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This recent shift in hiring has happened in two waves, both of which are ongoing. The first, a structural reset, began in 2017, at the outset of the 2017–2019 bull market for workers. The second, a cyclical reset, began in 2020, prompted in part by the Covid-19 pandemic. Let’s consider each in turn.
Follow the link to read the complete article:
https://hbr.org/2022/02/skills-based-hiring-is-on-the-rise
According to a new survey by Willis Towers Watson, US companies plan to give employees larger raises next year than this year. Companies surveyed projected average salary increases of 3.0% for executives, management and professional employees, and support staff in 2022. That’s up from the average 2.7% increases this year.
The average increase for production and manual labor employees next year is 2.8%, higher than the 2.5% average increase this year.
Willis Towers Watson noted salary increases hovered around 3.0% for the past decade until the pandemic caused companies to trim budgets. The larger raises coincide with a surge in demand for labor and a shortage of supply of hourly workers and specific professional roles.
“Companies are between a rock and a hard place when it comes to compensation planning,” said Catherine Hartmann, North America Rewards practice leader at Willis Towers Watson.
“On the one hand, employers need to continue effectively managing fixed costs as they rebound from the pandemic. On the other hand, companies recognize they need to boost compensation with sign-on, referral and retention bonuses; skill premiums; midyear adjustments; or pay raises,” Hartmann said. “Or they can utilize all of these options, especially with millions of Americans quitting their jobs, changing careers or postponing looking for employment.”
Among the major industry groups, high-tech and pharmaceutical companies project the largest increases at 3.1% next year followed by healthcare, media and financial services companies at 3.0%. On the other hand, oil and gas industry companies, as well as leisure and hospitality industry companies, are budgeting significantly lower salary increases for employees at 2.4%. Retail industry companies are projecting average raises of 2.9% next year.
The survey included 1,220 companies representing a cross-section of industries. It took place between April and June.
HIRING BONUSES MAY CONVINCE UNEMPLOYED TO GET BACK TO WORK: US CHAMBER OF COMMERCE
June 30, 2021
Hiring bonuses appear to be an effective way to get more of the unemployed back to work, according to a survey by the US Chamber of Commerce released on Tuesday. It found that 39% of unemployed Americans who lost their jobs during the pandemic and are not actively looking for work say that a $1,000 hiring bonus would increase their urgency to return to full-time employment. It was the most appealing solution for hesitant-to-return workers.
Disney is one of the companies offering $1,000 sign-on bonuses to some workers at its parks. https://www.businessinsider.com/disney-struggles-find-workers-offering-sign-on-bonuses-labour-market-2021-6
The poll included 506 Americans who lost their jobs during the pandemic and have not returned to full-time employment. It was conducted from May 17 to May 20.
Other incentives included work-from-home flexibility, picked by 32%, and worker vaccination requirements, picked by 23%.
The percentage who say hiring bonuses could attract them back to the job market was particularly high among unemployed workers age 25 to 34 (53%) and those with some college education but not a degree (49%).
The US Chamber of Commerce noted that 10 states have already announced return-to-work bonuses: Arizona, Colorado, Connecticut, Kentucky, Maine, Michigan, Montana, New Hampshire, Oklahoma and Virginia.
Separately, Indeed released data earlier this week that 4.1% of job postings in the week ended June 18 contained hiring incentives, up from 1.8% in the same week last year, Yahoo reported. “Job seekers are able to have a little wiggle room and be able to shop around a little bit more,” AnnElizabeth Konkel, an economist at Indeed Hiring Lab, told Yahoo Finance Live. “Employers are increasingly offering hiring incentives that can be anything from signing bonuses to retention bonuses to cash incentives.”
US MANUFACTURING UPTURN CONTINUES IN FEBRUARY; EMPLOYMENT SHOWS STEEPEST GAINS SINCE SEPTEMBER 2014. IHS Markit reported a continued upturn in the US manufacturing sector in February with the rate of production growth the fastest in six years.
See full article: https://www.markiteconomics.com/Public/Home/PressRelease/b4d5e55e7f574c398e58277005f3de2a
https://regionalpersonnel.com/october-jobs/
Cell and Gene Therapy (CGT) are highly specialized areas experiencing tremendous growth and opportunity in the biopharmaceutical industry. The war for talent in the CGT space, however is fierce and only going to escalate as more companies jump into this arena.
To put this into perspective, The Center for Biologics Evaluation and Research (CBER/FDA) has over 800 active gene therapy INDs in its pipeline for review. [1] MIT has predicted the number of new launches of cell and gene therapies is expected to reach between 40 and 60 launches (Figure 1), with 15-30 launching within the next five years. [2] The Alliance for Regenerative Medicine Report 2018 states that there are >900 companies currently exploring cell and gene therapies. [3] McKinsey estimates that Cell and Gene Therapy market will have total market of up to ~$40B by 2024. [4]
This explosive growth is putting tremendous pressure on CGT companies to find the right talent to advance their pipelines of these new therapies towards approval and commercial supply.
Figure 1: MIT NEWDIGS Research Brief 2018 Launches
The war for talent is mostly affecting the CGT space in three (3) major areas: process development, manufacturing and senior management. We review these areas below.
Currently, the processes for making viruses in the pre-clinical stage are limited in terms of scalability. [5] New and improved processes are needed to provide efficient translation of early stage therapies into commercial-scale manufacturing.
For CGT companies to meet the rising demands, it is imperative to have experienced process development scientists in place to translate research-based processes into scalable processes for clinical and commercial manufacturing. [6] However, the roles are many and the experienced scientists are few.
Due to the talent shortage, the search for qualified candidates can be long and arduous. CGT companies are finding it extremely difficult to hire qualified and experienced professionals in process development across various levels. These include upstream and downstream scientists, cell line development specialists and senior engineers.
At present, producing the essential components required for CGT, like viral vectors for gene therapy, is an extremely complex and expensive process. Currently these viruses need to be specially made in specialized facilities, drastically different than the traditional small molecule production facilities. [7]
GE Healthcare Biopharma [Fig.2] outlines key factors and capabilities needed to de-risk and successfully manufacture and provide to a greater number of patients over time. [8]. These evolve from the current highly-manual processes, to orchestrated supply chains, to global manufacturing and distribution systems. CGT companies are racing to find and on-board experts from a very limited talent pool with the experience to establish these yet-to-be developed functions and capabilities.
Figure 2: GE Healthcare Biopharma
Winning platforms, however, have yet to be chosen as testing and optimization continues. For cell therapies to be commercialized, efficient manufacturing infrastructure will need to be put in place. New technologies and next-generation techniques will help to create automated, closed systems that ensure both sterility and scalability in manufacturing of these cell therapies. Until these can be developed, tested and reliable, multiple manual methods will need to be used to produce different viral vectors and cell therapies. [9]
Both this lack of chosen platforms and the small number of experienced experts in manufacturing are serious challenges for the industry. As a result, many companies do not have the facilities, nor extensive expertise required to produce these viruses on a commercial scale. [6]
Again, because the industry is young, there is a lack of seasoned managers with real, hands-on experience from end-to-end to step into fill these important strategic and tactical positions.
In order for CGT companies to attract the right candidate(s), they must be willing to pull out all the stops when offering compensation packages to secure these in-demand professionals. Some annual salaries have been shown to be approaching $300k and above
When working with Regional Personnel, clients benefit from our inside knowledge of pharmaceuticals, because we come from pharmaceuticals. We bring our deep technical expertise and pharmaceutical networks, developed over 30+ years, to every partner search.
Start a conversation with us: [email protected].
[1] Peter Marks MD, PhD; FDA CBER Presentation, BioNJ’s Manufacturing Briefing (Sept. 2019) [2] MIT NEWDIGS Research Brief 2018F210-v027-Launches [3] Alliance for Regenerative Medicine, State of the Industry, 2018, https://alliancerm.org/press-release/the-alliance-for-regenerative-medicine-releases-q1-2018-data-report-highlighting-sector-trends-and-metrics/ [4] McKinsey & Co. Presentation, BioNJ’s Manufacturing Briefing (Sept. 2019) [5] [6] Sargent, Brandy et al. “Key Considerations for Gene Therapy Commercialization.” Cell Culture Disk. 12 Sept. 2018, https://cellculturedish.com/key-considerations-for-gene-therapy-commercialization/ [7] “Demand Exceeds Supply in Cell & Gene Therapy Workforce.” Absorption Systems. 16 Sept. 2019, https://www.absorption.com/kc/demand-exceeds-supply-in-cell-gene-therapy-workforce/ [8] GE Healthcare Biopharma Presentation, BioNJ’s Manufacturing Briefing (Sept. 2019) [9] Hsu, Felix. “Driving Growth of the Cell and Gene Therapy Sector.” Pharma’s Almanac. 12 Mar. 2019, https://www.pharmasalmanac.com/articles/driving-growth-of-the-cell-and-gene-therapy-sector
James F. Lynch PhD, MBA – Regional Personnel Services ©2019
Despite the amount of investment money that’s pouring into cell and gene therapy startups these days, there is a real shortage of experienced professionals when trying to fill many senior-level positions, like chief technical officer (CTO) and vice president of manufacturing. [1]
After the first known patient of an experimental gene therapy trial died in 1999, investment and research in gene therapy slowed for about ten years and mid-level professionals were, in effect, prevented from advancing in the field and gaining any further experience.
Gene therapy has recently rebounded, however, to once again be a thriving area in research and investment. In fact, the news organization BioCentury reports that in 2017 alone, gene and cell therapy companies were able to raise $4.5 billion in investment dollars. [2]
This surge is exacerbating the talent war as new companies and senior-level job openings are popping up at an escalated rate. Senior-level professionals in cell and gene therapy can expect to pull in annual salaries anywhere in the range of $260,000 – $400,000+. [3] In addition, there can be a significant amount of equity options and performance bonuses being offered to off-set the risk in order woo these supply professionals.
With so few experienced professionals out there, finding the right talent to fill high-level positions in cell and gene therapy will require companies to be patient. The candidate experience will be a key and essential component to attracting top talent away from their current employment. This can result in rather long searches versus the mere weeks that were needed for recruitment a few years ago.
And while searches for permanent hires are underway, cell and gene therapy companies will likely need to rely on many important actors, such as outside consultants, advisors and other employees during this time.
Our CEO, James F. Lynch, PhD, MBA, brings over 25 years of pharmaceutical experience to the Regional Personnel. “At Regional Personnel, we know pharmaceuticals because we came from pharmaceuticals. Our clients benefit from our inside knowledge of pharmaceuticals. We bring this deep knowledge to every recruiting partnership,” said Dr. Lynch.
Start a conversation by emailing us at [email protected].
[1] [2] [3] Robbins, Rebecca. “Stock, Sky-High Salaries and a $10,000 Watch: Startups Desperately Compete for Top Experts in Gene and Cell Therapy” STAT. 31 Jul. 2018, https://www.statnews.com/2018/07/31/cell-gene-therapy-expert-shortage/
James F. Lynch PhD, MBA – Regional Personnel Services ©2019
Jobless Claims Report – August 08, 2019 – By Reuters
The jobless claims report from the Labor Department was issued today. The number of Americans filing applications for unemployment benefits unexpectedly fell last week, suggesting the labor market remains strong. However, experts say this does not fully account for the impact of the recent escalation in the trade war between the United States and China.
Follow link for full report. https://www.nasdaq.com/article/us-weekly-jobless-claims-fall-labor-market-strong-20190808-00718
Researchers and social scientists study generations and their behaviors. More specifically, they attempt to uncover what trends shape each generation as well as determine unique characteristics, expectations and preferences.
Here, in the United States, there are five distinct generations that have an active role in the workplace, including generational cohorts bearing labels of Boomers, Generation X, Millennials and Generation Z. However, given the amount of market research placed on Boomers and Millennials, it’s no wonder why Generation X seems to be overlooked in the conversation.
This notion of being “forgettable” has crossover in the workplace. In fact, new data published by DDI suggests that Gen X leaders have been the slowest to advance on a professional basis, and are being overlooked for promotions at higher rates than their counterparts in other generational groups [1].
Generation X includes anyone born between 1965 to 1981. With an average of twenty years of experience in the workplace, they are currently in the best earning years in their employment cycle. Stuck in between two much larger-sized generational groups, Boomers and Millennials, Generation X shares many important characteristics with both its senior and junior counterparts. [2]
For example, Generation X is similar to Boomers in that both generations are employer-loyal, virtual team leaders, execution-focused and adept in identifying and developing talent in the workplace. [3] In addition, Generation X is comparable to Millennials because both are digitally-savvy, eager to lead and are driven by purpose. [4] Coupled with high effectiveness in demonstrating and leading with empathy, Generation X is typically poised to lead in the workplace.
On average, research shows Generation X leaders had 1.2 promotions in the past 5 years. This is notably lower than both their senior counterparts, averaging 1.4 promotions, and their junior counterparts, who average 1.6 promotions, during the same time period. [5]
Moreover, Gen X leaders are expected to handle extensive workloads, by comparison, despite this lack of recognition in leadership roles. For example, Gen X have 7 direct reports on average, compared to only 5 direct reports for Millennials. [6]
Employers will likely find themselves battling retention problems if Generation X leaders continue to be overlooked for opportunities of advancement. Retaining Gen X will require a personalized approach that specifically addresses their needs for professional development.
Given their affinity for external mentoring and development, employers should invest in programs and opportunities that allow Gen X to find mentors. Also, employers should make a conscious effort to buck the trend of assuming Millennials are best qualified for tech-based leadership roles because of their age. Gen X is equally digitally-savvy and will thrive when placed in roles requiring innovation and teamwork. Lastly, employers shouldn’t shy away from incorporating tech-enabled tools when investing in Gen X’s development.
Regional Personnel specializes in recruiting and staffing services for the pharmaceutical industry. Regional helps its clients hire confidently. Need top talent? Email me at [email protected].
[1] Neal, Stephanie. “Are Companies About to Have a Gen X Retention Problem?.” Harvard Business Review. 26 Jul. 2019, https://hbr.org/2019/07/are-companies-about-to-have-a-gen-x-retention-problem [2] [3] [4] “The Hidden Potential of Generation X.” Development Dimensions International, Inc. 2018, https://www.ddiworld.com/genxreport [5] [6] [7] Neal, Stephanie & Wellins, Richard. “Generation X – Not Millennials – is Changing the Nature of Work.” CNBC Make It. 11 Apr. 2018, https://www.cnbc.com/2018/04/11/generation-x–not-millennials–is-changing-the-nature-of-work.html
James F. Lynch PhD, MBA – Regional Personnel Services ©2019
Making up approximately 25.9% of the U.S. population, Gen Z is entering the workforce with its unique skills and expectations. They are technologically savvy, creative and can constructively multitask. This next generation also values work differently than previous generations, so pharmaceutical companies need to rethink hiring practices and work environment. Understanding what Gen Z wants in the workplace is, in fact, the first step to successfully recruit and retain Gen Z.
Optimistic about the future, Gen Z is willing to work hard for the right pharmaceutical company. However, Gen Z’s perception of what a “good employer” is differs from that of their Millennial counterparts. So, while pharmaceutical companies may still be focused on offering employment perks that are favorable to Millennials, Gen Z’s needs and requirements in the workplace may be overlooked. Be sure to consider the following:
Recruiting Gen Z requires an understanding of Gen Z’s specific mindset and needs. Regional Personnel specializes in pharmaceutical recruiting. We match top talent to company culture with a personal and customized approach to every placement. Start a conversation by emailing us at [email protected].
[1] Stahl, Ashley. “Gen Z: What to Expect from the New Workforce.” Forbes. 26 Sep. 2018, https://www.forbes.com/sites/ashleystahl/2018/09/26/gen-z-what-to-expect-from-the-new-work-force/#5d6b1db563e0
[2] Jenkins, Ryan. “How Generation Z Will Transform the Future Workplace.” Inc. 15 Jan. 2019, https://www.inc.com/ryan-jenkins/the-2019-workplace-7-ways-generation-z-will-shape-it.html
[3] “Microlearning for Millennials and Generation Z” KnowledgeCity Learning Solutions. 3 Oct. 2018, https://www.knowledgecity.com/blog/microlearning-for-millennials-and-generation-z/
James F. Lynch PhD, MBA – Regional Personnel Services ©2019
Generations allow us to look at Americans both by their placement in the life cycle (e.g., young adults, middle-aged adults, retirees) and as groups who were born at a similar time and share similar views on life. Demographers and social scientists have assigned characteristics and identified generational groups as Boomers, Gen X, Millennials and, most recently, Gen Z.
Defined as anyone born between 1997 and the early 2010’s, Gen Z makes up approximately 25.9% of the U.S. population, the oldest of which are now graduating college and entering the workforce. With every new generation having a unique set of attitudes and work habits, what specific qualities does Gen Z bring to the workplace? What can employers expect of Gen Z?
A 2014 generational study found that Gen Z self-identifies as loyal, compassionate, thoughtful, open-minded, responsible and determined. [1] Gen Z’s expectations are largely shaped around themes of academic and career success, perhaps more so than any other generation. [2]
Gen Z is also the first generation to have had the Internet around for its entire lifetime. These young workers are comfortable with all forms of technology, whether texting on their devices as a standard form of communication or nimbly searching the Internet to find information. They are accustomed to interacting with their devices and apps via touch or voice technologies. [3]
They’re highly visual, have strong technical skills and can constructively multi-task. As a result, they rely on tech-based relationships and as a result have not fully developed the “soft” people skills necessary in today’s work environment. [4] Gen Z also sees blurred lines between work and home, possibly preferring flexible work hours and work from home options. [5]
To successfully recruit Gen Z and keep them satisfied, it’s important for employers to understand the differences between this new entrant into the workforce and aging Millennial counterparts.
Unlike Millennials who grew up during an economic boom, Gen Z grew up during the Great Recession. As a result, they tend to be more pragmatic, risk-averse and focused on saving money than Millennials. Studies have found that Gen Z wants financial security but is not interested in gaining it through self-employment. [6] This could mean that Gen Z is more willing to be loyal to a company than Millennials and work their way up in that company.
Recruiting Gen Z requires a highly personalized approach that considers their mindset and needs. Gen Z is comprised of integrators who typically blend work and life. These new workers are digital natives with on-demand expectations. They are always connected and need continual stimulation.
Regional Personnel specializes in recruiting and staffing services in New Jersey. We match top talent to company culture with a personal and customized approach to every placement. Start a conversation by emailing me at [email protected].
[1] Seemiller, Corey. Generation Z Goes to College. Jossey-Bass. ISBN 978-1-119-14345-1. Retrieved from https://en.wikipedia.org/wiki/Generation_Z
[2] “Is Gen Z the Most Success-Oriented Generation?” Barna Group. 6 Jun. 2018, https://www.barna.com/research/is-gen-z-the-most-success-oriented-generation/
[3] [4] [5] He, Emily. “Gearing Up for Gen-Z: What Employers Should Know About Today’s Young Workers.” Forbes. 25 Feb. 2019, https://www.forbes.com/sites/emilyhe/2019/02/25/gearing-up-for-gen-z-what-employers-should-know-about-todays-young-workers/
[6] Lucas, Suzanne. “Gen-Z is Coming to the Workforce. Here’s What to Expect.” Inc. 8 Sep. 2018, https://www.inc.com/suzanne-lucas/gen-z-is-coming-to-workforce-here-is-what-to-expect.html
James F. Lynch PhD, MBA – Regional Personnel Services ©2019
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