If you want to know how to effectively reduce employee turnover in the biomanufacturing industry, you need to understand the industry’s unique challenges, where turnover is high for several key reasons.
Many biotech and pharma companies have high turnover due to the work being demanding and competitive, where skilled workers are in high demand. Research shows that biotech companies have a high turnover, with scientists and technicians choosing to leave their existing roles in search of new ventures or to work on more exciting projects.
So, what can you do to reduce employee turnover in biomanufacturing? This article offers several helpful suggestions.
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Reasons for High Turnover in Biomanufacturing
There are a few reasons why turnover can be high in biomanufacturing companies.
First, employees in this industry are typically faced with high-stakes, high-pressure work, especially in pharma, where regulations are strict and timelines are tight. The intense demands can cause employees to burn out and, in a worst-case scenario, seek roles with better work-life balance or less pressure.
There’s also the fact that biotech is competitive, and skilled workers are in high demand. Employees in biotech and pharma companies have a high incentive to switch jobs for better pay, more enticing benefits, or career advancement, especially in fast-growing areas like gene therapy and biologics.
Finally, many biomanufacturing professionals are keen to develop and advance in their career development. Some companies have successfully reduced turnover by offering internal career paths, giving employees the opportunity to grow within their existing roles rather than having to change jobs entirely. When pharma companies invest in their employee growth, they’re improving the skills of their staff and making a long-term investment in their success.
How to Reduce Turnover in Biotech and Pharma Companies
To keep skilled staff, biomanufacturers can implement several strategies:
Invest more in Employee Development
Training and development programs can give employees a reason to stick to the same job role by boosting their job satisfaction and loyalty.
There are a few different ways to invest in employee development. Some companies have implemented student loan assistance or tuition reimbursement programs to support further education, which makes employees feel valued and supported. You could also introduce a company-specific role progression timeline for interested employees, with salary and bonus incentives.
Improve Compensation and Benefits
On the subject of bonus incentives, offering biopharma employees a competitive salary, bonuses, and stock options can also make a big difference in retention.
Stock options or profit-sharing models are particularly beneficial, giving employees a stake in the company’s success and helping them feel that they’re a bigger part of their workplace than just a number. Make sure to do your research before implementing employee stock options to ensure that the incentive is beneficial to staff and the company.
Promote Work-Life Balance Initiatives
Given the high-pressure environment of biomanufacturing and pharma companies, work-life balance programs like flexible hours or mental health support can be an effective way to retain staff and demonstrate respect for their mental well-being.
Initiatives that reduce stress, like on-site wellness programs, counseling, and support for personal health goals, can make a big difference in retaining staff who might otherwise quit or take extended sick leave due to burnout.
Create a Strong Company Culture
In any industry, employees are more likely to stay in their roles if they feel connected to the company’s mission and values. If staff have no personal connection to the company, there’s no emotional tie that’s stopping them from leaving.
It’s worth examining how your biomanufacturing business currently encourages a culture of collaboration and purpose, and how you can take steps to create an environment where employees want to work.
Offer Clear Career Pathways
Career advancement opportunities are another great way to keep employees in the biopharma industry engaged and committed. Consider implementing programs like rotational assignments or leadership development tracks to provide a clear path for growth.
Not only do these career pathway opportunities help reduce your employees’ desire to leave for external opportunities, but you can promote them to attract new employees who are keen to remain working for the same company, providing there is opportunity for growth. Wheeler Bio sets a good example here, with the business actively seeking professionals who want to “push boundaries and shift industry paradigms”.
Final Word
In an industry as niche as biomanufacturing, reducing turnover is key to retaining a skilled, confident workforce. Keeping hold of your staff will reduce costs associated with hiring new employees, while also minimizing training and limiting additional responsibilities required for those in more senior roles in your business.
Companies need to do more than offer competitive pay; they should also consider implementing programs that support employee well-being, and give their staff plenty of opportunities to grow in their roles. Biomanufacturers who address these areas are likely to do a better job at retaining talent and productivity.
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