pace. Not only are they recession proof in today’s market, they also expanded during the COVID-19 economic downturn. 

“The sector faced tremendous pressure to deliver life-saving innovations during the pandemic, and they rose to the challenge,” says Mike Smith, global CEO of Randstad Sourceright.

Leaders surveyed for the latest Randstad Sourceright Talent Trends sector report see talent scarcity as a top concern. About 45% of those surveyed say they are looking to hire to prevent talent scarcity from slowing their business. 

Smith concurs, saying “the need for medical innovation has only grown, forcing organizations to compete across all industries for a limited supply of in-demand tech talent.”

Meanwhile, talent scarcity is costing life sciences and pharma companies about $500 per day for each non-executive position that goes unfilled. That adds up when the average time to fill is 105 days. 

Read more about the concerns of talent scarcity in Labiotech and get your Talent trends sector report to find out which four Talent Trends are behind the most successful hiring efforts.