Distinguishing Recruitment from Talent Management: Why the Latter is Necessary in Today’s Life Sciences Industry
Distinguishing recruitment from talent management is an important aspect of the work we do as life sciences executive search consultants here at BayBridge. In a biopharma industry with a booming market, there is intense competition between candidates, and high pressure on clients to offer attractive incentives for talent beyond title and compensation (Parratt, 2021).
The interview process has also changed significantly over the past few years, with remote meetings and interviews standard procedure. This combination of digital communication and intense competition can leave candidates feeling dejected in the hiring process. As talent managers, our aim is to make the interview and onboarding process personal, communicative, and supportive for both candidates and clients.
There are a few key aspects to distinguishing recruitment from talent management that will be outlined in this article. Firstly, building a relationship of trust and openness with candidates in the hiring process. Second, cultivating patience and diligence throughout the hiring process. And finally, staying engaged with candidates and clients to keep the focus on long term, rather than short-term reward.
A relationship of trust and openness may be the most important thing distinguishing recruitment from talent management. Although there are many benefits to virtual interviews and onboarding processes, remote communication tools can easily start to feel transactional and impersonal, which is exactly what today’s candidates do not need or want (Parratt, 2021).
Most of us have learned by now that we can’t read or interpret expressive or verbal cues as well through a screen as we can in real life. This means that listening, curiosity, and genuineness must be constantly reinforced in the consultant-candidate dynamic. Additionally, getting a feel for company culture and genuine interactions with potential colleagues can be more challenging for candidates, which makes honest, open communication in a hiring process essential for talent mangers acting as the liaison between client and candidate.
To establish a good foundation for a trusting relationship and clear communication, a talent manager is completely transparent about the job role, and makes sure the client also understands the big picture of a company’s vision, missions, and culture. Today’s top talent wants to be part of building something they believe in, and wants to see that in action (Parratt, 2021). The best talent managers understand and anticipate this mindset, and emulate it in their own firm’s culture through challenging the current status quo in recruitment. It matters how perfectly suited both candidate and client are to each other, it’s not about simply filling a role without understanding why both parties will have mutually benefitted, and flourished. Working genuinely in this way ensures talent managers are building and upholding trusting relationships, whilst building pools of top talent.
We’ve all heard patience is a virtue, and this is a saying that holds up in a talent management approach. The best talent managers know that a process can’t be rushed. Strategically in the candidate’s career timeline, it may not be wise to make a move, or the candidate may be anticipating a career change in the next 6-12 months. If it is right to make a career change, a candidate will need to feel that they have been given ample opportunity to speak with all members of a team to get clear on their fit in the company culture, ensure the company’s mission and vision aligns with their own, and to negotiate a competitive salary plus other bonuses and benefits.
To maintain success and enthusiasm, talent managers must invest in building long-term relationships with clients and candidates, ensure communication lines stay open to develop a “pipeline” of placement opportunities, and always stay up to date with their market or niche to capitalize on new trends and developments that may pique the interest of individuals in their respective talent pools.
Staying engaged with clients and candidates keeps focus on long rather than short-term reward. One of the things distinguishing talent management from recruitment is learning how to skillfully retain talent – stay interested and invested in their growth process, transitions, and movements. Building loyal professional relationships with clients and candidates is a give and take process, and in the beginning a talent manager will be investing more of their time and energy than reaping an immediate financial gain. At first this process may seem tedious or slow moving, but establishing oneself as a trusted talent manager over time will have an immense payoff, both monetary and with the satisfaction of knowing you are placing talented individuals in needed positions which will help make next generation therapies available to patients who need them.
BayBridge has a wealth of experience in the talent management approach to life sciences executive search. Please get in touch with one of our expert life sciences consultants today to learn more.
References
Parratt, A. (1 November 2021). Hire like a candidate: Courtesy is your differentiator. Life Science Leader. https://www.lifescienceleader.com/doc/hire-like-a-candidate-courtesy-is-your-differentiator-0001
