The subject of retirement is often discussed by Life Science executives, especially with the ongoing pressure to offer more solutions and support to the global market. The concern that many of us face is the impact of this wave when people have left their positions and how the industry will cope with finding new people to replace them. Let’s take a look at some of the key reasons executives feel the need to leave and learn more about how we can help.
Why Now? The Reasons Executives Are Leaving
It’s easy to panic at the thought of losing people who play key roles in your organization, but understanding the main reasons for this trend is the first step in resolving the issues:
- Pandemic Factors – COVID-19 not only caused a huge increase in workload, but it also made people start to re-evaluate their plans and goals, wanting to experience more of what life has to offer. This has led to more people retiring that may have stayed in a post for at least 5 – 10 more years.
- Baby Boomers – now is a great time for the baby boomer generation to retire as their retirement packages look very healthy. In fact, we are in the middle of a baby boomer retirement trend that is leaving many executive posts empty.
- Leadership Reorganizations – it’s true that some current executives may not have been able to handle the pressure that has come their way since the COVID pandemic started. This has left firms with no choice but to reorganize their team to better prepare for the ongoing and future levels of need.
How to Ride the Executive Retirement Wave
The difficulty for firms is that they no longer hold the upper hand, with would-be executives able to make the demands they want to get the package that works for them. In response, many companies offer perks and benefits to executives who are willing to remain on board, despite wanting to leave.
Rather than becoming embroiled with a bartering system that has not been designed for you to win, consider using our suggestions to get you through:
Interim Executives – the great thing about interim executives is that they are often found by specialist recruitment firms and play an important role in keeping your company afloat. Many even become permanent members of the team and are an excellent addition when you consider that the executive retirement trend is set to stick around for a few more years at least! Not only do these candidates give your company the stability it needs, but they also allow you to evaluate what you need as the Life Science industry pushes ahead at speed.
Robust Knowledge Transfer – it’s clear that this trend will be causing recruitment issues for a while to come, so why not create a program of internal training that will prepare your current staff to replace any retiring executives? This is a great way to support your executives to transfer their knowledge and help maintain a steady ship.
Reducing Stigma – it would be wrong to assume that all executive retirements are requested because they want to leave. Sadly, a growing number of older executives feel that they want to carry on working, but the stigma around age stops them from being able to do so. Breaking down barriers and working to remove ageism from your firm would enable you to keep some of the most experienced people in work.
Let GeneCoda® Help!
If you are keen to find the best executive replacements for your vacant posts, then GeneCoda® is here to help. We are a specialist Life Science recruitment firm that finds excellent executive and professional candidates for your vacancies and work hard to help you overcome the challenges you may be facing in sourcing the right people and retaining them. Get in touch with our team today to discuss your needs.