Defining Great Company Culture in Biotech: What Executive Search Consultants Should Know

It is a guarantee as a life sciences executive search consultant that an initial prescreen with a talented candidate will inevitably include a conversation around “a great company culture.” While we may feel an understanding of what this means, one should have a thorough understanding of company culture in clearly defined terms. 

Additionally, being able to spot a great culture within a biotech company enables talent management to work at its best – fostering enriching, long-term relationships with clients and providing continued job satisfaction for all parties involved.

A biotech organization’s culture shapes a job experience. An unfavorable culture often results in high turnover rates, burnout, unsatisfied employees, and ultimately a less productive organization. Good company culture equates to high job satisfaction, a stimulating environment for employees, clear communication, collaboration, and innovation.

Top talent in the life sciences market will always be seeking good company culture, because these individuals want career progression to be shaped by well-defined challenges. Below, we discuss several criteria that make a great work culture, to help place the best candidates in the best opportunities.

Employee Longevity

Satisfied, engaged employees who feel appropriately challenged stay in their organizations. A high turnover rate is never a good sign when it comes to company culture, and probably points to other signs of a toxic workplace, such as excessive politics, gossip, or lack of acknowledgement with high performance. As an executive search consultant, it’s important to be informed and transparent about an organization’s employee turnover, especially in a smaller company.

Well-Defined Mission & Values

The mission and values of a company must be clearly articulated and communicated throughout an organization, and leadership and employees should embody these values (Biospace, 2022). In addition, amongst teams and within company structure, employees should establish clear objectives and expectations with those they report to and manage. For example, if a candidate works best independently with clear parameters but is constantly being micromanaged, this will not be a good cultural fit. 

When initially introducing an opportunity to a candidate, it is important for consultants to be clear on what the company is trying to achieve and how. This way, as the candidate is stating their most important desirables in a new role, the consultant can already feel if an introduction would be worthy of both client and candidate’s time.

Diversity

It is well understood by now that a diverse team is key to a dynamic, agile, and innovative work culture, where different ways of thinking meet to form creative solutions to the organization’s mission. Great companies embrace diversity in hiring practices, thought, and approach (Biospace, 2022). This is a nuanced skill when it comes to being an outstanding life sciences executive search consultant – we have the power to influence diversity in a team by staying aware of personal bias when conducting a search, using techniques such as more carefully worded job postings, and advocating for the use of certain kinds of technology that remove bias from the screening process.

Present and Approachable Leadership

Employees are much more likely to feel engaged and involved, and take pride in being part of a company when leaders are available, transparent, and honest (Biospace, 2022). It is important that leaders embody the company’s mission and demonstrate their commitment to it through supportive action. In this way everyone feels that they are working toward the same goals, and everyone shares the responsibility in their respective roles for getting there.

As an executive search consultant, thoroughly understanding what kind of leadership team you are working with is essential, as it can be a major draw to the company and ultimately influence a candidate’s decision-making process if they are on the fence between multiple opportunities. The consultant is the first impression of the company and being able to give the candidate an authentic feel into its leadership is one of the most important and influential steps in the hiring process. 

Opportunities for Professional Development

Job satisfaction is highly dependent on how much opportunity employees feel they have for growth, further education, and promotions (Biospace, 2022). A company culture that encourages employees to pursue these opportunities is not enough, companies should allocate budget and resources to ensure professional development is prioritized. An environment that encourages continued education and upskilling also maintains a sense of responsibility within the company to strive for success, and influences those within the company to want to do better.

Many biotech companies with a culture that promotes professional development will have academic roots or founders. These companies may require candidates to go through a more rigorous hiring process, such as giving presentations and multiple interview stages. The candidate should be excited and prepared for this.

Conclusion

Most employees understand what it feels like to be part of a great company culture, but the best life sciences executive search consultants will be able to clearly define and use certain criteria to help a candidate understand the role they are being put forward for, and determine a good cultural fit before getting too far along in an interview process. 

Sources

BioSpace. (5 April 2022). 11 signs of a good company culture. https://www.biospace.com/article/11-indications-of-a-good-company-culture/?s=64