10 Talent Trends for the Life Sciences in 2024

Welcome to Mix’s 2024 Talent Trends Report

After the positive reception to our inaugural report, we’re excited to introduce our 2024 Talent Trends Report.

About our study:

• We received responses from 88 life sciences leaders.

• 88% of respondents reported a seniority of Director or above.

• 68% identified their roles as either Sales or HR functions; others identified as Marketing, General & Administrative, Product Management, Finance, and a variety of other functions across their organizations.

• 48% and 44% of respondents identified their company’s industry as Biotech or Pharmaceutical, respectively. The remaining 8% were split among HealthTech, Cell & Gene, Service Providers, Medical Device, and others.

• Mix Talent’s team of PhDs supported the design and analysis of the survey, helping to ensure the clarity of questions and the validity of our interpretations.

Beyond reporting on what we learned, we have also added commentary throughout based on what we have seen transpire in life sciences talent this past year and how we expect it to evolve in the year to come. 

For many organizations, it’s clear that 2024 will be a year to buckle down and continue the hard work needed to reach their milestones. There may be nothing as certain as more uncertainty in the months and years ahead, which will continue to put pressure on life sciences organizations. 

And yet, while we saw plenty of uncertainty in our survey, we also saw leaders who are unafraid of the task ahead, ready to take on the challenge with confidence, conviction, and a focus on the mission: curing disease, improving quality of life, discovering groundbreaking therapies, making curable what was once incurable and treatable what was once hopeless. That’s the mission of the life sciences, and for that we are both optimistic and grateful for the role we get to play.

To all of you, in particular those who shared their perspective and insights with us, we are so thankful for the work you do to make the world a better place and for the belief that culture is built by people and runs on talent.

Now let’s Mix it up.

1) Hybrid Remains the Standard – But RTO Gains Traction

One of the most contentious topics within organizations is not about how or why work takes place, but instead where. Ever since workplace norms were disrupted during the pandemic, a significant portion of the workforce continues to work in either an entirely remote or hybrid capacity. In our survey, we found that 73% of respondents work in a hybrid arrangement while 23% are totally remote. Just 4% are fully in-office.

There are those, however, who are ready for things to return to the way they were, calling for a complete or partial return to office (RTO). Leaders at organizations such as Goldman Sachs, Google, and Amazon have made stands around their plans to RTO, and a survey by Resume Builder found that 90% of companies will RTO by the end of 2024.

In our survey of life sciences leaders, we saw lower expectations for dramatic changes with 76% of respondents expecting no changes to their workplace flexibility in 2024. 3% expect there to be more flexibility, but 16% do expect less flexibility, which may explain the whispers of more in-office work next year.

What we know for sure today is that the majority of full-time workers – 68%, according to Bankrate – support hybrid instead of fully in-office work. As such, employers who are desperate to hire top talent may be more willing than others to maintain a greater degree of flexibility, even if they prefer more in-office time.

For most companies, compromise will be key. While there will surely be more efforts to bring employees back to the office, the future will continue to be predominantly hybrid. Of course, this depends a great deal on individual roles and organizational structure, so leaders will have to continue to shift and adjust as needed to ensure they are maintaining culture and productivity while also responding to employee preferences. 

“We are 4 days a week in office and have been now for close to 18 months. I think we are generally more rigid than many of our peers and it does make recruitment challenging at times.” — Vice President, Marketing at a Biotech

“As a whole, more people are coming into the office 2-3 days a week, which is more than the previous year. This is centered around large meetings that are planned and there is a general reluctance to come into the office more than 3 days a week.” — VP, Commercial

2) Pharma & Biotech Organizations (Cautiously) Expand Their Use of AI

Much has been made of the increased role Artificial Intelligence (AI) is playing in drug discovery, allowing scientists to speed up and prevent failures in the discovery pipeline. The results have already been astounding, with the FDA granting its first Orphan Drug Designation early in 2023 to a drug designed by Insilico Medicine using AI. This is a tremendous example of how the power of AI can be used by humans to make the world a better place, solving difficult problems quicker and more cost-efficiently than ever before. 

That said, drug discovery is not the only way AI is being used in the life sciences. According to our survey results, the most common use for AI is to eliminate manual administrative processes (28.6%) and just as many organizations are using AI in talent acquisition and hiring as those that are using it for accelerating drug discovery (17%). 

The potential uses of AI in talent acquisition and hiring are intriguing but also risky, particularly when it comes to biased and noncompliant selection practices. This has already caused trouble for some organizations who have attempted to replace hiring managers with AI only to discover that the AI was prejudiced. 

As such, some states, including California and New York, have begun implementing laws regulating the use of AI in the hiring process, including requirements for independent bias audits and disclosures to candidates when AI is being used. The latest Executive Order from the Biden Administration further signals that lawmakers will be taking action to monitor and regulate the use of AI in the years to come.

Regardless, the expectation for AI to begin playing a bigger role in life science organizations is clear. 69% of respondents in our survey do not believe their organizations are using AI to the fullest extent they should while 31% are uncertain. Tellingly, zero respondents reported that their organization is currently using AI as much as it should.

Our hope for the future is that AI can be used to improve the lives of humans, whether that be through drug discovery or in the context of recruiting. As one survey respondent put it: “If it cuts down on low value tasks and leaves more room for time spent on strategy, innovation, and human connection, that is a good thing.” — Director, Outsourcing Strategy at a Biotech organization

However, there are still many concerns about its role in talent and HR functions and it should be used cautiously in these areas. Further, organizations should broadly adopt policies and procedures related to the use of AI on company work. For example, employees may not be aware of the potential risks associated with inputting proprietary information into ChatGPT. As such, ongoing education and awareness should be a priority as the conversation and capabilities around AI continue to evolve.

3) Rebuilding Talent Brands in the Wake of Layoffs

Layoffs have made headlines across the country over the past couple of years, including in the life sciences sector. The total number of companies announcing layoffs in 2022 was surpassed in 2023 by August. 

This trend held true in our survey, with 49% of respondents reporting their organizations experienced layoffs or downsizing in 2023. That said, a surprisingly low 41% of survey respondents at organizations that experienced layoffs said the layoffs were harmful to their talent brand. And, while only 11% claim that it has been beneficial, 48% believed the downsizing at their organizations was neither harmful nor beneficial. 

To be sure, most leaders understand both sides of the coin: that layoffs can be painful and difficult for an organization to experience while also being necessary for the long-term survival of the organization and, in some cases, are even beneficial for uncovering redundancies and eliminating underperforming talent.

That said, while these layoffs have been unavoidable for many organizations trying to stay afloat, it is important for life sciences leaders to be aware of the long-term effects layoffs can have on their organizations, particularly when it comes to their talent brands. Layoffs can lead to the perception of instability, which can make it more difficult to convince candidates that joining the organization is a safe decision to make.

This can also be true for the employees who remain at an organization after downsizing. According to Harvard Business Review, “Employees who survive the layoff may struggle with anxiety, insecurity, low morale, sadness, and survivor guilt, which lead to disengagement and hinder job performance.”

In 2024, it will be more important than ever that life sciences leaders understand the perceptions created in the midst of downsizing and ensure they get out in front of the narrative to explain the reasons behind it and the path forward. They also must ensure they communicate this internally to their employees in an authentic manner if they wish for them to remain committed and engaged. 

4) The Pressure to Do More with Less Intensifies

If there was one sentiment that was most resounding in our survey it was this: 2024 is going to be another challenging year for the life sciences.

While 78% of respondents said they have felt pressure to do more with less in 2023, 48% said they expect to feel even more pressure in 2024 while the same amount (48%) expect it to stay the same – only 3% expect to feel less pressure in the year to come.

The causes of this pressure are the usual suspects, particularly funding challenges that are affecting many industries throughout the economy along with regulatory uncertainties that are more specific to the life sciences. As one respondent eloquently put it:

“Biotech has been suffering as a sector in this last year. We expect similar pressures on budget to continue as some of the macroeconomic conditions are still uncertain. A big one is related to Medicare coverage and reimbursement and policy changes with the Inflation Reduction Act that will have a long standing impact on the lifetime revenues of innovative drugs.” — VP, Commercial

What this means practically is that life sciences leaders are going to have to figure out how to boost productivity, possibly through tools such as AI, while keeping overhead low, possibly by cutting costs through reductions in force (RIF). 

When it comes to talent acquisition and limiting overhead, we also expect more leaders to look to initiatives like contract hiring to achieve greater flexibility. Contract talent, whether a specialized science role or a segment of a sales department, can be a great way to quickly access talent, scale up and down with flexibility, and supplement full-time employees, all while limiting liability. As one survey respondent said:

“I expect to see fewer FTEs and more contract individuals in the U.S.” — Global VP of Business Development 

These types of strategies will help leaders in the life sciences to be prepared to act quickly, make difficult decisions, and continue to move forward to accomplish their missions – even if it is going to be another high-pressure year.

What we heard

“Limited resources”

“High inflation and costs”

“Pressure will continue”

“The margins are getting slimmer”

“Multiple hats”

“Save costs”

“Pressure on financials”

“More revenue”

“Tough year”

5) CGT & Personalized Medicine Call for Innovative Hiring Practices

As life sciences recruiters and talent consultants, one of the key areas we prioritize is emerging therapies. With new modalities come the need for new skills and the variability in how these therapies are developed can result in an imbalance between supply and demand for top talent.

The emerging therapies that seem most primed for causing disruption are cell & gene therapy and personalized medicine, which 52% of our survey respondents think will dominate drug launches in 2024 over other emerging therapies.

Which emerging therapy do you think will dominate drug launches in 2024?

• 52% - Cell & Gene Therapy / Personalized Medicine

• 21% - Antibody Therapeutics

• 16% - Small Molecules

• 6% - HealthTech

• 5% - Other

There is still plenty of skepticism around cell & gene therapies becoming mainstream. As one of our respondents put it:

“Cell and Gene Therapy will always be popular and sexy but unless the economics get sorted and it becomes profitable, I don't see it as the driver of growth (at least in terms of commercial roles).” — Vice President, Marketing at a Biotech Organization

That said, while the commercial side of cell & gene therapies is definitely a lingering question, there are other areas – particularly scientific roles – where there is more immediate demand. The recently-announced Support for clinical Trials Advancing Rare disease Therapeutics (START) Pilot Program, which will start accepting applicants in January 2024, will also provide a clearer path to clinical review and commercialization for cell & gene therapies. 

As such, as other respondents pointed out, it may soon be much harder to find talent with the skills and experiences needed to support these therapies.

This will require cell & gene organizations to get creative with their hiring practices. For example, they may find success focusing more on transferable skills and experiences rather than direct skills and experiences. Coupled with behavioral assessments and internal training, this can be a great way to build top talent. We also believe more emerging organizations will experiment with new ways to attract talent to their organizations, such as incentive-based compensation packages, greater workplace flexibility (for example 4-day workweeks), and doubling down on their mission and vision.

These types of practices could make a significant difference for smaller organizations that do not have the funds to compete directly with larger pharmaceutical companies for talent. 

6) Adaptability and Resilience Will Be Key Topics for Leadership Development

With most life sciences leaders expecting even greater pressure in 2024, there is naturally a shift in what is perceived as most important for good leadership. In our survey, it came as no surprise that adaptability and resilience ranked as numbers 1 and 2, respectively, when we asked which traits will become more important for effective leadership development in 2024.

What surprised us was that 20% said that reducing burnout is going to become less important for effective leadership development next year. The message here seems pretty clear: Being successful in pharma and biotech these days is not for the faint of heart. 

One of the most important things for leaders to remember is that their teams are looking to them to pave the way. As one survey respondent put it:

“As leaders, we need to make space for people to adapt and adjust, but we must enable them to do it quickly.” — Regional Sales Director at a Pharmaceutical Organization

This type of enablement can come in many forms, at both an organizational and an individual level. For example, leaders can lean on workforce planning to ensure their organizations have the resources needed to support skills training and development. And on an individual level, leaders and employees within an organization can look to coaching as a way to develop adaptive skills and learn how to work within different systems. 

Also, it’s important for leaders to remember that being collaborative and vulnerable is increasingly important when people feel under pressure. Research shows that resilience requires strong social support, so make sure everyone within your organization is relying on one another to solve problems and address uncertainty.

To learn more about resilience and its connection to stronger performance, we encourage you to check out Mix’s white paper, Resilience: a Necessary Rx for Success, written by Nicholas Kovacs, Ph.D.

7) Salaries Stagnate Overall – But Not for All

As organizations are attempting to do as much as they can with as little as possible, we expect to see some salary stagnation in 2024, which was validated with our survey responses. While 39% reported an increase in salary offers in their roles in 2023, only 31% expect to see an increase in 2024. 60% of respondents expect salary offers to stay the same in 2024 as they did in 2023.

This is also what our recruiters are seeing on a day-to-day basis, with one of our Practice Leaders telling us that:

“We are finally seeing the massive comp increases in our industry slow down and level out. I don't see them going down, but instead see companies starting to hire some entry level talent.”

Of course, as discussed earlier under the cell & gene trend, what this looks like on an individual basis is completely dependent on the role. For hard-to-find talent in areas like personalized medicine and oncology, we expect to see these roles continue to demand a premium and for salaries to continue their upward trend. However, in less-specialized roles with more saturated talent pools, we do believe salaries will begin to stagnate – which is what Radford data is showing, as well.

When you combine this with the return to office trend discussed earlier, it would be easy to speculate that we are beginning to see more of an employer-driven talent market, which would be a rebound from what has been a predominantly employee-driven market over the past few years. 

That said, 51% of our respondents still believe that their organizations should invest more in compensation incentive programs for existing talent. As such, we expect more organizations to explore compensation package components – including annual incentive targets, equity grants, and other performance-driven pay options – instead of pure salary increases. These types of packages can be a great way to limit risk and overhead while also giving employees greater motivation to succeed.

8) Employee Well-Being Programs Remain Top of Mind in a Post-Pandemic World

The COVID-19 pandemic helped reveal the connection between work and well-being, just as it accelerated conversations around workplace flexibility. What was once a niche topic for the few became a large conversation for the many as we all grappled with how to balance being well and being productive. 

The U.S. Surgeon General contributed to the conversation by publishing the 30-page Surgeon General’s Framework for Workplace Mental Health and Well-Being which has helped normalize the importance of workplace well-being, allowing HR leaders more permission to “go there.”

And now, though we may be past the worst of the pandemic (the federal Public Health Emergency status was officially declared ended on May 11, 2023), it appears that awareness around employee well-being and efforts to improve it are going nowhere. 

According to our survey, 39% of organizations are planning to implement new well-being programs in 2024 while only 2% expect there to be fewer programs. While this may be down from the 46.6% that implemented new programs in 2023, we see much of this shift being as a result of organizations looking to maximize the uptake and effectiveness of the programs they already have as opposed to developing new ones. 

This is a really important step for organizations that are sincere about employee well-being. It’s relatively easy and exciting to introduce new programs, but ensuring those programs are effective – and that employees are aware of them and understand their use – can be more challenging. 

Nevertheless, the benefits of getting it right are significant, not only for employees but for organizations. In some cases, it may serve as a differentiation for recruiting, with more candidates now expecting access to robust well-being programs. According to the American Psychological Association:

“More than 80% [of employees] agreed that how employers support mental health will be an important consideration for them when they look for future work.”

Further, there is plenty of research around the performance benefits of well-being along with cost  savings when people are generally more well. In other words, well-being programs are no longer seen predominantly as a nice-to-have but as an imperative for individual and organizational success.

9) Skills Training & Career Development Are a Win-Win

While 51% of our survey respondents gave the nod to compensation incentive programs as one of the ways organizations need to invest more in existing talent, the number one reply for this question was skills training and career development at 60% of respondents.

We see this as a tremendous opportunity for win-wins for both employers and employees in today’s market. We’ve spoken at length in the past about borrowing and building talent as opposed to always buying it, especially in a difficult market. 

Historically, the knee-jerk response to a skills gap was to hire a full-time employee (FTE) to fill it. But as more organizations become more intentional with their workforce planning, they are beginning with the skills they need and then evaluating multiple options for filling those gaps.

In some situations, they may indeed require FTEs. But in other areas, where flexibility is more important and the criticality of the skills are lower, there may be an opportunity to contract talent externally or to build those skills internally.

This can also be a really great opportunity for employees to grow within their organizations even when there is no clear, linear promotional trajectory in place. According to the University of Phoenix's Annual Career Optimism Index 2022:

“68 percent of workers say they would stay with their employer throughout their career if the employer made an effort to upskill them.”

Ultimately, this is the kind of win-win thinking that will help organizations do more with less and maintain an engaged workforce in the midst of challenging times. 

10) The Life Sciences Industry Begins to Stabilize

Over the past couple of years, we’ve written a lot about the economic downturn and corresponding struggles in the life sciences industry – including earlier in this report. (See also, for example, Weathering the Storm, where we detailed fundraising challenges and took a look at some ways life sciences leaders can continue to move forward in the midst of these difficulties.)

While we do not expect a reversal of this trend in 2024, we do expect things to begin moving in a positive direction, especially later in the year.

According to a survey of 200 U.S.-based investors and executives in life sciences and technology conducted by Fenwick, “Sixty-four percent of tech and life sciences investors project the IPO market will rebound in 2024.”

How much of this is hopeful optimism vs. data-based projection is not entirely clear. After all, there is still plenty to be skeptical about with a broad U.S. market that continues to be shaky and – more specifically to life sciences – the uncertain impact regulatory reform, such as the Inflation Reduction Act, will have long-term on the industry. 

Nevertheless, in the midst of this pressure, we do see a greater sense of control and optimism as of late. 

As Mix’s leadership team put it:

“The past couple of years, mired by layoffs, financial pressure, and unpredictability, have not been easy. As an organization supporting the talent needs of life sciences companies, we have seen and experienced the frustration, pain, and disappointment that so many of our friends and colleagues have gone through. However, in the midst of impossibly difficult decisions and sleepless nights, we have been inspired by your strength and fortitude. And, because of it, we firmly believe that these challenges have made all of us more resilient and focused on the mission ahead: the mission to cure disease, improve quality of life, discover groundbreaking therapies, make curable what was once incurable, and make treatable what was once hopeless. We are forever honored and grateful for the work we get to do every day to support that mission and we are looking forward to a great year ahead.”

Thanks for reading and we wish you the best of luck!

About Mix Talent

Mix Talent was built to support the near-term goals and long-term success of pharma, biotech, HealthTech, and gene therapy organizations. We leverage 30 years of experience in R&D, regulatory, quality, technical operations, clinical and commercial search, sales builds, human resources, and talent assessment to anticipate challenges and solve complex problems, helping to grow life science organizations with full attention to culture: the most powerful force for talent there is.

Learn more at mix-talent.com.