How To Attract Top Talent with Purpose-Driven Employer Branding in the Pharma Industry

The pharma industry is on a bull spree with its market size expected to touch $130 billion by 2030. The annual 10% growth rate further indicates the industry’s massive potential while also underlining the need for pharma companies to hire high-caliber candidates to be a part of this growth phase.  

While boardroom discussions to attract top-quality talent have long focused on pulls like competitive compensation and culture building, new initiatives like diversity and employer branding are witnessing increased interest. 

More than 67% of firms are already considering employer branding as a strategic recruiting technique to obtain a competitive edge and attract top talent. In this article, we will explore the benefits of employer branding and delve into how pharma companies can stand out as employers of choice.

1. Attracting Top Talent 

80% of talent acquisition managers believe employer branding plays a significant role in the ability to hire top talent. With the industry’s pivotal role in global drug supply chains and healthcare accessibility, companies can leverage their employer brand to attract high-quality talent across core functions like R&D, drug development, quality assurance, and distribution. 

2. Retention of Key Employees 

What’s more important than hiring top talent is retaining them. A compelling employer brand fosters a sense of pride and commitment among employees, reducing turnover rates and ensuring continuity in critical roles. 

3. Cost Savings 

A strong employer brand can reduce the cost per hire by as much as 50%. By effectively highlighting the company values and goals, companies stand a better chance of seamlessly attracting candidates who are aligned with the company’s goals and values. An approach like this can help companies reduce recruitment costs, find better job-candidate matches, and minimize the risk of costly hiring mistakes. 

4. Enhanced Reputation 

Reputation is paramount in the Indian pharma industry, where trust and credibility are essential for regulatory compliance and market acceptance. A positive employer brand not only attracts top talent but also enhances the company’s reputation among regulators, healthcare professionals, and patients. 

Let’s explore how leveraging purpose-driven employer branding can elevate talent acquisition strategies in the pharmaceutical sector.

1. Audit Your Employer Brand

Before kicking off your employer branding initiatives, conduct a comprehensive audit of your current employer brand. Evaluate how your company is perceived by both internal and external stakeholders, identify strengths and weaknesses, and pinpoint areas for improvement. 

Seek feedback from employees, candidates, and industry experts to gain valuable insights into your employer brand’s effectiveness. After the audit, start working towards building a strategic roadmap for enhancing the employer brand.

2. Crafting a Compelling Narrative

In today’s competitive talent landscape, a compelling narrative is not just a luxury but a necessity for attracting top talent. Research indicates that 75% of job seekers prioritize a company’s brand when considering employment opportunities. 

For pharmaceutical companies, this narrative transcends mere profit margins; it speaks to a higher purpose—advancing healthcare, driving innovation, and making a meaningful difference in people’s lives. Crafting a narrative rooted in the organization’s mission, vision, and values can captivate potential candidates, inspiring them to choose your company over competitors. 

3. Leverage Content to Tell Your Story

Content is a powerful tool for conveying your employer brand’s narrative and values to potential candidates. Develop a content strategy that highlights your company’s mission, vision, and culture through engaging and authentic storytelling. 

Use various mediums such as blog posts, videos, social media, and employee testimonials to showcase what makes your organization unique. By leveraging content effectively, pharmaceutical companies can effectively communicate their employer brand to a wider audience and resonate with top talent seeking purpose-driven opportunities.

4. Thriving Online Presence

A robust online presence is indispensable for pharmaceutical companies looking to attract top talent. Potential candidates often research companies across various online platforms before making career decisions, making it imperative for organizations to cultivate a strong digital footprint. 

You can kickstart your online presence by optimizing the company’s website and social media profiles, ensuring they reflect the organization’s values and culture. Share engaging content that showcases employee achievements, cultural initiatives, and industry insights to humanize the brand and attract talent. Interacting with industry-specific communities and fostering online engagement can further help you enhance the company’s visibility and appeal to prospective employees.

5. A Positive Hiring Experience

A positive hiring experience is paramount for building a reputable employer brand in the pharmaceutical sector. Every interaction a candidate has with your company—from the initial application to the final decision—shapes their perception of your organization. 

Transparency, efficiency, and respectful communication should underpin every stage of the hiring process. Ensure candidates receive consistent updates and constructive feedback, regardless of the outcome. By prioritizing the candidate experience, pharmaceutical firms can leave a lasting impression, even on those not selected for positions, thereby enhancing their employer brand and fostering goodwill within the talent pool.

6. Embracing Diversity and Inclusion

Research indicates that inclusive teams are over 35% more productive, while diverse teams make better decisions 87% of the time. To attract top talent, pharmaceutical companies must implement policies and initiatives that promote diversity at all levels of the organization, from recruitment and hiring to career development and leadership opportunities. 

The workforce of today seeks such stimulating and dynamic workplaces and by embracing diversity, pharmaceutical firms take a natural step towards building a stronger employer brand. With a diversity-focused mindset, companies can tap into a wider talent pool, drive innovation, and enhance employee engagement and retention.

7. Seek a Vote of Trust from Existing Employees

Your employees are your best brand ambassadors. Engage with existing staff members to gain their buy-in and support for your employer branding initiatives. Encourage employees to share their experiences and insights on social media, participate in employer branding campaigns, and refer potential candidates to open positions. 

By involving employees in the employer branding process, pharmaceutical companies can amplify their brand message, enhance employee morale, and attract like-minded talent who align with the company’s values and culture.

8. Leveraging Data-Driven Insights

In today’s data-driven landscape, recruitment analytics offer invaluable insights for optimizing talent acquisition strategies in the pharmaceutical industry. By harnessing data on hiring trends, candidate preferences, and employee feedback, companies can refine their employer branding efforts to better align with market dynamics and workforce expectations. 

In the high competition pharmaceutical industry, securing top talent is pivotal for driving growth and innovation. Employing purpose-driven employer branding strategies not only attracts skilled professionals but also fosters a sense of pride and commitment among employees. By crafting compelling narratives, enhancing online presence, and prioritizing positive hiring experiences, companies can position themselves as employers of choice and pursue growth targets more confidently.

As Ganesh Kuppuswamy, Head of Global TA Programs & Initiatives, at UST stated, “Recognizing the importance of domain expertise, recruiters will engage in self-learning courses for new technology skills. Moreover, an emphasis on employer branding and distinctive conversations will be pivotal for our Talent Acquisition strategy.”

The India Decoding Jobs Report 2024 provides recruiters working in the pharmaceutical industry with the latest industry insights to craft a robust hiring strategy. These insightful suggestions and new developments for 2024 enable pharma recruiters to act swiftly and strategically, equipping the workforce and corporate culture against the problems of the future. 

The report has been meticulously prepared based on in-depth surveys and interactions with experts from the industry, government, and academia, and serves as a go-to reference point for recruiters across India. 

To download your exclusive copy of the report, click here or write to us at contact@taggd.in.