I know many of you are seeing an increase in help wanted ads for life sciences talent. Companies are advertising through local BIO chapters and even on the back-end of news feeds. It’s a desperate time for many small to mid-cap companies, particularly those located in areas with limited local talent pools. Virtual hires are on the rise, often to the dismay of hiring leaders who are unable to convince top talent to relocate. We work often with many great partners in talent acquisition, and we hear of their pain weekly.
Quick question - in a robust candidate market like the current one, how many star candidates do you think look for their next big career move at the end of a news feed or through any local association?
While you may think that casting a line in these waters complements your search strategy, it actually muddies them. You may find yourself working through hundreds of resumes, even as your AI software works overtime eliminating both qualified and unqualified candidates based on their mastery of using keywords. Even using an RPO service or a contingency agency may feel like spinning your wheels in this market. All this leads to growing opportunity costs as key positions are left unfilled or are filled with under-qualified candidates who can't hit the ground running. The bottom line is searches done this way for mission-critical positions tend to have a high frustration threshold, may negatively impact your ability to reach financial and business objectives, and can end poorly.
Why Retained Search?
If you are a CEO, VP Talent Acquisition or HR leader trying to hire top talent, you should consider using a retained search approach in this market. Retained specialist firms, especially those with tenure in a select market, have unrivaled networks that go well beyond what internal recruiting departments can do and the sourcing capabilities of AI software. More importantly, the leaders you seek trust us because we offer candidate care and we call back with both feedback and opportunities.
That trust enables established specialty search firms, like The Hennessy Group, to build robust candidate marketplaces that include pipelines by therapeutic categories, location, and function, among others. In fact, our proprietary database consists of over 90,000 senior, executive, and board-level life sciences candidates - and that's just one starting point. Our network enables us to successfully execute the most challenging assignments. We also don’t accept assignments unless we can develop a full slate of candidates in the first 1-2 months.
Even in the most challenging markets, for the rarest or most advanced technologies and therapies, or the most remote locations, our placement track record enables us to provide a certainty and surety of delivery. Beyond the process alone, our consultants have the expertise to motivate top talent to consider change. Your other options do not have the knowledge or take the time to practice candidate care and the art of search required to successfully attract top talent in today’s competitive job market.
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