Indiana’s life science industries have exploded over the last 10 years, with employment growing by over 33% in that time frame. With insatiable demand for qualified skills, and a talent pool growing too slowly to fulfil demand, the hiring landscape has become a competitive fight to attract the best professionals.
Indiana’s scientific talent pool grew 4% over the last 12 months amidst the market’s incredible growth. With little talent to choose from, hires will be sourced from competitors, and here starts the merry-go-round of talent until compensation hits a ceiling. The larger organizations can outspend niche specialist scientific service providers, offering greater packages that professionals would be silly to turn down.
I will explore this issue in depth at BioCrossroads’ FrameWORX event on September 18th, 2024, diving into strategic initiatives to enhance talent development and recruitment across the state’s thriving sector. You can sign up for the event here.
In the meantime, we can cover a few ideas that will help our sector grow:
Before pouring resources into attracting new talent, it’s crucial to hold onto the talent you already have. Start with a strong retention strategy. This means creating a work environment where employees feel valued, supported, and see clear paths for career development. Competitive salaries are just one piece of the puzzle. Consider offering flexible working arrangements, continuous learning opportunities, and a robust benefits package that addresses the diverse needs of your workforce. Regularly soliciting feedback and acting on it is key—engage your employees in meaningful ways, and you’ll reduce turnover, which in turn eases the pressure on hiring.
Partnering with local universities and community colleges to create or enhance life sciences programs can help build a pipeline of skilled professionals. But don’t stop there—consider developing internal training programs that allow you to upskill your current employees. By becoming an educational hub, your organization not only fills immediate skill gaps but also positions itself as a leader in workforce development. Moreover, offering internship programs and collaborating on research projects can attract fresh talent and help transition them seamlessly into full-time roles. Education is a long-term strategy, but one that pays dividends by building a knowledgeable and loyal workforce.
To truly thrive, Indiana’s life science companies must think beyond state lines. The East Coast, particularly in areas like Boston and North Carolina’s Research Triangle, is a hotbed of life science talent. By strategically marketing Indiana’s strengths—such as lower cost of living, a strong community ethos, and growing industry opportunities—you can attract professionals from these bustling regions. Attend national conferences, advertise job openings on a broader scale, and consider offering relocation assistance packages to make the move more appealing. Building a nationwide recruitment strategy allows you to tap into a much larger talent pool, bringing fresh perspectives and expertise to Indiana.
If you’re struggling to hire in Indiana please join us at the event, we’d love to see you there.
