Labiotech: STEM talent scarcity is a major pain point.

July 21, 2022 Mike Smith

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.

About the Author

Mike Smith

With a 16-year career at Randstad, Mike Smith brings a wealth of experience in the talent acquisition industry to his role as Randstad Sourceright global CEO. Smith joined Randstad in January 2005 as a graduate recruitment executive and has since held various operational and leadership roles for Randstad including managing Randstad’s business operations in Australia, managing director for Southeast Asia, CEO of Randstad UK and managing director of Randstad Sourceright in Europe, the Middle East and Africa. An active driver of Randstad’s “tech and touch” strategy, in his role as CEO, Smith continues to elevate Randstad Sourceright's customer value propositions, seek out ongoing areas for differentiation and embed change through investment in business transformation technology.

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