Navigating the Gig Economy in Biopharma: Why Companies are Moving to a More Flexible Workforce
By Chris Frew | December 4, 2023
| BioBuzz has been connecting the life science workforce since 2009. We’ve built an expansive community in the Mid-Atlantic with a national readership that spans from Massachusettes to Florida, and New York to California. For our next chapter, we’re building a proprietary talent logistics model to help employers source and hire life science talent. Learn more. |
The Rise of Project-Based Work in Life Sciences
The life sciences sector has always been marked by innovation and the rapid evolution of new technologies coming off the bench but, unfortunately, that same spark of innovation hasn’t always translated into how biopharma companies operate. However, with the reduction in funding and mass layoffs seen throughout 2023, many biopharma companies are looking at new ways to innovate and remain competitive by turning to a more flexible workforce.
That’s exactly what the Talent Lab aims to deliver. As the macro-economy paired with rapid new breakthroughs in technology, science, and healthcare continue to reshape the industry, a profound transformation in the way companies structure their workforce has been underway – the rise of project-based work.
Biotech companies, in particular, stand to gain significantly from this agile and adaptable workforce. One of the key reasons is that many biotechs are startups themselves. They need to scale up and down in response to funding, project milestones, and the evolution of their development pipelines. As a result, they may fundamentally be a different company, with different staffing needs every eighteen months or so. While there will always be a need for traditional hiring processes and a core team of full-time, permanent employees, biotech companies can also greatly benefit from a flexible workforce that can be easily aligned with the evolving needs of the business.
Why Startups Leverage Consultants and Contractors
Startups in the life sciences sector, particularly in biopharma, face unique challenges. These challenges include navigating their evolving development stages, fluctuating funding, complex regulatory environments, executing and delivering on capital projects, and often the need for highly specialized expertise.
This is where consultants and contractors come into play. They offer several advantages for life science startups:
- Expertise on Demand: Startups can tap into the exact skills and experience they need when they need them. Rather than hiring full-time employees for specific tasks, they can work with experienced professionals on a project basis.
- Flexibility: In a startup environment, change is constant. The ability to scale up or down as the situation evolves is invaluable. For example, a company that secures new funding may need to expand its research or clinical trial teams quickly. When that funding is exhausted or the project is completed, they can just as easily scale back down.
- Cost-Effective: Life science startups often operate with limited budgets. Hiring full-time employees is a significant financial commitment with added costs such as benefits and overhead. Consultants and contractors allow companies to access top talent without long-term financial commitment.
- No Long-Term Obligation: Many life science startups work on a project basis. Consultants and contractors can be engaged for the duration of a specific project or period. This eliminates the need for long-term obligations and offers flexibility when projects have a defined end.
6 Reasons Biopharma is Moving to a Flexible Workforce Model
Startups and established biopharma companies alike are increasingly looking for ways to embrace the benefits of the gig economy in life sciences. This is where BioBuzz’s Talent Lab comes into the picture.
At BioBuzz, we understand the evolving landscape of the life sciences industry, and we recognize the importance of offering an efficient and flexible solution for connecting employers with skilled professionals. Talent Lab was designed to reshape how biopharma employers find the best-fit candidates for project-based work. It’s not just a platform; it’s a powerful bridge between companies and skilled life science professionals.
So why are so many biopharma companies shifting to a more flexible workforce model? Let’s explore why an on-demand talent marketplace approach, such as the Talent Lab, helps biopharma companies to thrive in the gig economy.
1. Access to Talent: Current staffing and project-based hiring models limit employers to the candidates presented to them by staffing firms, or who are hired by their consulting vendors. With an on-demand talent marketplace approach, employers can access the entire pool of skilled experts in various life science fields, from clinical research to drug discovery who are looking for project-based work.
2. Speed and Efficiency: Traditional hiring processes can be slow and cumbersome. With a talent marketplace approach, employers can quickly find the right professionals for their projects. This agility is vital for biotechs looking to accelerate their projects and achieve milestones.
3. Lower Costs: By engaging skilled professionals for specific projects, companies can often reduce their overall hiring costs. That Talent Lab also reduces recruitment costs by leveraging our technology-enabled approach we can reduce the cost-per-hire while still providing you with access to pre-vetted talent with verified skills. This not only accelerates the recruiting and onboarding process but also reduces the associated training costs, making it a cost-effective solution for companies.
4. Reducing Turnover: On-demand hiring focuses on individuals with existing, vetted skills therefore minimizing a mismatch for the job. When employees are working in roles that align with their skills and interests, job satisfaction tends to be higher, contributing to increased retention rates. and the need for extensive training. companies to bring in professionals with expertise in specific areas.
5. Staying ahead of technology & upskilling: In rapidly evolving fields like life sciences, staying ahead of technological advancements is crucial. On-demand hiring facilitates the quick integration of individuals with updated skill sets, ensuring that companies can adapt swiftly to industry changes without the need for extensive workforce restructuring.
5. Talent Pipelining: Talent Lab helps to facilitate ongoing relationships between employers and professionals. While a project might end, staying connected and maintaining communication can lead to future work. In the close-knit, high-stakes world of biopharma, maintaining a network of trusted professionals is invaluable.
6. Workforce Development: Companies in the biopharma industry have recognized that their future is in jeopardy if they can’t grow a larger pipeline of talent, and shift their approach to workforce development. This is why a skills-first approach to hiring has been adopted by many companies, including Merck.
Not Just a Trend
In the life sciences sector, the ‘gig economy’ is not just a trend; it’s becoming a fundamental part of how business is done. Embracing project-based work and leveraging the skills of contractors and consultants can give companies a critical edge in a highly competitive and dynamic industry. Talent Lab by BioBuzz is here to ensure that companies can find the top talent they need to thrive and make breakthroughs. It’s the future of hiring for the future of life sciences.
The Talent Lab is not just a gig economy platform; it’s a powerful enabler of success for companies looking to innovate, grow, and make a difference in the world of biopharma.
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Over the past 11Â years, Chris has grown BioBuzz into a respected brand that is recognized for its community building, networking events and news stories about the local biotech industry. In addition, he runs a Recruiting and Marketing Agency that helps companies attract top talent through a blended model that combines employer branding and marketing services together with a high powered recruiting solution.
