According to a MassBioEd report published earlier this year, scientific roles in Massachusetts grew at an average annual rate of nearly 7% from 2020 to 2022 and increased by 2.7% from 2022 to 2023. The Boston area itself is now the largest Biotech Hub in the world, boasting over 1,000 biotech companies, including start-ups and pharmaceutical giants.
The global pandemic pushed a boom for job openings and although growth is slower now, demand for qualified professionals is still extremely high. While job openings grow, the challenge of finding qualified talent remains. I wanted to share some data from us here at Harba on the state of today’s talent pool in Boston and highlight some recommendations that could help strengthen your hiring initiatives.
Our recently published Greater Boston Talent Pool Analysis report shares compelling data across five distinct talent pools: Manufacturing, Quality Assurance, Quality Control, Validation, and Regulatory.
Notable growth among these pools is in the Regulatory space, seeing a 20% increase in size over the last 12 months. Manufacturing, QA, QC, and Validation note steadier growth between 2-5%. High talent pool growth means an increasing number of skilled and qualified people are available, which can be advantageous for companies looking to hire. However, it may increase employers' competition to attract top talent.
In contrast, where talent pools are growing more slowly, the opportunity to attract talent becomes even more challenging. For instance, Manufacturing, QA, QC, and Validation, which have seen only modest growth, present significant hurdles for companies looking to scale their operations. The limited influx of new talent in these areas means the existing pool is highly competitive, making adopting more innovative and targeted hiring strategies essential.
Proactive Talent Pipelining: In these slower-growing areas, it’s critical to establish and maintain a pipeline of potential candidates. This involves recruiting actively and engaging with prospective talent on an ongoing basis. Regular communication through content marketing, such as industry insights, career development opportunities, and company culture highlights, can keep your company top-of-mind when candidates are ready to make a move.
Employer Branding Collaboration: Collaborating closely with your marketing team can significantly enhance your efforts. Developing a strong employer brand that resonates specifically with these talent pools will be key. This can include creating tailored content that addresses these roles' unique challenges and opportunities, thus appealing directly to the candidates you need.
Tailored Value Propositions: Understanding what motivates talent in these specific areas is crucial. For example, candidates in Quality Assurance might prioritize stability and precision in their work, while those in Manufacturing could value innovation and efficiency. Craft your EVP to reflect these priorities, and ensure it’s communicated clearly across all recruitment channels—from job postings to interview discussions.
An employer value proposition that resonates with specific talent pools will need to be established and tied into the content that is shared regularly with a pipeline of candidates. It will also need to be met through the packages offered to prospective hires. These propositions will sit at the forefront of your hiring campaigns.
The top 10 most important value propositions can be found in our report, which should give you direction on what to include in your offerings and establish the overall message shared within your hiring campaigns, across job adverts, and throughout the interview process.
Specialized talent often has many options, so a compelling employer value proposition will help your organization stand out while differentiating you from competitors. When expert talent is attracted by a clear and authentic employer value proposition, they are likelier to find a good fit with the company culture and values. This fit can lead to higher job satisfaction and lower turnover rates, as employees are likelier to stay with a company that aligns with their expectations and values.
Take the first step in forming a competitive hiring campaign by downloading our latest insights report: Greater Boston Talent Pool Analysis report.
Please reach out to me if you would like to discuss this further. I’d be happy to help and consult about your hiring requirements.
