Attracting Talent in the Biotechnology Industry
Abstract – The constant advancement of biotechnology reinforces the industry’s demand for talent when hiring. However, with competing industries seeking similar talent, biotechnology firms must understand and utilize individual’s key motivators when job searching. The purpose of this paper is to offer strategies to enhance the quality of biotech firms to attract talent amongst competing industries. First, we examine challenges the biotechnology industry faces when competing for talent through an analysis of its history and ongoing controversies. A careful evaluation of the growth rate trends and average salary of the biotech industry in comparison to the tech industry in Silicon Valley suggests compensation to not be the primary determinant for biotech employees. Through a poll study targeting individuals in biotech and various literature reviews, we found “corporate culture” to be the most prominent determinator for these individuals when job searching. Finally, an interview with a talent agent at a biotech firm was conducted to identify what an attractive corporate culture looks like in the industry.