Market Mapping

Everyone talks about a shortage of talent and that it’s hard-to-find great people.

Paying people well will always get you out of the starting blocks, but you need to back up that great remuneration package with a great culture, because if people are just with you for the money you can be sure that they will be constantly on the lookout to replace you.

Of course, you need to get the basics right, and that does mean checking you are paying people in accordance with market rates.

In a recent interview with RMG’s CEO, Giles Hampson and HR specialist, Jayne Sanderson-Brown, Director at FACT3 both senior figures were clear that salary increases were inevitable as competition to retain the best talent in the Life Science sectors was growing fiercely. This was clearly illustrated in their reference to the UK life sciences industry where related companies raised £10.6bn from either private funding rounds and stock market flotations in the first three months of 2021, more than half of 2020’s record total. This has led to a lot of movement in the talent market, driving up competition to retain the best talent, meaning employers have had to start implementing increasingly creative strategies