The COVID-19 pandemic drove “skyrocketing demand” for new skills in industries including life sciences and pharmaceuticals, according to a July 12 report from Randstad Sourceright.
C-suite and human capital leaders in those industries reported difficulty hiring, according to the firm, highlighting a challenge that spans industries. And like those other industries, employers in life sciences and pharma said they’re hopeful they can reskill current employees to address the demand for talent.
Where these fields may diverge from others, however, is the speed with which employers must upskill workers. The industries were some of the few to expand during the coronavirus pandemic, and the virus drove rapidly increasing demand for a variety of technology skills, according to Randstad.
"The life sciences and pharmaceuticals sector faced tremendous pressure to deliver life-saving innovations during the pandemic, and they rose to the challenge," said Mike Smith, global CEO of Randstad Sourceright in a statement announcing the report. "Now, the need for medical innovation has only grown, forcing organizations to compete across all industries for a limited supply of in-demand tech talent,” he said, adding that reskilling and upskilling talent will be essential to combat that talent scarcity.
Employers that prioritize learning and development to make up for hiring shortfalls, however, are likely to see retention benefits, various research shows. When employers provide learning opportunities, Smith said, that demonstrates that organizations value their current employees.