Following the pandemic, many life science professionals re-evaluated their lives, particularly when it came to their employment. Starting in 2021 and throughout 2022, professionals in a wide array of sectors began voluntarily leaving their positions. The sheer volume of people shifting around led to a period that was dubbed “the Great Resignation,” a period that also came with other changes, including rising pay rates.
However, the landscape for life science professionals is changing once more. Now, the workforce is shifting to a paradigm that’s being referred to as “the Big Stay.” Quit rates are dropping significantly, and workforce participation is on the rise. Further, the number of available positions is on the decline, and pay increases for changing jobs are shrinking.
As a life science professional, knowing how to navigate the Big Stay is critical for keeping your career on track. If you want to prepare, here’s what you need to know.
What the Big Stay Means to Life Science Professionals
For life science professionals, the Big Stay isn’t necessarily great news. With more professionals remaining in their positions, fewer job openings are emerging. Couple that with a general decline in the number of available jobs, and finding new roles becomes tricky.
Since it isn’t as easy to secure a different position, workforce expectations are changing. More life science professionals are forgoing job searches in favor of remaining with their existing employer. This is excellent news for life science companies, as it means retention rates are generally on the rise.
However, less mobility in the workforce is giving employers less of an incentive to increase salary rates. Life science companies don’t have to do as much to keep their workforce intact, so there isn’t as much of a need to offer raises. Additionally, since there are fewer job openings, there’s more competition among candidates when roles become available. More applicants also make increasing pay rates less necessary, as companies are having an easier time attracting candidates while leaving salaries relatively stable.
How to Keep Your Life Science Career on Track
As a life science professional, understanding how the Big Stay is impacting the market can help you keep your career on track. Simply leaving an existing employer for a position at a competing company isn’t necessarily going to result in the same financial gains that were experienced in years past. Instead, life science professionals looking to progress need to start going the extra mile.
In many cases, the best move life science professionals can make is to focus on professional development as a means of providing more value. Whether that’s through independent efforts or employer-provided opportunities is less relevant than continuing to acquire new skills and knowledge.
Additionally, going above and beyond at work is becoming more critical. Without a willingness to provide more value, it’s far harder to move up. As a result, going the extra mile could make all the difference to those looking to advance their careers.
If you need a new life science position to keep your career on track, the Staffing Resource Group makes finding a suitable opportunity easier. Apply Today and SuRGe your career forward.