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The enhanced thrust on healthcare for all through government-recognized schemes and private enterprise support, along with a rising focus on India as a reliable manufacturing hub, is set to double the market valuation of the pharma industry from approximately $65 billion in 2024 to almost $130 billion by 2030.
The industry is witnessing a watershed moment as India aims to completely localize its supply chain and scale its R&D efforts to offer better product options to Indians while also strengthening its export dominance.
As the industry matures and develops more complex medicines, there is a growing need for specialized talent who can support the ambitions of Indian pharma companies to develop world-class products and expand their market footprint. This requires recruiters with deep domain knowledge across multiple business functions, such as product development, Industry 4.0 manufacturing principles, operations, and sales, to successfully filter niche talent.
Building an in-house team with such capabilities not only entails a longer time period but may also prove unfeasible from the cost perspective. Indian pharma companies have been increasingly using RPO services since the last few years to provide better candidate experience, avoid bad hires, achieve efficiencies of scale, and reduce time to fill positions.
Here are eight reasons how recruitment services provided by RPOs can assist the pharma industry in hiring niche talent:
8 Reasons Why Pharma Industry Relies on RPOs for Niche Hiring
- Access to Wide Talent Pools of Specialized Talent
RPO services provide access to a vast network of candidates with specialized skills that are critical to the pharma industry. Whether it’s biochemists, regulatory affairs experts, or advanced data analysts, RPOs have established connections and talent databases that significantly broaden the search for the right talent. This extensive reach ensures that pharma companies can find candidates who not only meet their technical requirements but also bring diverse experiences and innovative ideas to the table.
- Enhanced Candidate Experience by Personalizing the Process
The recruitment process can be overwhelming for candidates, especially those in niche fields. RPOs excel in creating a personalized and engaging candidate experience. They understand the unique needs and motivations of specialized talent and tailor their recruitment processes accordingly. By offering clear communication, timely feedback, and a seamless application process, RPOs enhance the candidate experience, making top talent more likely to accept job offers.
- Reduced Time to Hire
Vacant niche roles can lead to project delays and lost revenue opportunities. RPO services streamline the recruitment process through efficient candidate sourcing, screening, and selection methodologies. Their expertise and established processes significantly cut down the time required to fill positions, ensuring that critical roles are filled promptly, thus ensuring that important business functions are well catered to by able employees.
- Cost Efficiencies
Maintaining an in-house recruitment team with the expertise to hire niche roles can be prohibitive as it entails significant fixed costs. On the other hand, RPOs offer a cost-effective alternative by leveraging their industry knowledge and economies of scale. They provide end-to-end recruitment solutions, from candidate sourcing to onboarding, at a significantly reasonable cost of an in-house team, while taking full accountability for results. Additionally, their insights across various industries and business functions also make it easier to hire from other industries without looking for other partners.
- Scalable & Flexible Service Delivery Models
The needs of the pharma industry can vary significantly depending on project phases and market dynamics. RPOs offer scalable and flexible service delivery models that can adapt to these changing needs. Whether a company requires a full-scale recruitment campaign or support for a few critical positions, RPOs can adjust their services accordingly. This flexibility ensures that pharma companies have the right level of recruitment support at all times, without overcommitting resources.
- Ensure Culture Fit
Hiring for niche roles is not just about technical expertise but also about finding candidates who fit well with the company’s culture. RPOs invest time in understanding the organizational culture of their clients and incorporate this understanding into their recruitment processes. By aligning candidates’ values and work styles with the company’s culture, RPOs help ensure long-term employee satisfaction and retention.
Read Now: 5 Best Practices for Assessing and Hiring a Culture Fit Candidate
- Take Care of Multiple Compliances
The pharma industry is heavily regulated, and compliance with various local and international regulations is non-negotiable. RPO services bring a deep understanding of these compliance requirements and integrate them into the recruitment process. From ensuring that candidates meet regulatory qualifications to handling complex documentation, RPOs manage compliance efficiently, reducing the risk of legal issues and penalties for their clients.
- Strong Industry Insights and Best Practices
Modern RPOs possess a wealth of industry insights and best practices that they bring to the table. They stay abreast of the latest trends in the pharma industry, such as competitor policies, emerging skill sets, evolving employee preferences, and competitive salary benchmarks. This knowledge allows them to provide valuable guidance to pharma companies, helping them make informed decisions about their recruitment strategies and stay ahead in the talent market.
