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ALBRIGHT LIFE SCIENCE REPORT 2024

THE PURPOSE OF THE STUDY

This HR Executive in Life Sciences Study has gathered insights from HR executives in the Life Sciences sector on a variety of critical topics—from workforce policy priorities and revenue growth projections to strategic business agility and factors influencing long-term profitability (access the study below).

HIGH LIGHTS FROM THE STUDY

  • Hiring and retaining talent is viewed as a Top-3 HR challenge in the Life Sciences space

  • Life Sciences companies are implementing personalized HR strategies to meet unique employee needs, and 

  • AI is making it easier to create more personalized strategies

  • More employee on-site presence is expected by companies in the Life Sciences space

  • Employee backlash and increased turnover is expected as companies are moving to more on-site presence

  • Favoring in-person vs. remote workers is revealing a proximity bias in Life Sciences companies

  • Companies are increasing their focus on mental health benefits as part of their employer branding efforts

  • Companies are currently changing their HR processes to address labor shortages

  • The labor market is not expected to shift in favor of employers over employees any time soon

  • There is an concern that the continuous increase in regulations will impact profitability negatively as companies are increasing their costs within compliance - an area that has already seen an explosive development in costs

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