Talent acquisition is highly competitive in the Life Sciences industry. Specialized roles need to be filled by people who have a very specific skillset and often industry experience as well. There is a lot of competition within a small talent pool, which drives salaries and fees up.

Employers need to stay up to date on salary and fee data so they can be competitive in the talent market without overspending. An organization that pays below industry averages for salary and fees is likely losing candidates. On the other hand, an organization that pays above industry averages may be spending more than they have to.

Companies should also pay attention to salary and fee trends over time to see the bigger picture. An increase in salaries and fees indicates an increase in demand – with that comes challenges that companies would be wise to address as they look ahead.

Once you’ve determined salaries and fees, when can you reasonably expect to see resumes, interview candidates, and hire your new employee? Comparing your company’s data to industry benchmarks can be useful to help you measure your agency performance and identify areas for improvement. If, for instance, your first interviews take longer than the industry average, consider running an intake session to become better aligned with your agencies.

Keep in mind, however, that benchmarks are averages for jobs with wide ranging characteristics. There are a variety of factors that affect search activities and performance metrics. Some factors may be out of your control, such as a scarcity of talent in your area. Beyond that, every company’s hiring process is unique, and your performance metrics should reflect that.