In the third quarter of 2022 alone, 3.5 millions Europeans decided to leave their jobs. If your life sciences company is already experiencing talent loss or you are concerned about this ongoing trend, it is essential to reconsider your employee retention strategy.
In this article, EPM Scientific delves into the common factors contributing to poor retention, highlights the advantages of robust retention in the life sciences industry, and offers effective strategies for retaining employees within your organization.
Common factors of high employee turnover rates
High staff turnover rates are often attributed to three primary factors: a lack of opportunities for growth and advancement, inadequate compensation and benefits packages, and an unfavourable workplace culture.
Lack of growth and progression: A substantial 87% of millennials and 70% of professionals from other generations said that growth and development opportunities are one of the most important aspects of their career satisfaction.
Inadequate compensation and benefits packages: Roughly 70% of American workers would consider leaving a job due to insufficient compensation. In addition to competitive wages or salaries, employees also value perks and comprehensive benefits.
Poor company culture: Contributing factors to an unsatisfactory workplace culture include inadequate conflict resolution, gossip, ineffective communication, lack of accountability, unprofessional behaviour, insufficient managerial support, and micromanagement.
Five benefits of employee retention
Fostering strong employee retention delivers numerous advantages to an organization:
Cost reduction: Retaining top talent minimizes the costs associated with turnover, including hiring and onboarding expenses. Seasoned employees mentoring new hires can further reduce training and supervision costs.
Enhanced productivity: Long-serving employees typically exhibit increased productivity as their core competencies and confidence grow over time. They also tend to demonstrate higher levels of loyalty and motivation to contribute to the company's success.
Improved company culture: Employee retention contributes to a vibrant, robust company culture. Long-term employees gain confidence and a deeper sense of belonging, often serving as mentors and role models for new hires, helping them grasp company values and objectives.
Elevated employee engagement: By implementing strategies such as providing professional development opportunities and recognizing employee contributions, life science companies can achieve a 55% increase in employee engagement. Engaged employees typically exhibit stronger teamwork, collaboration, communication, and job satisfaction.
Accumulated expertise and experience: Tenured employees amass institutional knowledge and experience that can significantly benefit a life sciences company's growth and sustainability. Sharing this knowledge with new hires streamlines the onboarding process, bolsters productivity, and provides valuable insights.
Strategies for employee retention
To enhance employee retention, consider implementing these effective strategies:
Foster a positive company culture: Regularly survey employees to gauge their workplace experiences, identify potential issues, and assess staff sentiment. Establish a culture committee, assign HR and other leaders to nurture company culture, and organize frequent social and team-building events.
Recognize and appreciate employees: Establish consistent recognition and appreciation practices, including both monetary and social rewards. A good way to do this is by utilizing a recognition platform that allows on-site, remote, and offline workers to earn and redeem points for a range of rewards.
Provide professional development opportunities: Institute coaching programs, create clear career paths, and offer training to inspire and engage employees. Encourage internal knowledge sharing sessions and support employees interested in exploring other areas of the company.
Offer attractive compensation packages: Provide competitive salaries aligned with industry standards, comprehensive benefits packages, perks, and performance-based bonuses to improve employee retention.
Retain top talent with EPM Scientific
Discover and retain top talent in the life sciences industry through our services. We will connect you with the best candidates for your company's roles quickly and efficiently. Partner with EPM Scientific by submitting a vacancy or requesting a confidential call back.