Companies in the pharmaceutical and biotech industries might benefit from recruitment process outsourcing by getting access to a wide range of sourcing strategies and a vast network. Passive, diversified, experienced, and just-graduated talent are all represented among the candidates. RPO solutions allow you to foresee the long-term hiring process and may be used for your whole business, a particular division, or a significant project.
The industries that rely on recruitment process outsourcing (RPO) services the most are those that deal with medicine, biotechnology, and medical devices.
Numerous firms offer assistance throughout the whole hiring process, from posting jobs to assisting candidates with first-day preparation, expediting the procedure, and assisting recruiters in the cutthroat pharma employment market.
Therefore, why have companies in the biotech, pharmaceutical, and medical device industries chosen RPO as their preferred hiring solution? The following are some of the most compelling justifications for collaborating with an RPO provider to solve your talent challenges.
Choosing the RPO That’s best for your Pharmaceutical, Biotech, and Medical device companies
Greater agility, scalability, technology, and automation
Many pharmaceutical and biotech companies are dealing with a more complex recruitment environment, and see the need to transform their recruitment practices to be competitive.
RPO offers smart technological solutions that guarantee recruiters will identify, attract, and choose the best applicants more quickly while remaining one step ahead of the competition. Organizations have access to a dizzying number of options, such as candidate relationship management (CRM) and application tracking systems (ATS), Pre-hire evaluations, chatbots, AI sourcing, management (CRM) technology, and more.
Others may be forced to use old technologies that lack the speed, efficiency, scalability, and flexibility of a contemporary recruiting tech stack due to financial restrictions or difficulties in creating a business case to support the investment. Many organizations have invested a lot of money in the newest technology, but they are having trouble making the greatest use of it. Simply put, the majority of talent acquisition companies lack the bandwidth necessary to remain ahead of the competition and take full advantage of all available opportunities.
For instance, when demand for COVID-19 vaccines was at an all-time high, companies in the pharmaceutical industry had to communicate with hundreds of applicants quickly to meet an increase in production needs.
Whether your company has to hire many engineers, manufacturing experts, or R&D specialists, a well-designed RPO program may help you find the people you need, when you need them. By collaborating with your RPO provider, you may have access to a system that is very flexible, very effective, and completely customized to match your recruitment objectives.
Digital landscape and Better Candidate experience
Big data, technology, and new alliances are altering old recruiting strategies and changing the kinds of people that pharma businesses have traditionally sought after. Now, top talent might come from outside sectors like financial services, technology, or consumer electronics that have already undergone a digital transition. It will be difficult to convince them to switch from these sectors to pharma.
The procedure and candidate experience must be flexible and individual. When using contractor recruiters and an already overworked internal workforce, this is not a simple task. On the other side, an RPO service may assist in retaining candidates and integrating them into the company. This may significantly lessen the burden on organizations and improve the experience so that prospects are less inclined to abandon the application process.
Using global sourcing in advance
The necessity to create talent pools and communities is essential in order to decrease the time to employ and guarantee the availability of talent for the future due to the global nature of pharma talent and the worldwide mobility of such individuals. According to a recent Price water house Coopers (PwC) poll, 76% of pharmaceutical CEOs are concerned about the availability of vital talents.
For these organizations, talent pooling is crucial because it gives them a method to stay in touch with individuals who could someday work for the company. As their primary emphasis and objectives are filling open positions, internal teams are finding it more and more challenging to expand, invest, and build talent pools.
Improved hiring metrics
Similar to how they have been for many other firms, recruiting and talent acquisition have been exceedingly challenging for the pharmaceutical, biotechnology, and medical device industries during this current labor shortage.
Recent financial challenges in pharmaceutical research, development, and commercialization have compelled stakeholders to reassess their fundamental patterns of functioning. As a result of the challenges, they are looking for alternative models to reduce fixed costs and increase productivity in all functional areas that are not seen to be essential to the business.
If your business is seeking a tried-and-true solution to the pervasive talent problem, it’s time to pay RPO substantial attention. It’s critical to collaborate with firms that can reduce ratios like the time it takes to fill a position and conduct an interview to select an RPO provider.
The company will gain from having a team of recruiters that are conversant with the jargon of Pharma, Biotech, and Medical device companies if you choose the correct RPO partner. Some RPO companies even offer applicant pools that have already gone through screening and may be interested in possibilities with your business, further improving the hiring process and allowing you to hire more personnel faster.
Positive candidate experience
The procedure and candidate experience must be flexible and individual. When using contractor recruiters and an already overworked internal workforce, this is not a simple task. On the other side, an RPO service may assist in retaining candidates and integrating them into the company. This may significantly lessen the burden on organizations and improve the experience to the point where applicants are less inclined to withdraw from the application process.
Managing, developing, and training in-house teams
It is getting harder for pharmaceutical companies to find recruiters with the necessary expertise. As a result, many recruiting contractors are used, and the turnover rate within the talent acquisition team is high. Because there are no career routes established for smaller regions, managing teams that are geographically spread makes it more expensive to use resources.
This may then result in higher compensation increases and attrition issues. In-house teams are unable to provide recruiters with the career advancement, growth, and mobility that RPO organizations provide.
Conclusion
It is impossible to overlook the advantages of a well-designed outsourcing program for the recruitment process. These companies may connect with competent individuals to improve their operations and add value to their company with the use of an RPO solution that is specifically designed for the pharmaceutical, biotechnology, and medical device sectors. If finding qualified candidates in this competitive job market has proven to be difficult for your business, working with an RPO provider may be the answer to your problems. Pragna Solutions has been a leading provider of RPO Solutions for over a decade and helped many global firms to scale and grow.
B2B (Business-to-Business) marketing trends to the marketing done with other businesses and organizations in the form of Products or Services. It carries various lead distinctions from B2C marketing, i.e. more aligned toward consumers.
When we talk about B2B marketing in a vast sense the content service is more Instructional and upfront than B2C. And cache needs more customers to make good money in the B2C sector. There is usually a lot of money in B2B advertising, you don’t need many customers to make good money, because you will be charged a higher price.
In the modern corporate world, B2B marketers often sell to buying committees with various key Collaborators, which changes and form a complex and sometimes challenging environment, but as data sources become more vigorous and accurate, the ability to map out different committees and reach buyers with relevant, exclusive information is greatly improvising.
B2B Marketing Strategies for 2023
Developing an Ambient Perception.
Defining the Customers and Market role.
Identifying the B2B marketing method and strategy.
Creating wealth and running campaigns.
Measuring performance and Improving.
Success in 2023 that B2B marketers need to be aware of:-
1. The Expanding Dominance of Artificial Intelligence:-
AI key has always been represented. As mentioned, AI has cut a few entries into the B2B marketing tunnel, automated strategy, and engagement tools like Chatbots and Virtual Assistants. AI enables data-driven analysis, processes, and performance. At least one in every 10 organizations uses AI-enabled marketing to gain a better understanding and faster analysis. It also simplifies general tasks to streamline their work process.
As AI helps various organizations discover their data capabilities, they are content with a more flexible access plan and introduce a better view of their customers and how to help them. One of the ways companies deal with Customer Experience needs is to use artificial intelligence (AI) i.e., Chatbots, for example, give consumers a simple thank you for finding a solution to a simple question and establishing customer loyalty through superior customer service, take customer time – 64% of clients with clients -AI is willing to spend most of their time solving complex problems, compared to only 50% of these.
Not ignoring the power of genuine and real content:-
Content is one string that connects both B2B and B2C marketing strategies as it is true that Networking differentiates them. According to marketers, we all know that content is king, and if you don’t address it respectfully, there is no way you will make it huge in the market.
Well, such brands followed simple strategies such as:-
Publishing content based on keyword research.
Mixing the long & short format content pieces.
Selling the content to customers, executives, and partners.
Building subscribers and followers for their businesses.
Adopting paid promotion strategies to bring their content to the top.
2. Targeting Market for Customer Retention:-
Even Harvard Business Review entails, a 5% increase in customer retention translates to a 25% to 95% increase in profits, because the better your customer retention marketing strategies, the worthier and more expansive your clientele. And are realistic and acquiring a new customer is always 5-25 times more expensive than retaining an existing one. As you are investing so much time and resources in finding a new client, and but some other money in keeping them happy. So a Constant and Honest customer base is a valuable asset for any business. And, the first thing you should keep in mind is satisfying them.
3. Supporting the Multi-Channel Strategy:-
The word: Multi-channel has been booming the marketing world for several years and has made a prominent notion in the B2B marketing field. Now, you don’t need to pick just one channel but follow a Multi-channel marketing approach to ensure that your clients can find you everywhere! Multi-channel marketing is not just a B2B marketing trend but facilitates brand-customer interactions across several devices. Moreover, businesses that take up Multi-channel strategies achieve 91% greater customer retention rates than those that don’t.
Following such methodologies makes sure that you simply are getting business leads across all channels, including digital, social, and other internet-based platforms. The more clients you’ve got on board, the higher is your ROI, and therefore the earlier you’ll outpace the competition. Now, don’t confuse Multi-channel marketing with multi-channel marketing since the former connects customers across all channels, whereas the latter makes all channels available to a consumer but not necessarily in an integrated manner.
4. Augmented Reality and Virtual Reality gets in line:-
It’s the addition of augmented reality that takes videos to a different level and conveys the value of your offer in an interactive 3D visualization. This is an absolute tool for B2B companies who want to point out their products in a visually impressive manner.
Virtual Reality is vast, As VR marketing involves brands promoting themselves and their products using virtual and augmented reality technology. And it is as important as your first cup of coffee in the morning, especially for B2B marketing gigs. VR marketing brings an appearance into B2B marketing realms, reeling during a buyer’s journey. Several businesses cinematograph case studies and switches them into interactive videos which will gain traction within the B2B market.
Conclusion:-
Technology moves forward per annum in such speedy revolutions with a demand that a keen eye, agile mind, and dynamic B2B marketing strategies. Of course, you would like to wish to remember the simplest B2B marketing trends if you would like to attain high in 2023. From AI to AR/VR, every B2B trend helps steel oneself against the last word war against competition. This year is probably going to be one of great change and experimentation. Staying up with the newest trends will assist you to focus your marketing efforts and adapt to the new normal whatever that finishes up looking like.
The onset of the pandemic has led to a sudden economic slowdown, followed by a recession, lay off, and drastic impact on almost every industry. As most companies shifted to remote working, the recruitment industry had to adopt specific changes to ensure seamless high volume talent acquisition.
Previously, most recruitment processes included days to months for the selection of the right candidate. Owing to the cut-throat competition in talent acquisition, most businesses require to speed up their recruitment through the digital transformation of the process.
What is Digital Transformation?
In the recruitment industry, most recruiters had to spend their maximum time sending mail to potential candidates, cold calling, conducting telephonic and face-to-face interviews, and screening the talent pool for the best candidate for the job. As the pandemic outbroke, the digital transformation in recruitment took a more rapid pace.
Digital Transformation in recruitment involves the use of technology and data solutions for the automation of mailing to the target pool, screening of applications on specific parameters, and speeding up the recruitment cycle as a whole. Moreover, the introduction of Artificial Intelligence (AI) in recruitment has increased operation efficiency by eliminating human errors.
Impact of Digital Transformation in Recruitment
Digital transformation of recruitment has led to competitive advantages to the businesses such as employee retention, greater employee satisfaction rate, and many more. Here are some of the advantages that any business can enjoy if they adopt digital transformation in recruitment.
Better Hiring Rate
The automation of tasks like tracking applicants and scheduling interviews speeds up the daily process for your recruiting manager saving time and organizing every detail to his convenience. Therefore, your recruiting manager can efficiently conduct high-volume quality hires in a shorter period exhibiting a better hiring rate. Innovation and lateral thinking are something you invest in when you opt for quality hires.
Quick Analysis
Advanced technology and Artificial intelligence can minimize a hiring manager’s manual hours into just a few minutes by sourcing relevant candidates by screening more than a thousand applications and CVs that match the job. Digital transformation plays an essential role in saving time by gathering and analyzing data on improved metrics to provide a more accurate, error-free, and efficient analysis. Therefore, it reduces the cost per hire and helps the recruiter identify skill gaps to recruit accordingly.
Improved image as Employer Brand
Most job seekers check out information about the employer before attending an interview. Therefore, every employer must create an employee-friendly image in social media to attract the top tier talents. As hiring managers are adopting digital transformation, building a public image of their organization is of utmost importance. Recruiters have the responsibility to create engagement through the social media accounts of the company. Moreover, they can use AI to engage potential candidates through email marketing.
Boost to Operation Efficiency
Due to the pandemic, the introduction of virtual interviews along with candidate assessment, has become a common thing. Digital transformation has made the candidate assessment easier for the recruiters. The recruiters can use several digital tools to filter out suitable candidates, shortlist them, and finally assess their abilities through required metrics. In this way, the recruitment process is conducted in a shorter time with better efficiency.
Edge for tapping top tier talents
According to a study, 78% of employers believe using an Applicant Tracking System (ATS) makes finding great talent easier than ever. There are several statistics where recruiters have vouched for better results in recruitment by using recruitment technology.
Moreover, it has been noticed that digital transformation has led to better candidate experience as well as reduced employee turnover. The use of technology not only helps the recruiter to tap top tier talents faster than mainstream sourcing but also offers a larger talent pool through social media job advertising.
The Bottom Line
While most companies are adopting the digital transformation, few companies have stepped back, stating financial budget as their primary constraint. However, if we look into the gains of digital adaptation in recruitment, the financial budget may not become a problem owing to the greater good in the near future. Every change faces some resistance at first.
Digital transformation in recruitment is no exception. However, the positive impact of digital transformation in the business has the upper hand. Evidently, it tends to be a major threat to those who want to stick to their old techniques in recruitment.
Utilizing technology to find, attract, evaluate, choose, and recruit candidates for open positions is known as “digital hiring.” The only option for businesses to stay on track with their hiring and overall business goals is to implement more digital hiring methods, especially in light of the current health crisis.
It can be necessary to use tools that many firms have never used previously, such as career portals, mobile recruiting, online tests, social recruiting, and digital interviews.
Although the change may seem intimidating, the future of digital hiring is already here, so we’ve put together some essential advice to help you launch and improve your digital hiring process.
1. Social Media Recruiting
Professionals spend a significant portion of their lives online in this digital (and now remote!) working environment. Your company can reach applicants by being visible on the appropriate digital platforms, where they are already spending a lot of time.
You can attract a sizable number of candidates that you would not otherwise be able to by using social media networks for the recruitment like LinkedIn, Facebook, Instagram, and Twitter. As opposed to cold calling or emailing, interacting on these platforms might feel more natural and aid your staff in building relationships in less stressful situations.
For long-term cohesiveness and relevance, the best methods include sending potential candidates direct messages on Facebook, tweeting links to available positions using relevant hashtags, and producing shareable video material for YouTube or Instagram that showcases your company’s mission and culture in an easily digestible way.
At the very least, you’ll use these social channels to better understand applicants’ interests and backgrounds in order to tweak messaging to increase engagement and personalization if you want to keep reaching out to them on more conventional platforms.
2. Mobile-Friendly Careers Site
In a recent Glassdoor study, it was shown that 89% of the 1,000 job seekers used their mobile devices at some point in the job search process. Because so many job searchers conduct their searches in this manner, companies must ensure that their websites are mobile-friendly in order to swiftly attract all interested individuals.
Having it configured so that pages do not require excessive panning or scrolling in order to get the information important to the application implies much more than simply being able to view it on mobile devices.
To increase completion rates, even small details like making the “Apply” button stand out from the background and making the needed fields clear to read can make a big difference. If you have any graphics or photos at the top or bottom of the page, think about removing them because longer pages will just turn away candidates.
3. Digital Interviewing
Instead of speaking live, candidates who participate in digital interviews—not to be confused with 2-way online interviews—record their answers to a set of preset questions for the hiring team to analyze later.
Digital interviews are not just one of the only interview options when working remotely, but they are also generally the most effective and impartial option. For instance, by employing this method of interviewing, firms can, for instance, acquire the following three crucial benefits:
Efficiency: The back-and-forth scheduling of the interview and the necessity for many live phone screens by recruiters are both eliminated by the digital interview. The time it takes to hire a candidate will be shortened because recruiters can observe and assess more interviews on their own schedule. Our interview platform requires minimal configuration and has a 90% completion rate across our global clients.
Flexibility: Considering the spread of infectious diseases and travel restrictions, candidates can complete the digital interview procedure from the comfort of their own homes. Our digital interview platform is one-way, so candidates may record their responses on their own time and in their own space, and recruiters can examine and assess them whenever it is most convenient for them. Candidates can choose to hide their camera and timer while they are recording, practice using our system as often as they like, and re-record each response once if necessary.
Standardization: In a typical interview, discussions with candidates can go in any direction, and the whole experience is mostly influenced by the interviewer. With our digital interview, however, recruiters may videotape themselves asking the questions in advance, assuring fairness and rigor throughout the process. This way, all candidates are given the same set of questions in exactly the same way. By linking each question with a capability and its behavioral anchors that are pertinent to the business or role, pymetrics further reduces bias when recruiters evaluate prospects.
4. Give Feedback!
Most job seekers nowadays are familiar with the phrase “resume black hole,” which describes the depressing and unsettling chasm into which applications frequently sink, presumably never to be seen again.
After submitting an application, up to 50% of candidates never hear anything back. It might be difficult to keep from taking this personally and getting quite frustrated. As more candidates turn to the internet to air their complaints, this could eventually damage your company’s brand. Additionally, keep in mind that your applicants are probably also your customers because their experiences with your business directly affect how they perceive your brand.
Feedback can come in a variety of sizes and shapes, but it is always an important part of the hiring process, and there are plenty of digital tools out there that make it simple. Something is always preferable to nothing, even if it’s just a brief email confirming that an application has been received and is being reviewed or updating the applicant that the application process has slowed and they should expect a response in some amount of time.
While it may not always be possible to provide every candidate with individual feedback after they finish a digital assessment or interview, there are solutions like Pymetrics that can automate feedback in a highly tailored fashion.
Candidates receive a report called the Pymetrics Profile that details their characteristics. The report aims to maximize openness, present actionable and workplace- applicable insights, and give the user an overview of what we learned about them during our assessment. The fact that it offers users a special, helpful, and educational experience makes it stand out from the competition and serves as a major point of engagement for them.
5. Ask for Feedback!
Since the digital world is always changing and is unfamiliar to all of us, it is crucial to get open input from job seekers on how the application process might be made more positive. This can be done by offering quick, optional surveys (5 questions maximum) at various stages of the process to increase completion rates, especially if they come after the applicant has been turned down for the position.
Be sure to underline how much you value their input and that you will examine it carefully moving forward. Once you have comments and ideas to examine, discover the major themes and consider how you may gradually improve your plan. Remember that even seemingly small changes to the candidate’s experience can have a huge and positive impact!
Conclusion
These are just some of the crucial things you can implement to have a strong digital recruitment strategy. Making sure your organization has a solid structure in place is essential to your employment process as digital recruitment tactics proliferate among the workforce after the epidemic. Pragna Solutions has been upskilling the teams to follow best practices and to help candidates to have great experience through the process.
