I’ve now been in my new role within AMS for a month and I thought I would share some thoughts on our new mission, what it means to me and what I hope it will mean for our talented staff around the world. This article is unapologetically targeted towards my colleagues in AMS but I hope it will resonate with all Talent Acquisition (TA) professionals regardless of role, location or whether they are working in an in-house environment or with an outsourced partner.
Within TA our mission is simple, we’re seeking to hire the very best talent to enable our businesses to be successful. How we do it is important (speed, cost, experience), but our ultimate mission is a simple one. One of my proudest moments in AMS came a few years ago when I was copied in to an email from a global HR leader within one of our large pharmaceutical clients, to a small team of AMS recruiters supporting manufacturing hiring for that client in Europe. The email thanked our team for the contribution that they had made to ramping up the production of an incredibly important vaccine that was urgently needed to tackle a virus spreading quickly in Africa. The contribution that our team had made had helped to save lives.
Most of us will know the story about President John F Kennedy visiting the NASA space centre in 1962. During the tour the President spoke to a janitor and asked him what he was doing. “Well Mr President” the janitor responded, “I’m helping put a man on the moon”.
We like to tell ourselves that TA isn’t rocket science yet we certainly have a lot of complexity in what we do. We are continually focused on optimizing our services through process design, deployment of technology, through leveraging data to analyze and predict performance. We focus on how quickly we can perform our tasks and the cost-effectiveness of our work. Sometimes we may forget our ultimate mission – our own versions of putting a man on the moon.
Within AMS our vision is to harness a new universe of talent for the world’s leading employers. Put simply, talent is our world. We want every single colleague in AMS to understand the part that they play in that mission. I’ve heard great stories from Recruiters who have gone out of their way to support candidates through the hiring process by spending time checking-in with candidates out of core working hours or by finding time to have a coffee with new starters to welcome them to the business. I’ve heard stories of Sourcers making connections and discussing potential roles with people they meet whilst on holiday or in coffee shops. And I’ve heard stories from Administrators who have simply made the effort to put a call in to a candidate to connect in advance of an interview to wish them good luck.
I’ve asked my colleagues in Client Operations to share more stories with me so I can share them further to help motivate and inspire all of us to put talent at the centre of our worlds. It’s a very small reminder that all of us are contributing to a far more important mission. In our own ways we should each be helping to put a man on the moon.
We wanted to create something with greater purpose and clarity, and this video is a trailer of where we will be focusing in the years ahead. Talent is our world.
This is a further article expanding upon the insight that I presented at the LEAP TA Life Sciences conference in Boston a few weeks ago where I was proud to present alongside many Talent Acquisition (TA) leaders within the pharmaceutical and life sciences sector. The big reveal in that presentation was the new research that we have conducted in AMS demonstrating that the US Life Sciences sector will see over 1 in 3 jobs vacant by 2030 unless we start to take bold new approaches to hiring and retaining talent. You can read more on that topic here.
As I shared in my last article, the key driver behind our ongoing talent shortages is the high rate of staff turnover impacting all sectors and all geographies. We all know that attrition was particularly high in 2021, few will dispute the reality of the Great Resignation even if they are sick of the term, but evidence shows that attrition has been rising year on year for the last two decades. And that shouldn’t be a surprised given that the notion of a ‘job for life’ seems to be hugely outdated. With inflation now rampant and workers seeking increased salaries to offset the increased cost of living it’s clear that staff turnover will continue to be high for some time to come.
So we need to do a much better job of retaining our existing and highly valuable talent. And in order to do that we need to develop and progress our talent within our organizations. New research just published by LinkedIn (see the link at the bottom of this article) shows that employees who have moved internally (through a promotion or lateral change) have a 64% chance of remaining with an organization after three years compared to 45% for those who have not moved internally.
So how are companies faring when it comes to internal hiring? And given the tough labor market that we’re all facing, are we seeing an increase in internal hiring this year compared to last?
Within AMS we will support our enterprise RPO clients to make more than 240,000 permanent hires this year, across 7 key sectors and in more than 90 countries around the world. That level of hiring activity gives us rich data and real insight in to key hiring trends at a sector and regional level.
The chart below demonstrates how internal hiring, measured as a % of all hires made, has changed from 2021 to this year (January through July 2022):
Given that most sectors and geographies are facing significant talent shortages I’m sure many will be surprised that internal hiring has reduced over prior year. I would suggest that there are a couple of key factors driving this reduction.
Firstly, as I have written about before, most organizations are failing to make it easy for employees to find new internal roles. Only 40% of employees believe it’s easy to find internal opportunities and only 17% felt that their organization encouraged them to move internally. And the key statistic – only a third of employees who searched for a new opportunity in the past 12 months searched internally first.
Secondly, employee and candidate priorities are changing. According to the same LinkedIn report I referenced before, workers confidence to improve their financial situation is declining and, on top of that, remuneration and benefits are the top priorities for candidates. With high inflation and cost of living, it’s little surprise that talent is moving towards roles that offer the greater reward and, unfortunately, it’s often the case that external roles will offer a greater increase than internal ones.
So how does internal hiring differ by sector? As the chart below demonstrates, there are significant variances in internal hiring levels between both sectors and regions.
Please bear in mind that the average internal hiring rate shown above will be influenced by the mix of hiring that AMS performs for clients within regions and sectors. However the data provides some fascinating insights. It won’t be a surprise to see that internal hiring is particularly low for sectors such as Retail & Consumer – a sector in which the large majority of hiring will be made at entry level. More surprising perhaps to see the significant variances in internal hiring between regions. Whilst Retail Banking, for example, has internal hiring rates of 52% in EMEA and 41% in APAC, internal hiring rates in the US are running at just 22%. Indicative perhaps of a lower job level of hiring for retail banking in the US.
I know Talent leaders are always keen for data that helps them compare their hiring metrics to other organizations and I’m sure they will find this data useful. My plea though is for leaders to focus less on the numbers and more on the trend – whether your internal hiring is running at 10% or 30% there is an imperative to continually increase our levels of internal mobility and internal hiring. Doing so will reduce employee turnover and increase value to your business.
We need to transform the way that we approach internal mobility; we need to make it easy for employees to identify and apply for new internal roles, whether they are promotions or lateral moves. We should invest in technology to facilitate the processes, we should empower internal recruiters to better support, we should incentivize managers to progress rather than hoard their existing talent.
These are the challenges that we thrive on in AMS, if you would like to discuss how best to optimize your internal hiring, please reach out to us for a discussion.
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Employees who make an internal move are more likely to stay at their organization longer than those who stay in the same role.
As with many industries the rapidly growing Life Sciences sector faces challenges specific to the hiring landscape.
For the first time we are seeing a greater willingness from existing talent to migrate out of Life Sciences. That does not mix well with the tendency of Life Sciences employers to hire almost exclusively from within the sector, with individuals who have very specific experience.
This is a clear call to creative strategies including skills-based hiring, upskilling, and reskilling, Additionally, an openness to hybrid and remote working arrangements and a focus on diversity increases the potential pool of candidates.
“Historically, the life sciences sector hasn’t done a good job attracting talent from outside the sector. Instead, it has had a very heavy reliance on hiring job ready candidates rather than investing in campus or internship programs,” says Jim Sykes, Sector Managing Director, Pharmaceutical & Life Sciences and Professional Services, AMS.
I recently shared new research by AMS that shows that one in three roles within the US Life Sciences sector will be vacant by 2030 unless companies start taking different approaches to attracting, recruiting and retaining talent. As of today there are c. 85,000 open vacancies within the US Life Sciences sector. With attrition running at >20% each year and with over half of all job leavers exiting the sector completely, we’re facing rapidly diminishing talent pools. And whilst new graduates are entering the sector each year, it’s not nearly enough to stem the shortages.
You may think that 1 in 3 jobs vacant is an overly harsh assessment. Our latest paper on this topic (linked below) references research by Pharmaceutical Research and Manufacturers of America (PhRMA) that argues that 60% of jobs could be vacant by 2025. However we assess the gap, we need to acknowledge that the gap is significant and risks becoming a crisis in future years if solutions are not found.
The root cause is clear – attrition is running too high and we have a substantial over-reliance on hiring job-ready talent. Put simply, if we carry on as we are today we will run out of workers.
There is no one silver bullet to these challenges but there are solutions and they require HR and Talent leaders to think strategically and holistically about the way that they hire, develop and retain talent. Josh Bersin proposes a systemic model to address these challenges through what he calls the “Four R’s” – recruit, retain, reskill and redesign. His research on the Healthcare sector makes for compelling reading and the parallels with Life Sciences are clear.
Leading Pharmaceutical and Life Sciences companies are well aware of the challenges and many are focused on solutions. Within the detailed article linked below, Beth Keeler, AVP Global Talent Acquisition at Merck talks to their efforts to broaden talent pipelines through reducing the educational requirements for roles and attracting more diverse talent. Céline Raffray, VP Talent Acquisition at Bristol Myers Squibb, talks to the need to take a skills-based approach to talent, the need to focus on upskilling and reskilling staff as well as enhancing internal mobility.
These are not simple challenges to solve and talent leaders (be they Talent Acquisition, Talent Management or Learning and Development) can not solve them in isolation. These challenges call for an integrated approach to talent and require a strategic response. Those organizations that fail to act now will undoubtedly see the challenges grow exponentially over the coming years.
I’m proud of our partnerships with the likes of Merck and BMS that enable AMS to help our clients to overcome these challenges. Reach out to me or one of my many talented colleagues if you would like to discuss the challenges and potential solutions in the context of your own organization.
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Like all companies in the life sciences sector we’re feeling the competitive nature of the jobs market, particularly for scarce skills such as digital or cell therapy. Whilst BMS has an incredible brand to leverage in order to acquire the best talent, I am very aware the challenge will only get greater in the coming years
As such, I see the need to be more agile and flexible and turn to innovative or inhouse solutions such as upskilling and reskilling of staff, enhanced internal mobility and the need to take a skills-based approach to talent acquisition as being of great strategic importance”
Céline Raffray, Bristol Myers Squibb
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This time last week I was returning from a fantastic few days at the LEAP TA Life Sciences conference in Boston where I was proud to present alongside many Talent Acquisition (TA) leaders within the pharmaceutical and life sciences sector. I started my presentation by sharing some insight in to the talent shortages that we’re seeing within the sector in the US with the main assertion being that we will see over 1 in 3 jobs vacant by 2030 unless we start to tap in to new talent pools. You can read more on that topic here.
Alongside the insight in to talent shortages I spoke about how TA leaders measure effectiveness today; I shared the metrics most commonly used and some benchmarks for the Life Sciences sector compared to averages for other sectors and regions. Within AMS we will support our enterprise RPO clients to make more than 240,000 permanent hires this year, across 7 key sectors and in more than 90 countries around the world. That level of hiring activity gives us rich data and real insight in to key hiring trends at a sector and regional level.
Given the nature of the hiring market in 2022, it’s not a surprise to see that overall time to hire (from the point of vacancy approval to the acceptance of a job offer) has increased by 14% from a global average of 50 days in 2021 to 57 days for the year to date. The average time to hire has increased for every region between a low of 8% in APAC and a high of 43% in LATAM as the chart below demonstrates.
The Life Sciences sector has seen similar increases in 2022 over 2021. Global time to hire is averaging 56 days for the first 7 months of this year compared to 52 days for the prior year, an increase of c. 8%. At a regional level the average time to hire has increased by between 6% in EMEA and 32% in LATAM.
At a functional level our data gives greater insight in to the comparable time to hire between roles and regions as the chart below demonstrates. In all regions we see that hiring for ‘operations’ roles (i.e. manufacturing) and ‘sales and marketing’ (i.e. commercial) tends to be fastest. Hiring for ‘IT, tech and engineering’ (i.e. R&D) and Medical Affairs tend to take the longest.
Time to hire is one of a number of metrics that TA leaders use to demonstrate the effectiveness and success of their functions. And it’s an important metric – if you ask your business stakeholders what good looks like when it comes to hiring they will undoubtedly tell you that they want the best talent available as fast as possible (and likely at a reasonable cost). So speed to hire is important.
But if you could demonstrate to your business stakeholders that you can make demonstrably better hires, albeit it in a longer timeframe, I strongly suspect that they would prioritize quality of hire over time to hire.
The metrics I’ve shared in this article are important as operational and tactical measures for talent acquisition. But I would argue strongly that TA leaders need to move beyond these measures towards strategic value measures. And there is no better place to start than with a new definition of quality of hire. More to follow on that point in my next article.
In preparation for the LEAP TA Life Sciences conference next week in Boston, we have been conducting some analysis on the scarce talent trends that many, including myself, have been talking about extensively for the last year. Our analysis makes for compelling reading.
There are c. 1.2m roles within the US Life Sciences sector and 85,000 open roles today suggesting that we already have a deficit of c. 7%. With attrition in the sector running at an average of 20.6% and with 54% of those leavers leaving the sector completely, it’s clear that the deficit, left unchecked, will continue to rise.
The good news is that numbers of new graduates with Life Sciences skills are helping to offset those leaving the sector. The US should see c.165,000 graduates with Life Sciences skills this year of which we should expect c.70% choose to join our sector. That means we’re losing 124,000 workers through attrition and gaining 115,000 through new graduates and early careers hiring. All of which means that our current worker deficit of 7% will be 8% by the end of this year.
But our sector continues to grow, with analysts estimating year on year growth of between 5% and 12%. Let’s assume a conservative growth rate of 5% and let’s assume that our graduate populations also grow each year. The 8% deficit of workers which we will see at the end of this year will rise to 13% by the end of 2023 and will continue to increase year on year to a 35% deficit of workers by 2030. That would mean more than 1 in 3 roles vacant.
That’s a pretty alarming projection but it’s a projection that assumes that companies continue with the same talent practices as today. To avoid these huge talent shortages we need to do things differently. We need to treasure our existing talent and invest in developing, upskilling and reskilling our talent to reduce employee turnover and reduce the need to hire externally. When hiring externally we need to reduce our reliance on job-ready talent and instead hire for skills and hire for potential.
Whilst many global economies are slowing or entering recession it feels unlikely that we’re going to see an immediate jump in unemployment and a drop in employee turnover. Talent leaders need now to be considering new strategies to tackle the growing deficit of talent.
I’ve linked below my new article in Outsourced Pharma which details 6 best practice approaches that companies should consider adopting.
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These challenges can no longer be denied. To address talent scarcity in the field, business leaders need to acknowledge the need for a large-scale strategic transformation and commit to bold changes in their hiring and retention practices.
I am excited to be presenting at LEAP TA Life Sciences in a few weeks in Boston where I’ll be speaking on the topic of “How to Measure TA Effectiveness’. As part of that presentation I’ll be exploring the various metrics that Talent Acquisition leaders use to determine the effectiveness of their functions and publishing new data from AMS on some key TA metrics such as time to hire, internal mobility and agency usage. But I’ll also argue that those metrics fail to demonstrate real value to the business. Hiring what may turn out to be a poor performer in 40 days can’t be as valuable as hiring in 50 days what could be a high performer. And a new hire that costs you less won’t necessarily be a better hire than one that cost you more.
To truly measure the effectiveness of Talent Acquisition we surely need to look at the quality of talent we are hiring in to our businesses, the impact of that talent and the potential that talent has to add future value as well as present value. According to a recent LinkedIn report, 48% of respondents measure quality of hire today but 88% say that it would be a highly useful metric for the future – the conclusion presumably being that many don’t know how to measure quality of hire or how to start.
Whilst 48% of businesses measure quality of hire today I think the effectiveness of those measures is likely to be questionable. Most will be measuring quality of hire through measures such as new hire retention (i.e. how many leave within x months of joining) and Hiring Manager satisfaction (i.e. to what extent does the manager that chose the employee believe they made the right choice!). Few businesses that I speak to today are effectively evaluating new hire performance and correlating that back to the hiring process.
The HBR article linked below proposes a ‘Moneyball’ approach to recruitment, seeking evidence to define high performance within existing teams and then defining strategies to attract and select talent that is most likely to be successful. I wholeheartedly agree with the evidence-based approach to defining what good looks like but I wonder if this approach fails to evaluate the potential for candidates to add value in the long-term as well as the short-term.
Quality of Hire: A measure of the caliber of new talent an organization hires, defined by their potential to contribute to the organization’s goals.
They go on to argue that “the emphasis must shift from hiring manager satisfaction to the organization’s perspective, and from specific, role-based skills to cross-role potential”.
I will use my presentation at LEAP to propose new metrics that can best assess quality of hire – a range of metrics that will enable organizations to evaluate the immediate value that new employees provide as well as evidencing an employee’s potential to provide future value. Following the presentation at LEAP I look forward to sharing those thoughts here in a future post.
Some business leaders we’ve spoken to recognize the need for a more analytical approach to hiring but are intimidated by how to get there. Defining and tracking performance doesn’t need to be a complicated, multi-year project where you start producing troves of new performance data. You often have the data you need; it just requires some hard thinking around how to utilize it.
I wrote recently about talent and potential – to my mind the most pressing and strategic imperative for leaders today. Employee turnover continues to be exceptionally high and is likely to remain high for the foreseeable future baring a significant economic recession. Companies are struggling to identify and hire the talent that they need fast enough to satisfy the needs of their business – both to cover employee turnover as well as growth. There are now more open vacancies in markets such as the US than there are unemployed workers, a dynamic which is further driving the increase in employee turnover as workers move from one employer to the next.
Alongside the challenges of hiring and retaining talent, skills requirements are changing rapidly within most businesses. Gartner research shows that for sales, finance and IT roles over 30% of the skills needed to do a job in 2017 will now be obsolete.
Yet there are solutions to be found. A recent article from HBR highlighted that there are millions of ‘hidden’ workers who are not being considered by recruiters and employer – more than 27 million hidden workers in the United States alone. And many companies are investing significant amounts in new initiatives to better upskill and reskill their existing workforces in the face of changing skills requirements, and better retaining their valuable workers in the process.
As I wrote in my previous article, we need to put potential at the heart of our talent strategies. We need to move from hiring from job-readiness to hiring for potential if we are to stand a chance of tapping in to the ‘hidden’ workforce as well as hiring talent that will develop and grow with our businesses for longer.
So what does good look like? Let’s take a look at Accenture who are putting potential at the heart of their Talent Acquisition strategies. This is an organization with 700,000 employees and an organization that has hired 200,000 new employees in the last 18 months. Accenture clearly recognize the strategic importance of potential and every candidate hired in to Accenture is evaluated on Learning Agility.
Accenture also recognize the strategic importance of upskilling and reskilling:
“In the first six months after the pandemic, we upskilled about 100,000 people with programs that ranged from eight to 15 weeks, depending on what we were upskilling them for. And we were able to do so very rapidly, which enabled us to emerge from the pandemic much faster, because we could shift our people towards the new places of demand. And of course, it’s part of what makes our Accenture such an attractive place to work because people feel like they’re constantly being invested in.
In fact, we spend about $1 billion a year, an average of 40 hours per person of training, which is a really strong reason why we are able to recruit quarter in and quarter out such amazing talent.”.
Please do read the interview below with Accenture CEO Julie Sweet – both fascinating and inspiring.
Let’s just start with one of the most important things that we look for actually, no matter who you are, is your ability to learn, learning agility. Because we know that while we may hire you for a certain set of skills, the rate of change and the need for skills is quite rapid. So there’s lots of research on this, that skills that were around in the Fortune 500, for example, in 2017, that approximately 40% are no longer relevant.
I’ve written extensively about the ongoing challenges in hiring for scare talent within the pharmaceutical and life sciences sector. But whilst we often think of scarce talent being for niche roles (such as regulatory affairs or biostatisticians in the pharma and life sciences sector), it is also very simply the roles for which demand outstrips supply. The manufacturing sector is a great example of this – whilst operator roles within manufacturing in the life sciences sector may appear to be easy to hire for, the hiring challenge is exacerbated in those locations for which the general labor pool is reduced, i.e. where demand outstrips supply.
The article below in Pharma Manufacturing talks to this point specifically and quotes a study from Deloitte and NAM that projects that “we could reach 2031 with 2.1 million unfilled manufacturing jobs, and in that year alone, the skills and staffing shortages will cost the U.S. economy $1 trillion”.
So what is to be done? As I wrote recently there is a light on the horizon. There are millions of hidden workers around the world who are underemployed or locked out of the labor market, 27 million hidden workers in the US alone. So we need to think far more broadly about how we hire for potential rather than just hiring for job-ready candidates as we have done in the past. And employers who hire for skills rather than prior experience are 60% more likely to find a successful hire.
Bu the challenge doesn’t reside with Talent Acquisition specialists alone. The article from Pharma Manufacturing makes a great case for digitizing ways of working to create capacity for employees to add greater value; “Pharma manufacturers need to employ systems that create efficiencies for workers so they can do more in less time. Digitization also makes it possible to retain and engage current employees, attract tech-savvy talent and meet growing demand.”
Whilst digitization (including automation and artificial intelligence) has often been feared as a new industrial revolution which will replace jobs, leading companies are recognizing the value that digitization will provide to their employees. And let’s face it, with a potential deficit of 2.1m manufacturing workers within less than a decade, taking away jobs may be the least of our concerns right now.
Which all takes me back to a vision of the talent function of the future. An environment in which we know the skills that we have in place today and the skills that we will need in the future. An environment in which we digitize to make roles more interesting and to maximize the value that our workers can provide. An environment in which we hire for potential rather than just job-readiness. And an environment in which we engage, develop, progress and retain our talent by focusing on upskilling and reskilling.
The National Association of Manufacturers (NAM) reports that between 2023 and 2031, the U.S. labor pool will only grow 0.2% per year. Left unchecked, the issue of having a disproportionate number of jobs compared to qualified candidates could have an overwhelming impact on the economy. The 2021 Deloitte and NAM talent study estimates that we could reach 2031 with 2.1 million unfilled manufacturing jobs, and in that year alone, the skills and staffing shortages will cost the U.S. economy $1 trillion.
If you’re reading this article you will be well aware that the recruitment market is incredibly hot right now. That is being driven by growth (for now), by record employee turnover and by a shortage of talent. In both the US and the UK there are now more open vacancies than there are unemployed people. Companies are struggling to retain their existing talent and struggling to hire new talent.
In business we have talked about skills for years – the ‘hard skills’ required to do a particular job or task and the ‘soft skills’ which are the personal qualities we bring to our roles. In theory we hire new talent for our organizations based on those skills, we help employees develop their skills and we progress employees throughout our organizations by matching their skills to new opportunities. In practice many companies struggle to do all three of those things.
To make the situation more challenging, the skills we require for our businesses are changing rapidly. According to LinkedIn “skills sets for jobs have changed by around 25% since 2015. By 2027, this number is expected to double”. So as well as understanding the skills that we require today we need to understand how those skill requirements are likely to change.
As I wrote recently, Hiring Managers understandably look for candidates that can hit the ground running and can be productive quickly. As such they and recruiters seek and evaluate candidates based on the extent to which they can demonstrate that they have done the job before. They are looking for the perfect job-ready candidate. That means that they are fishing in the same small pool of candidates as all of their competitors and they’re missing potential talent – candidates that may have transferable skills from another sector or discipline. By focusing on skills rather than proven experience we can expand our talent pools, increase the diversity of our new hires and also hire talent that may be a better long-term fit for our organizations (thereby helping to tackle employee turnover). Companies that are taking this approach are seeing the benefit – as per the Forbes article below, those companies hiring based on skills are “60% more likely to find a successful hire compared to those not relying on skills as part of the hiring process”.
Whilst businesses may think in terms of skills, many don’t have a common way of describing the skills that they require and employ (a taxonomy) and they therefore don’t have a way of viewing or evaluating the skills that they have across their businesses or the skills that they will need in the future. What is changing in this space is the rapid expansion of what Josh Bersin refers to as SkillsTech – “tools that help categorize, assess, manage, and improve skills at work”. And many of these tools include AI to help identify internal talent (and skills) to future requirements. With effective technology in place we can understand the skills that we have within our organizations, we can design and deploy learning and development interventions to help employees upskill and reskill, we can better progress and retain our existing and valuable talent.
With the deployment of the right skills technology, the skills-based approach that can be applied to Talent Acquisition, Learning and Development, Talent Management and Internal Mobility can now integrate for the first time. That’s why organizations are getting excited about skills again and why we’re seeing the creation of roles such as Integrated Talent leaders.
Is this integrated skills-based approach the silver bullet to better hiring and retaining talent? Probably not, but I’m convinced that those organizations who take this approach will fare considerably better than their competitors.
Skills have always been the currency of work, but the way companies source skilled workers is on the brink of a major shift. According to data from LinkedIn, 40% of hirers on LinkedIn used skills to fill open roles—up 20% year-over-year. These employers are 60% more likely to find a successful hire compared to those not relying on skills as part of the hiring process.
