The top 5 reasons life sciences professionals relocate
The life sciences and biotech sectors are experiencing rapid growth and innovation, creating a high demand for skilled professionals across borders. As these industries continue to expand, organisations face the challenge of sourcing and hiring top talent globally to drive innovation and maintain competitiveness.
The Importance of Global Talent
Access to international talent is fundamental to an innovative biotech sector and the life sciences industry as a whole. The ability to attract and retain skilled professionals from around the world is crucial for many reasons:
- Diverse perspectives and expertise
- Accelerated innovation and research
- Addressing skill shortages in specific regions
- Expanding into new markets and territories
Currently the life sciences sector is a fast-expanding, highly productive part of many economies. In the UK, the pharmaceutical manufacturing industry contributed £15.7 billion in GVA to the economy in 2022. Projections suggest the sector would have generated 133,000 jobs between 2019 and 2030 through growth and replacement.
According to a survey by Hobson Prior, life science professionals relocate for various reasons:
- To gain international experience (85% of respondents)
- For better career progression (78% of respondents)
- For a better job (66% of respondents)
- For the culture, better quality of life, and higher salaries
- The survey also highlighted that a quarter of UK professionals had moved internationally for work, with popular destinations including Switzerland (21%), the USA (14%), and Germany (10%)
According to the same survey, a quarter of UK life science professionals had moved internationally for work at some point in their careers, with the most popular destinations for UK life science professionals relocating abroad were:
- Switzerland (21% of those who moved)
- USA (14%)
- Germany (10%)
However, despite the growing need for international talent, companies still face challenges when sourcing and hiring across borders:
- Immigration regulations and visa restrictions
- Cultural differences and language barriers
- Competitive global job market
- Ensuring compliance with local labour laws
- Integrating remote and distributed teams
To overcome challenges and successfully attract global talent, life sciences and biotech companies can implement several key tactics.
First, developing a global talent strategy is essential. This involves creating a comprehensive plan that aligns with the company's goals and addresses the specific needs of the life sciences sector. Such a strategy helps expand talent pools, reduce people-related costs, ensure compliant engagement of global talent, and create a talent roadmap for quick scaling.
Additionally, leveraging government initiatives and programs can be beneficial. Many countries offer programs to attract international talent in critical sectors. For instance, the UK has implemented the Global Talent Network (GTN), the Global Entrepreneur Programme (GEP), and initiatives to develop onshore talent through domestic skills and training policies.
Collaborating with universities and research institutions is another effective approach. By forging partnerships with leading academic institutions worldwide, recruiters and companies can access a pipeline of emerging talent and cutting-edge research.
Using AI-powered recruitment tools can streamline the recruitment process and reach a wider pool of candidates globally. Implementing advanced technologies enhances the efficiency and scope of talent acquisition efforts.
Offering competitive packages and growth opportunities is crucial for attracting top talent. Working with employers to develop attractive compensation and benefits packages that consider international standards and provide clear career progression paths can make a significant difference.
Fostering an inclusive work environment is also important. Creating a culture that values diversity and supports the integration of international talent into the organisation enhances overall workforce satisfaction and productivity.
Looking ahead, the demand for global talent in the life sciences and biotech sectors is expected to intensify. Organisations that can effectively source and hire across borders will be better positioned to drive innovation and research breakthroughs, expand into new markets and territories, and compete globally.
By implementing robust strategies for global talent acquisition and retention, life sciences and biotech companies can ensure they have the skilled workforce needed to tackle future challenges and drive continued growth in this dynamic industry.
