If you work in the biotech industry, you understand the pivotal role Human Resources (HR) plays in ensuring the success of your company. Biotech comes with its own intricacies and nuances — if you don’t have a professional, knowledgeable HR team in place, the foundation of your biotech company could be in jeopardy.
As of 2023, the biotech industry was valued at $1.1 trillion and its growth continues at an exponential rate. However, when considering European expansion for your firm or if your company is a small-to-mid-sized business, outsourcing your HR may be a wise move in the biotech industry.
Discover what you can anticipate when outsourcing your HR, and why HR is a vital component in sustaining the success of your biotech firm.
What you need to know about the current biotech industry
HR outsourcing for biotech companies
How Europe HR Solutions can help
Biotech trends in 2024
Contact Europe HR
What you need to know about the current biotech industry
Although the biotech industry is valuable to the global economy, its path to forward growth is full of complexities.
According to Ernst & Young, the U.S. Federal Trade Commission (FTC) is placing regulatory pressures on the industry which make a solid HR team with an understanding of legal regulations and compliance extremely vital to any biotech company.
Other obstacles facing biotech companies in the U.S., U.K., and Europe may include:
- Patent expirations:
Many valuable patents have expired in the past year, and many are set to expire soon. This makes legal compliance a top priority issue, so that patents can be renewed and important scientific research and development can continue.
- Decrease in FDA approval:
The U.S. Food and Drug Administration (FDA) has slowed down the approval rate of biologic licensing, although the application rate has remained relatively high.
For those launching a biotech start-up, this can mean stagnancy or even business failure before their applications are approved.
- Leadership and growth:
For biotech companies that strategically plan international expansion, the location of company headquarters matters. Although the U.K. is considered a leader in the biotech industry, the industry in the United Kingdom lags behind its U.S. counterpart.
This may make a bid for European expansion more difficult than it is for U.S. based biotech companies.
HR outsourcing for biotech companies
In an industry marked by constant innovation and breakthroughs, small and mid-sized biotech companies face distinct challenges. Navigating the competitive landscape while adhering to intricate regulatory requirements can feel overwhelming.
The HR outsourcing services at Europe HR Solutions aim to empower biotech companies to focus on their core competencies while we handle the intricacies of Human Resources management.
Whether you’re looking for HR outsourcing solutions in the U.S., U.K. or Europe, our team understands the nuances of the biotech industry and possesses a thorough knowledge of regulatory and legal compliance requirements to ensure your HR runs smoothly.
Why strategic HR is vital for the biotech industry
HR functions play a pivotal role in the success of biotech companies. From talent acquisition and development to compliance with complex regulations spanning the US, UK, and Europe, effective HR management is non-negotiable.
Patents, research funding, and regulatory requirements all require top-tier biotech employees and a strong HR foundation. You need to be able to focus on the seamless growth and success of your biotech company.
Outsourcing your HR allows you to concentrate on your mission while ensuring your business remains in legal compliance and meets all regulatory limits. Europe HR Solutions designs our services to seamlessly integrate with the unique demands of the biotech sector, ensuring a strategic and compliant approach to workforce management.
The benefits of HR for biotech
The universal benefits of HR in any profession can include hiring, training, payroll, benefits implementation, and more. However, the needs of the biotech industry make certain HR roles crucial to a company’s success.
The specific benefits of HR for biotech companies can include:
- Talent acquisition:
Attracting, hiring, and retaining high-caliber talent is imperative to research and breakthrough in biotech firms. You need HR professionals who understand the hiring trends and competitive employment offers of the biotech industry.
It’s vital to ensure that very specific job requirements can be fulfilled by potential hires, and that the right onboarding process is in place to ensure employee success and retention.
- Employee benefits:
Talent retention in biotech can be tough as the industry explodes in growth. Offering specific benefits such as financial wellness and paid maternity and paternity leave (commonly offered across the board in many European countries and the U.K., but not necessarily offered in the U.S.), may keep your amazing team intact.
- Comprehensive training:
Ostensibly, even a small or mid-sized biotech firm will employ talent with extensive experience. However, a comprehensive and structured onboard training process will ensure that your employees share your vision and are on the same page in terms of present and future projects.
The challenges of HR in biotech
An outsourced HR team may also be more cognizant of the challenges faced by HR in biotech. A well-seasoned outsourced team has dealt with the obstacles faced by biotech companies, start-ups, and companies that expand to Europe. Thus, these professionals may not face the same challenges as a new inhouse HR team.
Some of the HR challenges faced in biotech include:
- Allowing remote work:
Understandably, lab work and other aspects of biotech may require inhouse workdays. However, the right outsourced HR team can create policies and procedures that allow work that doesn’t require office time to be completed offsite.
This allows any parents you employ to spend extra time with their families, and may also appeal to any talent who appreciate a flexible work environment.
- DEIB:
DEIB (Diversity, Equity, Inclusion, and Belonging) are concepts that are critical for successful growth and talent acquisition. Diversity may get overlooked in the biotech industry, as a diverse talent pool may be difficult to attract.
HR policies and procedures should undergo a consistent audit practice to ensure changes are made to include DEIB. In 2022, a Measuring Diversity in the Biotech Industry report showed that only 38% of current biotech professionals are people of color.
- Employee growth, development, and succession planning:
Top tier talent will stay in place if they feel they have room to grow in, and beyond, their position. If your team doesn’t feel as though there’s room for growth and development with your biotech company, they may look for work elsewhere.
After all, according to Bio.News, job openings in the biotech industry continue to trend upward, and professional opportunities are ripe for exploration.
If you don’t have a strategized succession plan in place, an outsourced HR team can help. It’s vital that you have a line of succession, and employees trained to step up should the need arise.
How Europe HR Solutions can help
If you choose Europe HR Solutions for your outsourcing needs, you’ll receive customized solutions and specific HR support for the biotech industry.
We’ve helped countless small and mid-sized companies, startups, and businesses launching European expansion seamlessly grow and provided the solid HR foundation they need.
We can take care of the details so that you can focus on your big picture.
Our HR outsourcing professionals will also provide the following:
- Ad hoc requests:
The biotech industry requires adaptability and many quick changes. We can take care of your ad hoc requests in a timely manner, and adapt to high pressure situations.
- Create and develop HR strategies:
The biotech industry requires extensive plans for every facet of business. We’re committed to helping you create and develop the best HR practices and strategies to help you sustain success and foster growth.
- Create and audit policies and procedures:
We’ll help you to create effective policies and procedures that create a healthy work environment and adhere to your vision and mission statement. We’ll implement a consistent audit practice that will allow you to see any changes or expansion opportunities within your policies and procedures.
- Legal and regulatory compliance:
The HR outsourcing team at Europe HR Solutions works with a thorough knowledge of local and federal labor laws and regulations of the biotech industry. We will ensure that your talent acquisition and policies and procedures remain within legal compliance to allow your business to work effectively .
- Talent acquisition:
We’ll utilize the latest trends in biotech hiring to ensure your company attracts the most ideal candidates to fill positions, and draw from a deep pool for talent acquisition. We can help with the on-boarding and off-boarding processes, and implement extensive training programs as well.
Biotech trends in 2024
Trends in the biotech industry continue to evolve and grow at a rapid rate. Whether you choose to outsource your HR or build an inhouse HR department, it’s vital that these professionals understand the latest biotech trends.
Some of the 2024 trends emerging in biotech include:
- AI and machine learning
- Biopharmaceuticals
- Gene editing
- Multiomics
- RNA-based therapeutics
Contact Europe HR
Europe HR Solutions understands how crucial HR is to the foundation of any successful business. We know that biotech companies face specific challenges and HR needs, and we know how to meet those needs,
HR outsourcing for the biotech industry requires professionals who can provide customized, innovative solutions, adapt to a fast-paced environment, and comply with the laws and regulations surrounding biotech,
Your HR is our greatest priority, and we will offer you the support and knowledge you need to ensure your small to mid-sized biotech company can grow and maintain success.
Connect with us today for a free consultation and check out our blog for the latest HR insights, tips, and trends.
