2023 MedSci trends that hiring managers need to be ready for

How can employers continue to attract and retain top talent in the industry?

A person in a lab coat looks into a microscope

The MedSci industry is critical to the US economy, driving advancements in healthcare and technology that impact the lives of millions of people every day. As the industry continues to grow, employers must stay up-to-date with the latest developments to attract and retain top talent. Below, we look at the top trends impacting the field in 2023 and beyond.

A slow return to normal

The pandemic overloaded and slowed down much of the medical field, resulting in slower testing, remote appointments, and longer wait times for most procedures. In mid-2022, most clinics and practices started opening their doors to in-person appointments again. This has led to a spike in the demand for certain services.

As more patients meet their doctors face to face, common blood work and other tests are being ordered, meaning a pre-pandemic spike in workers needed in offices and in the labs running those tests.

Wages and worker expectations

COVID-19 had a significant impact on wages, with many healthcare workers earning more during the pandemic due to such high demand for their services. Worker shortages continue to elevate wages, while some pharmaceutical dispensers have limited operating hours or invested in automation and robotics to lower costs.

Employers must be mindful of worker expectations and strive to provide competitive wages and benefits packages to attract and retain top talent. (Our new Cost of Living Calculator is a great place to start.) Unemployment in the industry is incredibly low, so failure to provide competitive pay may result in increased turnover, higher recruitment costs, and a negative impact on the quality of patient care.

Skills gaps in an evolving industry

One of the biggest challenges facing the Medical and Science industry is the growing skills gap for specialty roles. As the industry continues to evolve, employers are finding it increasingly difficult to find and hire qualified professionals who possess the specific skills and expertise needed for niche positions.

This is further exacerbated by the fact that the required skills for these roles are constantly evolving, and professionals must stay up-to-date with the latest developments in their field. As a result, employers should be proactive in identifying these gaps and investing in upskilling current employees, as well as in recruiting and training new hires with the necessary skills to meet the rising demands of the industry. Failure to address this issue could result in significant talent shortages and unsustainable competition for certain candidate profiles.

Labor shortages are still a problem

The US has been hit particularly hard by labor shortages created by the pandemic, with nursing being one of the most affected sectors. Nursing school enrollment is not meeting the urgent need for qualified candidates. The Bureau of Labor Statistics estimates that just 195,400 nurses will join the workforce by 2031, while 203,200 job openings for Registered Nurses are expected annually until then.

A large part of the nursing workforce is nearing retirement age, which is widening the labor gap. Experts believe that the nursing shortage is causing unsafe patient-to-nurse staffing ratios, deteriorating the quality of healthcare. In an effort to remedy this emerging crisis, the US Department of Labor announced an $80 million funding opportunity through its Nursing Expansion Grant Program to develop nursing training programs that will strengthen the talent pipeline in nursing.

Biomanufacturing receives a federal boost

The US government is providing a financial boost to the biomanufacturing sector through the National Biotechnology and Biomanufacturing Initiative. This aims to create jobs and accelerate biotechnology innovation in a range of sectors, including health, agriculture, and energy. The initiative is also set to provide training and education in biotechnology and biomanufacturing, which may be an important factor in dealing with labor shortages in the long term.

While this sounds like great news for employers and workers, some reports indicate that the price controls set out in the government’s Inflation Reduction Act may indirectly reduce venture capital investment in biopharmaceutical startups.  

Pharmaceutical spending increases

Developing just one successful medicine can take more than 10 years, involve thousands of drug candidates, and cost over $1 billion. With more than 400,000 clinical trials currently ongoing, the pharmaceutical industry is expanding rapidly.

With this growth comes a greater demand for skilled professionals. As the talent job market becomes more competitive, organizations are likely to increase how much they spend on specialized talent acquisition and technology development to meet consumer needs.

How to succeed in 2023

Employers need to be focusing on talent retention and reducing costly turnover if they want to succeed in the future.

At Adecco, we know that success comes from both experience and data. We’ve helped businesses like yours navigate disruptive market trends and come out on top. To learn more about how we can help your organization succeed, reach out today.