Managing your hiring processes in the life sciences industry can be difficult. Although some roles need to be filled by permanent employees, there are a lot of circumstances when you should consider a contractor instead.
Contract work is becoming more common in all industries, including the life sciences sector. Rather than bringing somebody into the team full-time, you can hire independent contractors who will fill the role for as long as you need them to. It is a more flexible arrangement and it brings a lot of benefits for businesses. Here’s why your life sciences business should consider using contractors instead of permanent employees.
The hiring process is expensive for life science businesses of all sizes but it can be especially difficult to manage for small companies. Although there are many different elements to the hiring process, one of your biggest costs will usually be onboarding and training a new employee. When you hire contract workers, you will be matched with people that already have the necessary skill set. They will still need some guidance, but they won’t usually require as much training, so they can step straight into the role. Because they don’t need to be trained, they won’t impact your hiring budget as much as a permanent employee would.
While conducting a review of candidates for employment, it’s common practice to look at their references or obtain detailed background information. This is a vital step but it can also be time-consuming and expensive. When hiring a contractor, you can conduct less detailed background checks and verify their references more quickly because the staffing agency has already vetted them.
Employee turnover can also be problematic for businesses and contractors offer a great solution here too. If you want to bring somebody on as a contractor and then hire them full-time, later on, you’ll benefit from being able to hire someone that is already familiar with the business without starting from scratch. Essentially, it’s a good way to try out candidates to make sure that they are a good fit before hiring them as a permanent employee, which drastically reduces employee turnover.
You also do not need to offer employee benefits such as medical insurance and 401k contributions to hiring contractors. If you calculate full-time equivalency (FTE) and bring on a contractor to work the same number of hours as a permanent employee, you get the same amount of labour hours for a reduced cost.
As hiring needs fluctuate during the year, hiring contractors can be a great asset to your business. Typically, hiring a contractor allows you to increase or decrease workforce levels as needed without difficulty.
Small businesses, in particular, benefit from hiring contractors over permanent employees because they may not have the budget to commit to hiring somebody full-time. If you find yourself in a situation where you need extra staff but you don’t know how long they will be needed for, contractors are ideal because they are hired on a rolling basis, meaning you can keep them for as long as you need them.
When hiring independent contractors, you are free from the long-term commitments that come with hiring permanent employees. Most life science businesses are constantly evaluating their staffing situation so they know what positions need filling and what skills they have on staff already. Contractors can fill skill gaps for short periods of time and then move on when employment needs change or when the right person for a permanent position becomes available.
This is especially useful for small businesses with limited budgets. You can easily find yourself in a difficult financial situation if you hire a permanent employee and then later find that you cannot afford to pay them. Getting rid of permanent employees can be difficult, but with contractors, you can end your professional agreement whenever you like.
In the life sciences industry, finding good candidates can be difficult because of its fast-paced and ever-changing nature. Jobs require different skill sets as new technology emerges and discoveries are made. By hiring a contractor, you can access specialist skills without making a long-term commitment to an employee.
You can hire skilled specialists for a project and then let them move on when it’s complete. This allows businesses to access a broad range of specialists without hiring employees that will not be needed in the future.
Businesses can be left in a tough spot when employees suddenly fall ill or go on extended leave. This might not be a problem if other employees can pick up the slack, but it may cause efficiency problems if you have too much work and not enough staff to do it.
Hiring an independent contractor allows you to cover gaps created by illness or vacations without making a hiring commitment. You can hire contractors to work for a few days or a few weeks without hiring them full-time simply to fill in gaps and keep productivity at normal levels while employees are out of the office.
You may also prefer hiring contractors if somebody is going on leave for longer periods, as hiring a permanent employee only to let them go after only a short period of time will cost you more than bringing in a contractor.
Contractors can start at short notice so you are not left in a difficult situation when somebody unexpectedly goes on leave.
Biotech Rec is a recruitment that specializes in supplying contractors for short-term or long-term assignments across the life sciences sectors. We provide qualified candidates in a range of sectors including biotechnology, pharmaceutical, medical devices or biopharmaceuticals, with experience levels ranging from entry-level to executive.
We always work closely with our clients to ensure that we fully understand your operational needs, as well as the company culture. This allows us to find the perfect candidate first time, and they will always fit seamlessly into your business.
Contact us today to discuss your staffing needs and discuss the solutions that we can offer you.
