TSP, A Syneos Health Company Navigate The Remnants Of A .

TSP, a Syneos Health companynavigate the remnants ofa pandemic and combat theevolving talent marketA review of 2021, with a 2022 forecast

navigating theremnants of apandemic marketAs we’re working through the first quarter of2022, we find ourselves seeking to discover theopportunity to inch back from the shock wavesthat hit the labor market two years ago and hasboldly lingered, changing the expectations oforganizations and talent pool alike.While job growth hits record highs, qualifiedand engaged talent continues to diminish fromthe talent pool. Finding the right talent for openroles poses a challenge in the Healthcare andLife Sciences industry. Record quit rates arecreating a candidate-driven market, allowingqualified talent to be particularly selective whenlooking for new opportunities.In 2021, many sectors experienced job growthand picked away at the high unemploymentrate, all while battling considerable volatility inmonth-to-month readings. However, we haveseen a shrinking candidate market, with morethan 15 million resignations since April 2021.Two million women and diverse talent left theworkforce. According to iCIMS, the healthcaretalent market is seeing applications dropping12-19% with job openings up 33-44%, creatingsignificant pressure on the labor market.What does this disconnect between openjobs and hirable talent mean for the currentlabor market? Let’s take a deeper dive into thepast year.1

employees are leavingthe work forceWe are finding that workers are quitting theirjobs at a remarkably higher rate with an all-timehigh of 3.4 percent. Just in December 2021,4.3 million individuals quit their jobs – a slightdecrease from the 4.5 million people that quit inOctober, according to SHRM. This tendencycontinues a months-long streak of monumentallyhigh turnover.Workers have been taking advantage of strongdemand, looking for jobs with better pay andworking conditions. Indeed Hiring Lab shares“open roles in these areas provides significantlystronger bargaining power for candidates andemployees, which will likely feed into strongwage gains in the coming year. In 2021, theaverage pay jumped 4.7 percent. If we continueto see a quits rate near 3 percent, we may seemore of the same in 2022.”In addition, the pandemic has given employeesthe opportunity to reevaluate their careers andreconsider what is important to them when itcomes to their jobs. According to Jobvite’s 2021Job Seeker Nation Report, “35% of workershave/would decline a job offer requiring them towork full time on location, in an office, or at aworksite.” Workers are now wanting theiremployers to make a positive effect on society.They are looking for companies whose goalsalign with their personal values.It is also crucial to consider our aging workforce.Statista and Recruitics state that 21.45% of thepopulation are baby boomers. These employeesare predicted to age out of the workforce withinthe next 10-15 years. This group falls into thehigh-risk category in regards to COVID-19,creating reluctance about returning to work asnormal. With significant experience under theirbelt, they are not easy to replace.2

job growth andunemploymentThroughout 2021, an average of 537,000 jobswere created each month, with 467,000 inJanuary 2022. The unemployment rate fell from6.3% in January 2021 to 3.9% by year’s end.Additionally, “the number of people filing first-timeclaims for weekly unemployment benefits fellbelow 200,000 and ended the year close to thatthreshold,” according to U.S. News. Theseimprovements are hopefully signs of what’s tocome in 2022 from a job growth perspective.In December 2021, private job growth rose to itshighest level in seven months, as expressed byADP. The private sector added 807,000 jobs,well exceeding estimates for the month.Throughout 2021, the United States addednearly 7 million jobs, as employees have foundopenings for work in the recovering economy.Indeed Hiring Lab claims that workers havecontinued to switch jobs due to the many opportunities in the current labor market.While the upsides to new job creation areunmistakable, the labor shortage has led tosignificant strains on the economy. Unfilled rolescreate inefficiencies, issues with production, andultimately create a market that isn’t performingat its optimal level. A survey of local chamber ofcommerce leaders by the U.S. Chamber shows90% agree that labor shortages are limitingeconomic growth.Job openings in health services increased 24% month-over-month (July-August 2021), and areup 63% since the start of the yearOpenings 63%60%45%Hires 42%30%15%Applications t

predictions and forecasts for the remainder of 2022As we continue into the first quarter of 2022, things aren’t looking quite as bleak as they were in 2021.The unemployment rate is showing promising progress. Currently, the U.S. unemployment rate sits at4%, surpassing all projections of private and government economists. Generally speaking, 4% andbelow is considered full employment. The Federal Reserve predicts seeing an unemployment rate of3.5% by the end of the year, matching the rate of February 2020, just ahead of the coronaviruspandemic, according to BLS.“With labor force participation up over the year and long-term unemployment continuing to decline,America is getting back to work,” Labor Secretary Marty Walsh said in a .961.861.761.661.661.5Apr 202162.2Jul 2021Oct 2021Jan 202261.4The data shared by BLS shows that, interestingly, while the unemployment rate has continued to fall,the labor force participation rate barely moved throughout the third and early fourth quarters. We did,however, see a spike in January 2022, which may be indicative of an upward trend. We are currentlyexperiencing a rise in wages, but not enough to offset the 7% rise in inflation. With job growth andrecord-high job openings added each day, job openings remain well above pre-pandemic levels.Many of these trends are expected to linger into at least the first half of 2022, but economistsare hopeful that if the virus is under control, labor supply will start to normalize later this year.4

how can you find talentin this market?Given the current state of the labor market,finding qualified talent for organizations is achallenge, but there are ways your organizationcan combat this dilemma. Consider the valuesof your organization and people, and act onthem. Pharmaceutical companies are workinghard to improve the quality of life for peopleacross the globe, but workers are still waitingon widespread change in the following areas,according to PharmiWeb.Jobs: Sustainability/Environmental Impact DE&I Prioritization Mental Health Support in the Workplace Gender and Income Inequality in theworkplace.To retain talent from Millennials and Gen Z,employers must show employees and possiblecandidates their level of empathy for workersand society as a whole.In addition, employees are looking for training,development, and career growth from theiremployers. Data from a 2021 HowNow surveyshows that 52% of UK-based professionalshave not received training since the onset ofthe pandemic and less than 25% of workershad been promoted. Employee retentionrequires adequate development and growthopportunities.The Life Science job market is more candidate-driven than ever before. Companies must domore to compete for talent. Whether it iscompensation, flexibility/work-life balance,benefits package, or your social responsibilityinitiatives, find what makes your organizationstand out and emphasize on it internally andexternally.5Are you looking to grow your Life Scienceteams in 2022? TSP advances the Healthcareand Life Science industries through our innovativetalent solutions for growing organizationsthroughout North America and Europe. Ourclients trust to find the right teammates – andbuild the right teams – to help them achieve theirtalent acquisition goals.

help your orgcombat theeverchangingtalent marketDue to the current state of the labor market, it iscrucial that organizations speak to candidatesin a way that resonates with them.Workers younger than 35 place more value onrespect than office perks. Research suggeststhat companies should invest more in trainingmanagers to communicate respectfully andnurture employee wellbeing, rather than kittingout offices with trendy new accessories.Additionally, workplace transparency is crucial.Implemented properly, increased transparencycreates trust between employers and employees,helps improve morale, and lowers job-relatedstress while increasing employee happinessand boosting performance. When this happens,talent within organizations will organically attractnew and passive talent through their brandambassadorship on social channels.According to Glassdoor, the top three areas tofocus on for candidate attraction are: Flexibility to achieve better work-life balance Alignment on values so employees canfeel more engaged Focus on well-being so employees canthrive on and off the clock6

what yourorganization can do1. Re-evaluate your perks.Vending machines & gym memberships may notentice anymore. What does your culture enableor allow that can support flexibility and totalwell-being?2. Update your messaging to reflect the partsof your employment value proposition thatspeak to what the current talent market values.If your Employer Value Proposition was createdpre-pandemic, it may be time to reevaluate foraccuracy and relevance through internal focusgroups that gauge for employment brandthemes, values, and more.73. Launch social media campaigns thatnurture the needs of the market – but only ifit’s true. Refer to #4.Speak directly to the needs of candidates. Runcampaigns that alleviate their concerns about acareer change, i.e., “We know that you’llperform better at your job if childcare isn’t aworry, so we’ll make sure it isn’t.”4. Transparency internally and externally willtake you far.Direct messaging, open dialogue, & marketconcerns will establish trust. “We know thingsare changing, and we want to hear yourperspective,” will take you far.

5. Train your Hiring Managers!Hiring Managers can make or break the candidate experience. Empowering them with theright toolkit, increases the candidate experienceand acceptance of offers.6. Adjust your hiring process to adhere tooverall desires of the marketA ridged or even traditional interview processmay not exemplify a company that is flexible orfocused on well-being. In other words, “Put yourmoney where your mouth is.”7. Consider the “why” behind in-officepositions and evaluate if the role can operatesuccessfully in a remote office.Has it always been that way? Can’t it be doneanother? Remote positions have shown to beproductive, encourage work/life balance anddemonstrate your EVP.how to differentiateyour brand Know your story and know how to tell it,companywide! Focus on candidate experience throughonboarding experience: What more can wedo to engage candidates throughout theprocess? Simplify the interview process: How canwe help Hiring Managers & Candidatesdiscover more, sooner? Create custom videos and content in a“cutting to the chase” voice with companystakeholders, to demonstrate transparencyfrom the top down.8

contactsAngie Aldinger, VP, Business 87.5603Interested in taking your employer brand tothe next level, while improving your candidateexperience and on-boarding process?Mike Gamble, -7811tspSTORYTELLER is the true provision ofstrategy, messaging, and the delivery of creativesto our clients to bring life to their Employer ValueProposition in the candidate market. This is adifferentiator for your recruitment process, thatpositions your brand as one that cares aboutcandidates in a deeper way.10