TALENT TRENDS
Hiring Insights from The Pandemic By Cari Kraft, Jacobs Management Group It seems counterintuitive to be talking about hiring during this time of the pandemic, but we are seeing hiring start to open up. Aon’s Pulse Survey showed that businesses with hiring freezes for all industries fell by almost half from April (30%) to June (18%) and are at 13% in July for life sciences. And there are those who are forecasting a boom soon, given the pent-up demand that will be unleashed. We believe that is why building the talent pipeline is the priority for 66% of the companies surveyed recently by entelo.
We are lucky that our industry has not been as hard hit as others, although exact figures for the life sciences are not easy to identify. The Bureau of Labor Statistics predicts that employment in healthcare occupations is projected to grow 14 percent between now and 2028, much faster than the average for all occupations, adding about 1.9 million new jobs. 33 | HS&M JULY/AUGUST 2020
Healthcare occupations are projected to add more jobs than any of the other occupational groups. STEM jobs, as indicated in the July STEM Job Growth Index report by RCLCO, and CapRidge Partners, points out the resiliency. “STEM jobs, with over 70% typically requiring a bachelor’s degree, have fared better than others, with unemployment rates for those with a Bachelor’s degree being about half of the unemployment rates for those with only a high school education (8.4% as opposed to 17.3%).” And some parts of life sciences are growing. Of course, there are all of the products related to Covid: vaccines, diagnostics, PPE, etc., however, it is not just Covid-related companies that are thriving. According to RSM’s July 20th Life Sciences Outlook, while the US was experiencing a Covid peak, eight of the nine companies that went public were in life sciences, and 14 of the 21 companies that announced a planned IPO were in life sciences (none focused on vaccines or treatments specifically related to Covid-19). Private
equity and venture markets were also solid, with private capital continuing a year-over-year increase of 24% from January to May while the rest of the market had a 26% decline. Even before the Covid crisis, this trend was occurring, driven largely by the aging population, which will put more demand on HCPs who treat conditions of the elderly, and those in the assistive care professions – home health aides, physical therapists and others. But now that the whole landscape is changing in response to the healthcare crisis, there are even more changes in the works that will drive the need for different skills and new types of workers. Sales, marketing, IT and other parts of the industry are all in a state of flux, mostly for the better. Medical health records, telehealth, and other areas have been driven to speed up their progress in this era. So whether it is right now or in a few months, we expect a hiring spike. And, as we hire, how can we learn from these trends? The increased amount of remote work
