Pharma poaches tech for talent

It was hard enough for big pharma and tech companies to find and keep coveted talent, but the game has changed and become even more difficult. As big pharma companies look to improve their R&D and technical capabilities, they've crossed industry lines and are now pursuing those candidates once thought to be only desired by the tech industry.

What does that mean for both industries?

For talent mobility, it means companies will have to be even more competitive when it comes to job and compensation structures and global mobility benefits. Pharma has always been viewed as having relatively rich mobility benefits since specialized talent was always in the driver’s seat.

Historically, the tech industry has not been as generous as pharma with mobility benefits. However, with pharma's poaching of top tech talent, this could require some tech companies to reevaluate their stance to keep their candidate pool from straying across the industry lines.

Companies in both industries should ensure their talent acquisition teams are tracking and reporting their candidate conversion rates to determine where their losses are occurring, and why.

As the talent marketplace continues to evolve, regular mobility policy reviews should take place to ensure old/existing policies are competitive - not just for your industry but for others - and meeting the needs of your workforce and business strategies.