Life science is an area that is experiencing rapid growth alongside huge hiring challenges. Many life science firms have found the past months stressful and concerning, but as we head into a new year, it is a suitable time to set your expectations for what may be in your near future. At GeneCoda®, we work hard to support life science recruitment needs and have come up with three great New Year’s Resolutions that you can use to take your company to the next level – check them out now!

Resolution One – Make a Plan to Beat Burnout

Once the holidays are over, you may find yourself getting excited about heading back into the office along with the rest of your team. However, rather than using up all your energy in the first week, why not take some time to carefully pace yourself to stretch your exuberance over a few weeks instead. This means arriving and leaving at an appropriate time, as well as taking regular breaks to hydrate and eat.

Many employees also head back to work feeling excited to be part of new projects and ideas but can find themselves under huge pressure to perform, especially when their boss is working extended hours and days. Set a good example to your team and insist on a healthy work-life balance for all to get the results you want to see. Many studies show that firms that promote appropriate working hours tend to be more successful and efficient over the long term, with fewer cases of employee burnout.

Resolution Two – Review Your Business Plan

When you first wrote your business plan, it would have been for the time in which you were writing rather than the time you are currently experiencing. Many business owners make it their mission to be up to date on new advances and work hard to diversify as innovative ideas surface. One terrific way to stay relevant without being overly reactive is to review your original business plan and consider which targets are still central to your business now and which are no longer of value.

By doing this, you will be more able to see which trends have seen your company through tough times and need to endure, giving you a clear focus for change over the course of the new year. Remaining relevant in a competitive market is essential but reminding yourself where you started helps to show you the path forward.

Resolution Three – Pledge to Overhaul Outdated Recruitment Practices

HR practices move faster than most other needs in the workplace, with managers constantly working to find the best candidates without a large budget to seal the deal. However, lots of life science firms put all their attention on innovations and discoveries rather than keeping up to date with new hiring trends and candidate expectations.

As the new year arrives, now is a wonderful time to think about your current recruitment process and work out where there is room for improvement. If you are keen to seek outside support with your recruitment needs, then choosing a dedicated life science recruitment service, like the one GeneCoda® offers, will help you keep up to date on recruitment strategies and find you quality candidates.

Look Forward to the New Year With Our Help

To get the best from the year ahead, it is vital that you take some time to pause and plan for the outcomes you seek. Get in touch with the GeneCoda® team and let us show you exactly what you can expect when you opt to use a tailored executive search firm.

As the year draws to a close, many employers are keen to show their gratitude to their teams for hard work, results, and team spirit. However, knowing what is appropriate to do as a thank you can be hard to work out, especially if you are an executive at a life science firm. Read out tips on Recognizing Hard Work to make your festive thanks run smoothly.

Money Doesn’t Buy Happiness

Buying gifts for all your team members is not only difficult but can be an expensive undertaking. This doesn’t mean that you shouldn’t buy gifts but buying them should not be essential to the wellbeing of your firm. If you feel that it is important to share a holiday gift, take the time to work out the finances first and opt for a selection of gifts to suit individual tastes – remember that not everyone wants a turkey or a bottle of wine!

Take the Time to Listen

What employees want most is to be recognized by a good employer so that they feel they are doing valuable work. The best way to share this recognition is in person and taking the time to share your appreciation during the festive season will leave everyone feeling positive. Share the load with your executive team by splitting your employee list up and arranging informal catch ups. To get the best from the process, you should always start by expressing your gratitude and then take the time to listen to feedback from each person, collating useful ideas and information that can help to inform the new business year.

Celebrate with Honesty

Once you have completed your festive thank you’s, it is time to share an annual summary about your firm, highlighting the things that have gone well and the focus for the year ahead. Many employers pass this information on in meetings, but it is also a good idea to issue a memo or email so that every employee gets to access your valuable feedback. Employers that are grateful for the hard work of their teams but who are also honest about the state of play are more likely to develop confident teams who are loyal even in tough times – time for you to get writing!

Know Your Boundaries

Finally, the holiday season is a time where many people look forward to celebrating with their work peers and putting things that have caused them stress to rest. Rather than being an employer that joins in with every event and stays to the bitter end, remember that giving your teams space to decompress is just as powerful. The best way to handle these situations is to make an appearance at the events, but then leave before the night gets into full swing so that others can enjoy time with their colleagues.

Festive Thanks from GeneCoda®

At GeneCoda®, we feel honored to have so many valuable clients and would like to wish every one of them a happy and relaxing festive break. Should you need any help with recruitment in the New Year and beyond then our team would love to hear from you so don’t hesitate to get in touch today!

All good executive teams take the time to reflect on the decisions made over the course of a year, helping to recognize errors and make strategical changes for the year ahead. If you are running a life science firm then we have shared four of the most important lessons from 2022, helping you to prepare for what’s to come with confidence.

Recruiting High Quality Candidates is Essential

It may seem obvious, but with the financial downturn that looks poised to continue near term, firms must find the best candidates for every role to ensure that business can continue to boom. Many life science firms have struggled to find the right candidate for their vacancies, choosing to compromise instead. Rather than letting these compromises reduce your effectiveness, take the time to check out the recruitment support you can get from expert teams so that you can look forward to finding the right people every time.

Home Working Widens the Playing Field

There has been plenty of shared opinions about home working and whether it should stay or not, with lots of firms taking specific stances on whether they agree or disagree with it. However, we think that 2022 has shown us that flexibility is the only way to succeed, with work from home options offering a larger pool of potential employees to choose from. If you do decide to allow home working for key roles, then remember to take the time to get it all fully checked and approved by HR to avoid any issues from arising in the new year.

Being Financially Savvy Equals Success

Another key learning point from 2022 is that life science businesses need to be as financially savvy as possible to last the new year, especially as there has been an economic slowdown in the industry. With many firms restructuring as they have challenges raising capital, it is a concerning time for many executives and employees but there are things that you can do to lessen the risk. Strategic financial planning, reducing cash burn and licensing or partnering assets with other companies are all ways to keep cash flowing.

Expecting the Unexpected is Vital

Our final piece of advice for life science business owners is to recognize that even with the best planning and preparation, things can change very quickly and result in unexpected outcomes that we may not even know exist yet! By keeping on top of your business model and having contingency plans, you should be able to make it through any crisis that arrives as the new year commences.

Start Your New Year with the Best Support

If you are committed to making 2023 a success for your business, then getting the right support in place is the first and most crucial step. At GeneCoda®, we offer detailed and targeted recruitment support to life science businesses across the country and are here to help you find the right candidates for your needs. Book a discovery call with our team and learn more about what we can do for you.

The lack of female leaders in the life science industry has been extensively documented over the years, with many people demanding change and routes for women to succeed. However, the fact that some women have broken the glass ceiling does not mean that opportunities are commonplace for women, leaving many believing that companies need to offer explicit routes that women can follow. We examined at what is needed for women to be able to enjoy fair representation in leadership roles.

Continue reading “Supporting Female Success – Creating a Route for Potential Life Science Leaders”

With falling stock prices and less cash runway, there’s no denying that the life science industry has been through a tumultuous time recently, leaving many employees feeling more stressed and stretched than ever before. Rather than hoping things will ease and return to normal, it is time to put mental health on the map and encourage your teams to consider their health and well-being. Not sure where to start? We have the advice you need!

Continue reading “How to Put Mental Health on the Map in Life Science Firms”

There’s no denying that life science firms are looking for ways to cut spending to navigate a difficult financial climate, with 47% of Americans stating that they believe it is ‘somewhat likely’ that they, or people they know, could lose their job. What does this mean for remote workers, and are they more likely to be laid off before their office-going counterparts? We looked at current viewpoints to get an idea of what to expect.

Continue reading “Is Remote Working a Risk When it Comes to Redundancy?”

 

 

 

 

 

Motivating Your Team Through a Recession. 2022 has been a time of great uncertainty for businesses; with the rumbling impact of COVID-19 and less cash to play with, businesses now face the pressure of finding ways to do more with less than ever before. The reality of an impending recession has a huge impact on the way employees cope with work, especially if they are concerned that there could be job cuts or reductions in hours. Rather than letting the threat of austerity reduce the motivation of your team, look at some of the ways you can help everyone feel as secure and motivated as possible.

Communication is Key

Perhaps the most important part of keeping everyone motivated is to provide them with lots of detailed communication about what is happening and what actions may be taken to manage the financial downturn. Failing to let people know what is going on can be the catalyst for damaging gossip and speculation, which will leave everyone fearful of what to expect. Remember that this communication needs to be honest but also provide people with hope about their future at the company.

Don’t Encourage Damaging Competition

When there is a potential prospect of having to lay people off, employees will often feel that they have to compete to earn a space in the company’s lifeboat. This competition can result in individuals getting a message that they have to work harder and longer hours to be in with a chance, but this is damaging to their wellbeing and your team spirit. It’s true that as budgets tighten, people will need to find new and more resourceful ways to achieve the outcomes needed, but it’s also vital that individuals do not take this as a message to give up their free time in order to keep their jobs as this will lead to resentment and a lack of motivation.

Take Time to Hear New Ideas

One of the best ways to keep people motivated is to hear what they have to say. When someone is working on the front line, they can often see simple ways to streamline what they are doing so that you can make genuine savings. By allowing your teams to share new ideas about how to keep your business running successfully, you are empowering them and showing them that they are valuable to you – a really motivating message. Plus, with the ideas that get shared, you may find new and exciting ways of doing what you need for less!

Always Be Upfront About Redundancies

Finally, if you are in a position where you may need to lay people off for business continuity reasons, then you must be upfront and honest with people. Continuing to hire and spread a message that everything is going to be ok will only lead to resentment and anger when layoffs start to happen. By sharing that there is a real chance that people may lose their jobs, you are giving your workforce time to evaluate their needs and make the right decision for them. Share the news carefully and professionally, and make sure that you provide people with someone to talk to if they have any queries.  Finally, provide resources such as outplacement where possible.

Choose the Right People to Lead

If you are worried about how to keep your teams motivated during a recession, then you will first need to ensure that you have a team of executives that are skilled at steering the ship through turbulent waters. At GeneCoda®, we understand the pressure on companies and have a number of excellent executive candidates with the skillset you need to pull everyone together. Get in touch to discuss your needs and let us help you find a way through these difficult times.

 

 

 

 

 

Facing an economic downturn is difficult, especially when you are concerned that your job may be at risk. However, this is a fact that many Americans are now having to face, with 59% of people believing that we are already in an economic recession. If you are concerned about what the future holds for you in the workplace, then we have some advice that will help you retain your value in a competitive market – check out our tips now.

Don’t Stop Doing What You Do

One of the biggest problems that employers say they are worried about is that their teams will stop working effectively due to concerns that they may lose their jobs. If your workplace has started talking about layoffs, then it is essential that you find the strength to keep doing what you are paid to do, as if you don’t, it could have an even worse impact on the company’s finances and your collective future.

Find New Ways to Do Things

Another great way to show your value is to provide your bosses with information that can help them save money. As you go about your work tasks, you are sure to have ideas on how things could be streamlined and developed, and it’s these ideas that are incredibly valuable to your leadership team. If you have ideas about new ways to do your jobs that could benefit the business, then arrange a time to talk to your executives and share your ideas, they will not only appreciate your insight, but you could genuinely help the company push forward even in financially tough times.

Develop Your Transferrable Skills

Some of the most successful people will tell you that they had to pivot to find their success, and this is never more true than in a financial crisis. Rather than panicking about whether your job is safe or not, take the time to be proactive and develop your transferrable skills. Doing this will not only mean you are more employable if you find yourself out of work, but it also means that you may be able to take on a new role within the organization if it is restructured. Talk to your team and your executives to see which skills are most in demand, and then focus on those as your priority.

Talk to the Right People

It’s normal to feel stressed and disappointed when the threat of recession causes your employment to become less safe. However, don’t fall into the trap of moaning and griping with anyone that will listen, as this will not only lower your motivation but will have a detrimental impact on others too. If you do have concerns that need to be addressed, then it is essential that you take them to your superiors and work through it with them in private, helping you to prove that you are a team player who understands the need for change.

Be Realistic About the Future

If you have been told that layoffs are a real possibility, then it may be time to evaluate your position at the company and decide if you want to stay or move on to something new. There is no shame in deciding to leave, but it is important that you find a secure job to go to so that you don’t find yourself in the same position a few months down the line. If you are ready to take the next step into an executive life science position, then get in touch with a recruitment specialist team like GeneCoda®, who can help you make the right decisions and assist with locating positions that offer what you need.

The Great Resignation, lack of applicants, and low retention rates are all common problems in the life science sector. As the pressure mounts, more employees are feeling burned out and undervalued as leaders work to fund new solutions to problems that feel impossible. Company leaders are not blind to this issue with nearly 50% of chief execs telling the Deloitte CEO survey that being able to find and keep the best employees is one of the biggest problems in talent acquisition right now. Rather than riding this doomed wave, there is one solution that seems to have strength – keeping on top of your team’s mental and physical health.

Continue reading “Improving the Health of Your Team – How Better Health Could Mean Fewer Resignations”

The role of women in life sciences has moved forward with pace and the industry now boasts female leaders, female discoveries, and even Nobel Peace Prize winners but is this enough? The stark reality still remains that women are still hugely underrepresented in the upper echelons of life science organizations, with men holding 69% of all executive roles and still being paid more than their female counterparts. As more companies work towards a more balanced gender representation, we took a look at some of the strategies that can be implemented to help appeal to all.

Continue reading “Gender Inclusion in Life Science – How Companies Can Appeal to All”