Preparing for the Generational Shift: How to Retain and Replenish Senior Life Sciences Talent

Preparing for the Generational Shift: How to Retain and Replenish Senior Life Sciences Talent

As a recruiter or hiring manager within the life sciences industry, you’ll more than likely be aware of the impending challenges of the current ageing workforce. With any senior professionals nearing retirement, the task of replenishing this vital talent pool is more pressing than ever.

In 2023, the average age of workers in the life sciences was reported to be around 45, with a substantial proportion of leadership roles approaching retirement within the next decade. This demographic shift presents a unique set of challenges, but with strategic planning and proactive initiatives, you can effectively navigate these waters and secure the future of your organisation.

The Scope of the Challenge

The ageing workforce in the life sciences sector is not just a future concern; it’s a present reality. According to a 2023 report from the U.S. Bureau of Labor Statistics, nearly 25% of the life sciences workforce is aged 55 or older. As these experienced professionals retire, they take with them decades of institutional knowledge, leadership skills, and technical expertise. This trend is particularly concerning in specialised fields within biotechnology, pharmaceuticals, and medical devices, where the skills gap can be significant.

The life sciences industry is projected to grow by 7% from 2023 to 2028, further exacerbating the talent shortage. The demand for skilled professionals will outpace supply, particularly at the senior level where the impact of retirements will be most keenly felt.

Strategies to Replenish Senior Talent

To overcome these challenges, you’ll need to adopt a multi-faceted approach that not only addresses immediate talent needs but also builds a sustainable pipeline for the future. Here are some key strategies:

1. Develop a Succession Planning Framework

Succession planning is essential for ensuring that your organisation is prepared for the future. Start by identifying key roles that are at risk due to the ageing workforce and map out potential successors within your organisation.

Actionable steps include:

• Talent assessment: Regularly assess the skills and potential of mid-level managers and senior employees to identify those who could step into leadership roles. Use tools like 360-degree feedback and performance reviews to get a comprehensive view of each candidate’s readiness.
• Mentorship programs: Pair senior leaders with high-potential employees to facilitate knowledge transfer. This not only prepares the next generation for leadership roles but also retains the valuable experience of older employees within the organisation.
• Cross-training: Encourage cross-training to ensure that multiple employees are familiar with the critical aspects of senior roles, reducing the risk of knowledge loss when a key leader retires.

​​​​​​​​​​​​​​2. Leverage External Recruitment

Whilst internal promotion is ideal, it’s not always possible to fill senior roles from within. External recruitment, especially for highly specialised positions, is often necessary.

Actionable steps include:

• Targeted recruitment campaigns: Use data-driven recruitment strategies to target professionals with the specific skills and experience your organisation needs. Platforms like LinkedIn Recruiter and industry-specific job boards such as PharmiWeb.Jobs can be invaluable in finding the right candidates.
• Executive search firms: Partner with executive search firms that specialise in life sciences to tap into their extensive networks and find candidates who might not be actively looking for new opportunities but are open to the right offer.
• Employer branding: Enhance your employer brand to attract senior talent. Highlight your company’s commitment to innovation, career development, and work-life balance – factors that are increasingly important to experienced professionals. Find out more about how PharmiWeb can help you enhance your employer branding here.

3. Embrace Flexible Work Arrangements

Retaining older workers longer by offering flexible work arrangements can be an effective strategy. Many senior employees may not be ready for full retirement but might be interested in part-time roles, consulting positions, or phased retirement plans.

Actionable steps include:

• Phased retirement programs: Implement programs that allow employees to gradually reduce their working hours while mentoring younger staff. This approach keeps experienced talent in the organisation longer while ensuring a smooth transition of responsibilities.
• Remote work options: Consider offering employees the option to work from home or on a flexible schedule. This can be particularly appealing to those looking to reduce their commute or balance work with other life priorities.
• Consulting roles: Create opportunities for retired employees to return as consultants or advisors on a part-time basis. This allows your organisation to continue benefiting from their expertise without requiring a full-time commitment.

4. Invest in Continuous Learning and Development

To prepare mid-level managers for senior roles, invest in continuous learning and development. The rapid pace of change in the life sciences industry, particularly in areas like biotechnology and digital health, means that staying current is essential.

Actionable steps include:

• Leadership development programs: Offer structured programs that focus on the skills needed for senior roles, such as strategic thinking, financial acumen, and people management. According to a 2024 report by Deloitte, companies with strong leadership development programs are 4.6 times more likely to be among the top-performing companies in their industry.
• Technical training: Provide ongoing technical training to ensure that potential successors have the up-to-date knowledge required for their roles. This is particularly important in life sciences, where advancements in technology are constant.
• Tuition reimbursement: Consider offering tuition reimbursement for employees pursuing advanced degrees or certifications relevant to their roles. This not only helps in skill-building but also boosts employee loyalty.

5. Promote a Culture of Knowledge Sharing

Creating a culture where knowledge sharing is encouraged and facilitated can help mitigate the risks associated with an ageing workforce.

Actionable steps include:

• Internal knowledge repositories: Develop repositories where critical information and best practices are documented and accessible to all employees. This ensures that important knowledge isn’t lost when senior employees retire.
• Regular knowledge-sharing sessions: Organise regular sessions where senior employees can present on topics within their expertise. These can be recorded and made available to all employees for future reference.
• Recognition and incentives: Recognise and reward employees who actively participate in knowledge-sharing activities. This can be done through formal recognition programs, bonuses, or other incentives.

6. Foster a Diverse Talent Pipeline

Diversity in the workforce is critical, especially when building a pipeline of future leaders. A diverse leadership team brings a variety of perspectives, which is essential for innovation in the life sciences industry.

Actionable steps include:

• Diversity recruitment initiatives: Implement recruitment initiatives aimed at attracting a diverse pool of candidates for senior roles. This includes reaching out to underrepresented groups and ensuring that your hiring practices are inclusive.
• Inclusive leadership training: Provide training for current and future leaders on the importance of diversity and inclusion. This ensures that your leadership team is equipped to foster a culture where diverse talent can thrive.
• Partnerships with educational institutions: Partner with universities and professional organisations that focus on developing diverse talent in the life sciences field. This helps create a pipeline of candidates who are prepared for future leadership roles.

Prepare for the Future…

The challenges posed by an ageing workforce in the life sciences industry are significant, but they are not insurmountable. By implementing these strategies, you can successfully replenish senior talent and ensure the long-term success of your organisation. The key is to be proactive, adaptable, and committed to investing in the future of your workforce.

Get Help With Your Hiring

Need help connecting with top life sciences talent? Contact us today.