Pharma And Biotech Learn To Raid As Well As Share Staff | Pink slips don't have to mean disaster for those who are laid off
It's probably not too surprising that pharmaceutical and biotech workers can move between those two industries, but a recent survey of pharma employees shows just how beneficial this can be for them and for the economy.
Right Management Consulting Inc. of Philadelphia, an HR firm owned by Manpower, surveyed 1,282 employees working in Massachusetts, Rhode Island, Connecticut, New York and New Jersey who were laid off from pharma companies between January 2007 and March 2008.
And the survey showed that those employees who don't find another pharma job often find one in biotech or research organizations that do business with drug companies, according to Bruce Maxfield, a Right Management vice president in the company's Boston office.
Seventy-three percent snagged a new job at the same or better salary and 84 percent did not have to relocate (thank you Mass. Super Cluster) to get it.
When workers can remain in the economy and continue spending at normal levels it can only help the state's economy.
Retention, Retention, Retention
Here in Massachusetts, employers are constantly thinking about how to keep talented workers in the state, Maxfield said, and almost every conference he attends relates to solving that challenge.
Because we have one of the highest costs of living in the U.S., which includes very high housing prices, it can sometimes be a bit of fight to keep people here. Many young people, even those just graduating from college, are not willing to wait for the big house, nice car and assorted amenities, particularly when they can get the same pay and live more affordably elsewhere, Maxfield said.
âThere is a war for talent. That's another factor that's driving this whole transfer of skill sets to another industry, such as pharma to biotech,â Maxfield said.
That war has already started benefiting Central Mass. as companies have become aware that space, buildings and people can be found more easily once you leave Boston.
âI think as that war for talent becomes much more competitive, you are going to see the market move outside the (Route) 128-belt area and move into the Worcester area to access talent that are already out there...I already see them working with the universities out there,â Maxfield said.
And biotech and drug companies have figured out the skills they need in their employees, and will target employees in the other industry as they need to find workers, he said.
âThey're looking to keep people at their company and are also looking for similar people with similar skills at other companies to try to raid them,â Maxfield said of both industries.
But laid off workers can also benefit from assessing all their skills, and figuring out which of them could transfer well to another industry. âWhen they can show an employer that they have these transferable skills, they become that much more attractive,â he said.
âWhether transitioning to another pharma company, a related industry, or a completely new field, it's important for displaced employees to be able to quantify specific achievements in their careers, using figures such as sales, cost savings, or other numbers. These figures are easily understood by prospective employers in the same industry as well as those in different areas,â Maxfield said.
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