It’s not every day that an executive role opens up in your company. It’s easy to assume that finding the right candidate for an executive position will generally take the same shape as filling any other open role—but that couldn’t be further from the truth.
When you’re looking to fill an open executive role at your life sciences, biotechnology, or pharmaceutical industry organization, stakes are heightened by two factors: (1) the level of the position you’re recruiting for and (2) the specialization and unique competencies required within your industry. Because of these factors, your recruiting efforts won’t be like other organization’s standard processes.
In this post, we’ll share three of the secrets to life science executive recruitment. These are lessons you can take in at any point in your search–or even before your search officially begins–in order to prime your team for the journey ahead. We’ll also show you where to turn for specialized help and guidance while you’re making a decision.
1. Doing the background work is key to narrowing your search.
When you’re finding the right fit for an executive position, to say that making the correct decision is critical to the success of your organization is an understatement. Doing a bit of background work will go a long way to help you narrow your search. To accomplish this, gather your existing leadership team (including your C-suite and board members) and go through a few key questions as a group. Consider the following:
- Why is filling this position necessary for our organizational success?
- What is the ideal timeline for filling this role, and why is immediate hiring necessary?
- What will the ideal candidate add to or change about the organization?
- In which direction would the ideal candidate take the organization?
- How do we want the ideal candidate to interact with current business leaders within the organization?
- What does it mean to excel in this role? What does it mean to be a great [title to be filled]?
- In other organizations within our industry, who do we admire who has the same title or job function as our open role?
- What experiences, skills, and connections will the ideal candidate for this role possess and be able to leverage in their tenure with us?
Memorializing and agreeing on answers to these “homework” questions together can help your current leadership narrow its focus and define a set of strategic search methods.
2. Determining what your wish list is and defining what your non-negotiables are helps you identify the perfect candidate more quickly.
When you’re searching for an executive, the narrower you can make the search, the better. Unlike hiring for entry level or even middle management positions, there are very few candidates who are qualified or able to step into your open role. This is a good thing—because of this, you’ll know exactly who you’ll want to go after.
If you don’t already have them, you need to set clear parameters around what you’re looking for. This includes past titles an individual has had, the length of time they’ve held certain positions, the years of experience they have in a relevant industry, and so on. It could also include unique experiences, like helping merge operations between companies, supporting transformative innovation, or taking a company public.
There is, of course, such a thing as narrowing your search too far. For an executive, board member, or other higher-up manager, certain items may not matter as much as others.
Consider dropping hard boundaries surrounding items that can be changed, like location, and easing must-haves like particular bachelor’s degrees. The more experience an individual has in the industry, the less important formal education can become. While you might maintain that a bachelor’s degree is a general requirement, consider removing the requirement of possessing a degree in a related field.
Another key item to keep in mind is that in the life sciences, biotechnology, and pharmaceutical industries, the experience you’re looking for may not exist yet. This is especially true if you’re looking to take your organization in a direction no competitor has gone or develop a product that is fully new to the market.
3. Involving a professional (and industry-specific) executive search consultant early in your search is the best choice you can make.
When you’re looking for a diamond in the rough, you need all hands on deck. Your operations can’t slow just because you’re looking for a new team member. Delegating most aspects of the search to an experienced team of executive search consultants can put you ahead of the game without requiring a significant expenditure of time and resources.
If you’re able, you should strongly consider partnering with a boutique and highly-specialized headhunter or executive search firm. The search consultants at these firms know the talent landscape well because they’ve interacted with many of the candidates before and can speak to their qualities personally. Boutique, specialized firms often bring better results than large recruiting machines and at more affordable prices.
Bringing a headhunter or executive search consultant in early ensures they’re able to get a feel for the culture of your organization, its leadership, and the team the executive will ultimately lead. To the extent you can, integrate your headhunter or executive search consultant into your hiring team. These individuals know the qualities that have made good matches at other organizations across your industry and can provide the same insights during your search.
Cornerstone Search Group: Your Life Science Executive Recruitment Experts
The life sciences talent landscape is competitive. When you partner with Cornerstone Search Group, you gain an edge over your competitors. Cornerstone can help you tap into a deep network of specialized and senior talent, matching you with the team members who will help you take your organization to the next level.
Start a conversation with us today to learn more.
