The pharmaceutical industry poses some of the toughest competition for talent globally. The field requires highly specialized skills and expertise, among other factors. And when an organization is searching for the right executive, the pressure only compounds.
Recruiting for these high level pharma roles isn’t impossible, but companies do need the right headhunter(s) on their side. With an experienced recruiter who has dedicated years to building their network within the industry and locating candidates in the niche areas of sciences industries, recruiting can actually be an enjoyable and rewarding process.
In this article, we’ll discuss the top issues facing pharmaceutical companies when it comes to recruiting the perfect executive for an open role. More importantly, we’ll cover a few of our tried and true solutions at Cornerstone Search Group—tricks of the trade that have guided us for over twenty years.
Consider internal hires for promotion.
This may go without saying, but there’s no harm in beginning the search for your next executive internally. If an employee shows promise and has deep experience that would qualify them for the role, you may already have the perfect candidate for the job right under your nose.
Internal promotion is one of many strategies to consider. Some research suggests that employees who believe there are internal opportunities for growth, development, and promotion within their current firm are more likely to work hard in their current role and maintain longer tenures. It could take just a few “examples” of significant internal promotion to motivate many of your team members to re-dedicate themselves to your organization’s long term success.
If you’re considering promoting an internal employee but are worried about their lack of experience in such a high leadership capacity, leadership development is always an option that is available. With the right training programs and help from experienced executive coaches, leadership development can build an internal hire into an executive who can do accomplish great things at your company. If you are interested in this option, Cornerstone Search Group can provide executive coaching and ensure that your new internal hire is bringing your business true value from day one.
However, internal promotions aren’t always an option, especially for specialized executive roles in the pharmaceutical industry. In these positions, there isn’t a lot of hand-holding or mentorship available for new executives—rather; they’re expected to hit the ground running and immediately add value to their organizations.
Further, many, many pharma companies are looking for executives who can expand horizons for their company, including via new introductions, new ideas, and access to other information and players in the market. If this is what your organization is expecting to gain from a new hire, promoting internally may not be the route for you. Instead, consider working with an experienced pharmaceutical industry headhunter to unlock talent that can inject new opportunities into your organization.
Know what the right candidate must bring to the table
Defining what your candidate must bring to the table is a key step in landing the perfect fit for your organization. When it comes to recruiting a high level executive, the “I’ll know it when I see it” approach simply won’t cut it.
Think hard and consult with all stakeholders regarding what you want your executive to be able to do for or bring to your company. While you should be willing to compromise to some extent for the right candidate and, in general, keep an open mind throughout the process, it’s advantageous for you to stick to your nonnegotiable so you don’t end up making a hiring mistake that you find it tough to walk back from.
Does your executive need to have certain experience or education, i.e., experience with regulations, merger and acquisition activity, or initial public offerings? Are you searching for a visionary executive who can make strategic calls for your company’s new projects? How important is cultural and personality fit to the rest of your executives and/or your board? The defining characteristics of the perfect executive are endless, but you’ll need to pick the ones that matter most to you in order to refine and tackle your search.
Find a pharmaceutical industry headhunter with deep experience in and connections
Here’s some good news about finding your newest pharma exec: you don’t have to search alone—in fact, with the options available today, you shouldn’t.
The most effective solution to your search is to partner with pharmaceutical executive recruiters. The best recruiters take the time to understand exactly what you’re looking for on paper, and then help translate those asks by locating an individual who not only brings all the necessary hard skills to the table, but also matches your culture. And thus, the perfect match is made.
It’s important to not just partner with any search firm. For high level roles, especially managerial employees and executives, deep experience in the pharmaceutical industry is absolutely critical to success. An established head hunter can connect you with individuals who may not be actively looking for new positions but are nevertheless a near perfect match for what you’re looking for.
Cornerstone Search Group: Your Solution For Pharma Executive Recruitment
The pharmaceutical industry talent landscape is competitive, and the search for an executive only turns up the heat. 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 hard-to-find talent. We can introduce you to individuals who may not be on the “open market” looking for a job but who trust our recruiters when high-profile leadership roles become available.
Our well-connected headhunters are excited to get to work finding the executive that will take your biotech firm into the future. Start a conversation with us today to learn more.
