The biotech sector, a beacon of rapid growth and innovation, is in the midst of an intense ‘war for talent’ [1]. Navigating through the Great Resignation and the ascent of Generation Z into the workforce, biotech firms are compelled to innovate not just in their products but also in their talent strategies [2][3].
Generation Z, those born between 1997-2012, will soon make up over a third of the workforce. They bring distinct values to the table. Their digital prowess, demand for flexible work arrangements such as remote work and freelancing options [4], alongside a strong emphasis on mental health and societal impact [5][6], are reshaping corporate cultures. To tap into this talent pool, biotech companies must offer mentorship, continuous learning, and embrace diversity and inclusion [7].
Studies show that a staggering 74% of Gen Z professionals prefer to work remotely at least part-time [8], indicating a significant shift towards more flexible work environments. By offering increased work flexibility, biotech firms can access a wider global talent pool and foster a more diverse and innovative workforce [9].
As biotech firms stride forward, they must remain agile, continuously updating their talent strategies to align with the evolving expectations of a dynamic workforce [10]. The companies that quickly adapt to these shifts will seize the competitive edge in the relentless race for top talent.
[1] Delivering through diversity – McKinsey & Company
[2] Talent shortage in Singapore’s biotech sector set to grow – SGInnovate
[3] Howe, N., & Strauss, W. (2000). Millennials rising: The next great generation. Vintage.
[4] Myers, K. K., & Sadaghiani, K. (2010). Millennials in the workplace: A communication perspective on millennials’ organizational relationships and performance. Journal of Business and Psychology, 25(2), 225-238.
[5] Goh, E. & Lee, C. (2018). A workforce to be reckoned with: The emerging pivotal Generation Z hospitality workforce. International Journal of Hospitality Management, 73, 20-28.
[6] Park, H. J., Rabolt, N. J., & Jeon, K. S. (2008). Purchasing global luxury brands among young Korean consumers. Journal of Fashion Marketing and Management: An International Journal.
[7] Decoding talent challenges in Singapore’s biotech sector – SGInnovate
[8] Myers & Sadaghiani, 2010.
[9] Gaskell, A. (2022). How remote work changes company culture. Forbes. https://www.forbes.com/sites/adigaskell/2022/03/15/how-remote-work-changes-company-culture/?sh=507788822439
[10] The Coalition of State Bioscience Institutes (CSBI) Releases the 2023 U.S. Bioscience Economic Development Landscape Report