Job security is a hot topic among biopharma professionals. A career coach offers advice for how to evaluate and build it up and what to do if that evaluation leaves you worried.
In a biopharma job market marked by a challenging funding environment, mergers and acquisitions and scores of layoffs, job security is far from a given. It’s a hot topic these days, noted Carina Clingman, founder and CEO of Recruitomics Consulting, which specializes in talent acquisition and talent strategy for startup biotechs.
Clingman, who also founded The Collaboratory Career Hub, an online community for people interested in working in biotech, told BioSpace if you ask people in that community if job security is a concern, they’ll all say yes.
A recent BioSpace employer branding survey supports Clingman’s observations. In that survey, respondents were asked to rate the importance of several factors when considering staying at their employer. Job security was No. 3, with 56% of respondents ranking it as very important. When asked what they look for in new companies, job security tied for No. 3, with 59% ranking it as very important.
How can you evaluate job security at current or prospective employers so you know if you should find other employment or turn down a job offer? There are a few ways to do that as well as build up job security, according to Clingman, who also shared what to do if that evaluation is concerning.
Evaluating Job Security at Prospective Employers
If you want to gauge job security at a prospective employer, Clingman advised having a conversation with HR, the recruiter or the hiring manager toward the end of the interview process, perhaps when the offer is pending. She recommended being positive when framing your questions, which should position you as a perceptive job seeker who wants to be at the business for the long haul.
For example, Clingman noted, you could say, “I really want to get into a company where I can contribute to a long-term project and the long-term vision of the company. I know there’s been a lot of uncertainty with funding in this climate. I’d like to dig into where the company is in their fundraising rounds and what the foreseeable runway is. I realize that we often can’t predict that out very far, but what are the plans for fundraising in an ideal world?”
Clingman said this approach gives the company the opportunity to provide key details, such as having just finished Series B funding, how much runway that funding gives it and the milestones it needs to hit moving forward. You can follow up with other questions if needed.
Balancing Risk and Employment Needs
If your evaluation has you worried about job security at a prospective employer, Clingman noted what you do next depends on whether you’re OK with risk and your personal set of circumstances. If you have other promising job opportunities lined up, you could decline the company’s offer or withdraw your application before you get to the offer stage. However, that may not be your best option.
“If you need this job and you feel that, ‘Yeah, it could be a risky proposition, but at least I will be employed for some amount of time,’ you could take the job, and you could continue networking your butt off,” Clingman said. “Just continue to be almost in job-seeking mode. I would not advise continuing to job seek. I would advise to stay in networking mode.”
If you take the job and get let go later, Clingman noted you’ll have severance and connections that can help you move forward. She added that if your time with that company is brief, while you might worry about how that will look to prospective employers, recruiters in this climate know people have short stints and understand why.
Clingman recommended framing what happened positively. For example, you could say, “I joined this company to have XYZ impact. I loved the mission. Unfortunately, they didn’t get funding for the next round, so there was a layoff, which is why I’m on the market again.”
Evaluating and Building Job Security at Current Employers
If you’re worried about job security at your current employer, Clingman had a few tips for not only how to evaluate it but also how to build it up so you’re less likely to be let go.
1. Check in with your manager to align your goals with company goals
Clingman recommended checking in regularly with your manager to set and re-evaluate your goals, aligning at least one with the company’s goals. She noted this process will allow you to uncover the organization’s needs at that time—which can reveal the challenges it’s facing. She advised saying something like, “I’d like to set three goals for this coming year. I’d like one of those goals to be directly aligned with making sure the company succeeds. What projects could have a big impact on that?”
If significant company events pop up that could affect your goals, Clingman recommended touching base with your manager to ensure the goals are still on target. For example, if the organization is starting a funding round, you could ask if there are higher-impact projects you should prioritize to support a successful round. Getting on projects like those can help insulate you from risk, Clingman said.
2. Focus on skill development
Skill development can help you achieve your goals, supporting the company’s goals as well. Clingman noted that manager support can play a role in that development.
“When you’ve set a goal, a clear goal for growth, and your manager is on board with helping you grow, they’re often going to get you into a program, a training, a certification, whatever it is that will help you to accomplish that goal,” she said.
3. Talk to your manager if the internal rumor mill is an issue
As Clingman noted, the internal rumor mill at companies, whether right, wrong or indifferent, affects many people’s perceptions of the business. If you’re hearing concerning rumors, she recommended talking to your manager about them without identifying where they started.
Clingman recommended saying, for example, “There’s a general feeling that things are a bit unstable. I want to make sure I’m doing my part to help this company succeed.” She noted that this kind of statement could springboard a conversation with your manager about what’s really happening at the organization.
Next Steps When Your Job Security Is at Risk
If you’re still worried about your job security even after talking to your manager, Clingman recommended taking two key steps. The first is to update your resume, which you can use during your job search if you decide—or later need—to look for other employment. Clingman advised reviewing projects you’ve worked on and the impact you’ve had while you still have access to company data.
The second step is to network, as networking can help you find your next job. Clingman highlighted the value of building good relationships with company colleagues.
“One thing that I’ve seen pretty often when there is a layoff is that somebody will get hired, and then they will take a whole bunch of people with them,” she said. “So, that’s a little hidden tool. A little hack.”
Clingman also emphasized the importance of networking outside your company. For example, you could join a professional group and take a chair position that doesn’t necessarily require a lot of time but provides valuable visibility and connections. This kind of external networking could get you your next position or a position in the future, Clingman noted.
“You just don’t know when that’s going to pay dividends, but it will,” she said.
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