Employee retention and motivation is a challenge that all life science companies face. It can be difficult to keep your employees motivated and engaged, especially when the work is challenging and demanding. Employees should feel valued and appreciated, and it is beneficial for the workplace when employees feel their work is meaningful.
In order to retain and motivate your employees make sure to provide them with a clear career path. In this blog post, we will discuss some tips for retaining and motivating your employees.
Onboarding Programs
One great way to retain and motivate employees is to have a strong onboarding program. Onboarding programs help new employees adjust to the company culture and learn the ropes of their new job. A good onboarding program will help your new employees feel welcomed, supported and prepared for their new role. Employee retention is the highest in the first year of employment. Hence it’s essential to make sure that your onboarding program is setting up your new employees for success.
The beginning of a job is always a pivotal time for employees as they are still deciphering whether the company is a good fit for them. Therefore, they need all the necessary information they can get to start their roles effectively. Clarification is key and the employees’ job requirements must be clearly communicated. A corporate compliance training program is a part of many onboarding programs to ensure employees are up to date with the latest rules and regulations they must adhere to while working for the company. Novartis trains and guides associates with a structured program consisting of ethics, risk and compliance. Life science companies often have to follow a complex regulatory framework that is associated with high risks, which is why maintaining corporate compliance is essential.
Training and Development Opportunities
Investing in your employees’ training and development is another great way to keep them motivated and engaged. Employee development helps your employees progress in their careers and feel like they are advancing in the company. Be sure to offer a variety of training and development opportunities so that your employees can find programs that match their needs. Employee retention and motivation will improve if your employees feel like they are constantly learning and growing.
Employee training ensures that your employees are up to date on the latest industry trends and that they have the skills they need to be successful in their roles. The Janssen Pharmaceutical Leadership Development Program is an extensive training program designed to create future leaders with a strategic mindset for the commercial functions of the company. Learning and development programs must be offered regularly for continuous training. The Mayne Pharma Academy offers employees ongoing learning opportunities which include certificate programs and courses covering technical, scientific and professional training to help establish the company’s leadership in drug-delivery science.
Employee Compensation and Rewards
Compensation packages are another important factor when it comes to employee retention and motivation. Employees want to feel like they are being paid fairly and that they have a competitive benefits plan. Make sure you are regularly reviewing the compensation and benefits packages to make sure they are competitive. Employee retention will suffer if your employees feel like they are not being compensated fairly.
Merck has put forth outstanding compensation and benefits programs to enhance employee satisfaction. There is a pay-for-performance compensation program which rewards employees for their achievements. All aspects of Merck’s health, financial, insurance and wellness programs are initiated in order to stand out as a top employer in the pharmaceutical industry.
Work-Life Balance
Employees need time to recharge outside of work, and they will be more likely to stay with a company that offers a good work-life balance. Make sure you are offering flexible scheduling options when possible and ample vacation time so that your employees can have a healthy work-life balance.
Takeda Pharmaceuticals strives to ensure work-life balance for employees through flexible working hours, vacation policies and a summer hours program. Since our jobs tend to take up most of our lifetime, it is vital to make sure employees have enough time for themselves and their families.
Purposeful Work
Employees need to feel that their work is meaningful and that they are making a difference. If your employees feel like their work is purposeless, they will be less likely to stay with your company. Make sure you are offering opportunities for your employees to do meaningful work.
Purpose-driven businesses are running the market these days as employees want to know how their company contributes to society. The life science industry does a great deal for society as it strives to improve facets of human life. Innovations in pharmaceuticals, medical devices, biotechnology and healthcare have the power to improve lives. Therefore, working for a life science company is certainly a highly respectable career path.
Conclusion
Finally, remember that employee retention and motivation is an ongoing process. It’s not something you can set and forget. You need to continuously work to keep your employees engaged and motivated. Make sure you are regularly communicating with your employees and seeking feedback from them. Employee retention and motivation is a key part of any life science company’s success. For that reason, make sure you are putting in the effort to keep your employees happy and productive!
Download our free onboarding checklist below to use for your next hire. Contact us today to see how Xtalks Job Search can upgrade your hiring practices and help you find well-qualified candidates within pharma or biotech. If you have a question about Xtalks Job Search, speak to a customer support representative directly via LiveChat or drop us a message here.
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