It’s no secret that the United States is heavily dependent on its healthcare system. As the largest healthcare spender in the world, experts estimate that America spends more than twice as much as other countries on healthcare-related costs. As such, it should come as no surprise to learn that the U.S. Bureau of Labor Statistics predicts that jobs in this industry will grow by 18 percent by 2026—adding an estimated 2.3 million roles to the U.S. economy.
To account for this major growth, the pharmaceutical, biotech, and medical device sector has become the most heavily reliant user of recruitment process outsourcing (RPO) services. According to Staffing Industry Analysts’ 2021 RPO Global Landscape Summary, this industry accounted for the largest share of reported RPO contracts in 2020. By controlling 14 percent of all RPO market share, this sector beating out industries like finance/insurance, technology/telecommunications, and manufacturing.
So why have pharmaceutical, biotech, and medical device companies embraced RPO as their recruitment solution of choice? Here are some of the most compelling reasons why partnering with an RPO provider can help solve your talent challenges.
Greater agility and scalability
As the coronavirus pandemic has shown us, hiring needs can unexpectedly ramp up in an instant. For instance, when the demand for COVID-19 vaccines was at an all-time high, companies in the pharmaceutical industry needed to engage with thousands of candidates quickly to support a spike in production demand. Whether your company is seeking to hire high volumes of engineering experts, manufacturing professionals, or R&D specialists, a well-designed RPO program can find the candidates you need, when you need them. Plus, this service can be scaled up—or completely pared down—based on recruiting demands. By collaborating with your RPO provider, you can reap the benefits of a solution that is uniquely agile, extremely efficient, and fully customized to align with your recruiting expectations.
Improved hiring metrics
Just like many other industries, recruitment and talent acquisition have been tremendously challenging for the pharma, biotech, and medical device sector during this current labor shortage. If your organization is seeking a proven solution to solve this large-scale talent scarcity, it’s time to give some serious consideration to RPO. Aligning with an RPO provider is critically important to lowering ratios such as time-to-fill and interview-to-hire. By selecting the right RPO partner, your business will benefit from a team of recruiters that are well-versed in pharma, biotech, and medical device lingo. Some RPO providers will even have pools of pre-vetted candidates that could be interested in pursuing opportunities with your company—further optimizing the recruitment process and enabling you to hire a greater number of workers in a shorter timeframe.
Enhanced sourcing strategies
In today’s recruitment market, it’s imperative for organizations in the healthcare and medical space to deploy effective sourcing and candidate outreach. RPO partners can help to develop a pipeline of candidates that possess certain skill sets or have experience in specific roles. By utilizing passive recruiting strategies, these RPO recruitment teams can connect with more expansive talent pools to enhance your organization’s employer brand and bring greater visibility to your company. Plus, leveraging AI technology will purposely neglect candidate demographics to further reduce bias in the early stages of the recruitment search, which will foster a fairer hiring process and promote opportunities for diverse candidates. Through these innovative sourcing strategies, your business can uncover hard-to-find candidates that can bring value to your operations.
More positive candidate experience
The promotion of a positive candidate experience during the hiring process has a direct correlation with an organization’s overall recruiting success. By working quickly to coordinate each step—from initial screening, to interview, to eventual offer—companies can enhance the effectiveness of their talent acquisition initiatives. With help from an RPO provider, businesses in the pharma, biotech, and medical device sphere can engage with—and hopefully hire—top-tier candidates in an accelerated manner. Using a company email alias, RPO recruiters can act as an extension of your organization when interacting with job seekers. These recruitment specialists are well-trained on how to best promote your brand in the employment market. Not only can these efforts help improve the candidate experience and increase the size of your prospective talent pool, but it can bring greater visibility to your organization.
The benefits of a well-designed recruitment process outsourcing program can’t be ignored. A custom-fit RPO solution tailor-made for the pharma, biotech, and medical device industry can help these businesses engage with qualified candidates to enhance their operations and bring value to their organization. If hiring talent in this tight employment market has proven to be a challenge for your company, partnering with an RPO provider can be the panacea to your recruiting woes.
This blog was written by Broadleaf’s Director of Business Development, Mike Brann.