Overall, the biotech industry is showing signs of recovery and growth, with the number of IPOs increasing and executive hiring on the rise. Jason Hersh, CEO of Klein Hersh, a life sciences and healthcare executive search firm, has observed several trends in the executive hiring landscape that indicate a positive outlook for the industry.
One trend Hersh has noticed is a shift towards smarter and more strategic hiring decisions. In the past, companies were making quick hires without taking the time to thoroughly evaluate candidates. This approach often led to mismatches between the hired executives and the company’s needs. Now, Hersh is seeing companies take a more thoughtful approach to hiring, focusing on finding the right fit for the role rather than rushing to fill it.
Another trend is the rising demand for certain executive roles, particularly in areas such as finance, investor relations, and legal. Hersh has also observed an increased need for executives in clinical development, commercial roles, and specific therapeutic areas like immunology and inflammation. However, he notes that the supply of talent in these high-demand areas may not always meet the demand.
Additionally, Hersh has seen a shift in the way companies are approaching compensation and remote work. While executive compensation saw a significant increase in 2021, companies are now reining in pay growth and scaling back virtual offices. Many companies are adopting a hybrid work model, with employees working a few days in the office and the rest remotely. This shift has also led to companies seeking local candidates for executive roles rather than relocating new hires.
Overall, the trends in biotech executive hiring reflect a market that is evolving and adapting to changing circumstances. By making smarter hiring decisions, focusing on high-demand roles, and adjusting to new ways of working, companies in the biotech industry are positioning themselves for success in the future.
