Winning Pharma Talent: Strategies for a Strong Employer Brand

The global pharmaceutical industry employs more than 5 million people across the world. Pharmaceutical giants like Roche and Johnson & Johnson employ 104,000 and 130,000 people, respectively. Such companies have positioned themselves not only as pharmaceutical leaders but also as vital employers in the industry. 

Consequently, they attract sharp talent from across the globe. Their position as a compelling employer brand was not built overnight. Instead, they used unique employer branding strategies to solidify their position in the employee market over time. This article highlights the importance of creating a compelling employer brand and practical approaches to achieve this position. So, let's dive in!

Importance of employer branding in the pharmaceutical industry

It helps attract top talent.

As a pharmaceutical company's market position depends considerably on its research breakthroughs, hiring top talent is a must. Employer branding plays a significant role in a company's ability to hire talent. Companies with strong employer brands are twice as likely to attract top talent.

It increases the retention rate.

According to a Glassdoor survey, 92% of people would consider switching jobs if offered a role in a company with a strong employer brand. This implies that a poor employer brand can significantly affect the employee retention rate. This can further impact the brand reputation and increase the company's hiring cost.

It can increase the brand awareness of the company.

Reputation is paramount in the pharmaceutical industry, where regulatory requirements are stringent, and customers do not forget the slights in the company's reputation. For example, Johnson & Johnson's products still face public scrutiny even though the allegations against its baby powder were raised in 2019. In the regulatory landscape, having a good employer brand can improve the company's reputation among regulators, healthcare professionals and patients.

These three advantages show the importance of employer branding in the pharmaceutical industry. However, companies need to use good strategies to develop their employer brands.

How do you create a compelling employer brand in pharma? Strategies for employer branding in pharma

Understand the audience.

Understand the motivations that drive top talent to select a company. For example, a person may choose a company depending on career development opportunities, innovative work responsibilities and job stability.

Define the unique employee value proposition.

Determine what sets the company apart from its competitors. While employees may choose a company because it offers higher pay during negotiation, they may stay long-term (or even permanently) for the unique employee value proposition. This can include the company's commitment to innovation or work-life balance.

Create a strong employee culture.

New joiners or potential employees often reach out to existing employees for feedback about the company's culture and work life. Consequently, it is also necessary to cultivate a strong employee culture in the office. Discourage negative attributes such as gossip and blame-shifting, and encourage employees to maintain work-life balance.

Optimise online presence.

Employees often check out the company's social media pages in the initial stages of interviews. Therefore, create and optimise a robust online presence to reflect the strong employer brand. Include testimonials from existing and former employees. These are more believable than scripted videos highlighting the company's culture.

Invest in taking care of existing employees.

Referrals go a long way in helping a company hire top talent. Only when an employee feels they are working in an excellent company will they recommend a friend or ex-colleague. Consequently, companies should invest in their existing employees. This includes offering perks, recognising achievements, and providing support. Companies can provide career-development programs, finance upskill courses, and give certifications to employees.

Engage in corporate social responsibility.

A company's employer brand is also defined by its CSR initiatives. For example, the TATA group is known to be a reliable, transparent, and socially responsible employer. Thousands of people apply for their job openings. One of the primary reasons for this excellent reputation is their CSR activities.

These simple strategies are the cornerstone of a company's employer brand. Building a brand may take time, but with effort, it can help attract top-tier talent. Here are some pharmaceutical companies with effective employer branding.

Effective employer branding for pharmaceutical companies: Examples

Pfizer

Pfizer is a well-known company with a strong employer brand. The company attracts top talent from across the world because of the following unique propositions:

• Good reputation: Pfizer is known for their innovative work, especially its rapid development of the COVID-19 vaccine. It encourages professionals who wish to work in an innovation-centric environment.
• Employee development: Pfizer offers unique development opportunities to all employees. This includes mentorship and career development programs.
• Global impact: Pfizer's mission to make innovative breakthroughs that change people's lives is highlighted in all their communication.
• Certification: Pfizer has also received the GREAT PLACE TO WORK certification owing to its high-trust, high-performance culture.

Johnson & Johnson

Another well-known company, Johnson & Johnson, was among the top 25 companies in the 2018 Fortune 500 Top 100 Employment Brands report. Its unique propositions include:

• Good reputation: Johnson & Johnson is known for its focus on work-life balance and employee wellbeing. The company offers various perks in line with these goals.
• Certification: Johnson & Johnson has received the Top Employer award three times in Switzerland.
• Employee development: Employees receive various career development opportunities, such as leadership development programs.
• Culture: Johnson & Johnson strives to achieve a diverse, inclusive, equitable and respectful environment. The company offers extensive parental leaves, caregiver leaves, childcare benefits, and student loans.

Eli Lilly

Eli Lilly has become an international strong employer brand due to its following unique propositions:

• Employee development: Eli Lilly offers various career development opportunities such as extensive training programs, leadership development programs, global transfer opportunities, and internal transfer opportunities.
• Reputation: Eli Lilly is recognised for its innovative research and development, particularly in diabetes, oncology, and immunology.
• Culture: Eli Lilly also prioritises work-life balance for employees and offers unique perks such as flexible working hours.
• Certifications: The company has received many certifications, such as "World's Most Ethical Company", "America's Best Employer for Women", and "America's Best Employer for Diversity".

These three examples show why a good employer brand is necessary in the pharmaceutical industry. Building a strong employer brand will help a company attract top talent, retain employees and boost its reputation with customers and regulatory bodies. Interestingly, building a strong employer brand is not difficult but does require some investment in time and existing employees. As Pfizer, Johnson & Johnson, and Eli Lilly have demonstrated, building a solid brand will help a company grow for years.

FAQs

1. What is an employer brand?

An employer brand is the company's reputation as a workplace. It encompasses the company's values, mission, culture, and overall experience from the employee's point of view.

2. What role do employees play in employer branding?

Employees are often the advocates for or against your company. New joiners will usually ask existing employees about their experience with the company.

3. How can companies evaluate their employer brand?

Companies can undertake employee surveys, analyse retention rates, review social media metrics, and conduct brand audits to evaluate their employer brand.