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By 2025, PhRMA reports US Pharmaceutical jobs could be 60% vacant from a lack of effective education policies coupled with growing competition from other countries. A robust STEM (science, technology, engineering and math) workforce is absolutely crucial to the future of the biopharmaceutical sector.
How has the US reached this point?
The Pharmaceutical industry is research intensive, and all aspects from R&D to manufacturing require highly-skilled workers. This shortage of skills will get worse as drug development gets more complicated. US Government shoulders some blame by neglecting education in these areas, just as competitors including Australia and China have been ramping up their efforts. In 2016, China had 4.7 million recent STEM graduates, compared to just 568,000 in the US.
According to vice president of policy and research at PhRMA Anne Pritchett, there is a real danger the country’s pharmaceutical industry could fall behind its competitors if nothing changes: “Research and Development (R&D) intensive industries like ours could be located in any country. If we get to a point where the policies and the STEM workforce in another country outweigh what we have in the US, there’s a real fear that we will lose our competitive edge.”
Pritchett points to a few keys areas where US needs to be able to analyse the increasing amount of ‘Big Data’ in order to assess efficacy, safety, as well as, real world evidence in developing new medicines.
To access the full report and to learn about STEM education policies in the US, please follow link below:
James F. Lynch PhD, MBA – Regional Personnel Services ©2017
Exactly eight years after the Great Recession ended, the U.S. job market has settled into a sweet spot of steadily solid growth,” according to AP (6/1, Boak). AP added, “the 4.4 percent unemployment rate matches a decade low,” and, “many people who had stopped looking for jobs are coming off the sidelines to find them.” The article states that “all told, it’s evidence of an American economy that is running neither too hot nor too cold, with growth holding at a tepid but far from recessionary 2 percent annual rate.”
For complete article, visit http://www.startribune.com/us-job-market-looks-solid-8-years-after-recession-ended/425728393/
James F. Lynch PhD, MBA – Regional Personnel Services ©2017
Have you ever made the wrong hire?
There are 3 significant, but sometimes intangible, issues to consider when hiring – time, money and morale. I will address time & money here, and morale in next article.
According to a recent Society for Human Resource Management’s (SHRM’s) Human Capital Benchmarking Report, it can cost up to $4,129 (cost-per-hire) to land a new employee. In the current economic times, however, companies can’t afford to miss out on great talent, and perhaps more importantly, make the wrong hire.
Time kills deals, and recruiting momentum is no different. Companies that drag out the process, usually can end up with less-then-perfect hires at higher prices. Sensing a prolonged hiring process, top performers will drop out of the pool within days or weeks, for example, thus reducing the quantity and quality within the talent pool. Only individuals with fewer options or little time to seek alternatives, will remain actively engaged in the process. And of those candidates who stay in the process, cost to hire them can increase substantially as a result of negotiating higher offers in order to outbid the competition.
By outsourcing recruiting to an experienced recruiting firm, a company can drastically improve the speed, reduce costs and drive successful hiring campaigns. Recruiting firms are faster and more efficient, in part, because they recruit every day. The best recruiting firms, however, must also stay on top of latest tools & techniques. And finally, they must stay abreast of the changing needs of their clients, as well as, the daily shifts in the marketplace of top talent.
James F. Lynch PhD, MBA, CSP
President
James F. Lynch PhD, MBA – Regional Personnel Services ©2017
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