Michael Page India report signals stable recovery in healthcare, pharma recruitment in 2021
Talent Trends 2021 Report reveals that 42 per cent of India’s healthcare and life sciences companies expect an eight per cent headcount increase in 2021
Professional recruitment services firm, Michael Page India launched the ‘Talent Trends 2021 Report’, with a focus on the healthcare industry as it signals a stable recovery in recruitment activities in 2021.
It highlights that healthcare, positioned at the forefront of the pandemic fight, witnessed a record spike in hiring across the sector.
The report reveals that As a result of the pandemic, there has also been renewed interest and increase in funding within pharma, API and diagnostic companies all looking to build and strengthen leadership teams. With an optimistic view on business recovery within the sector, existing setups will also see ramping up of investment and hiring activities in key areas such as research and development.
It also states, “The government’s focus on ‘Aatmanirbhar Bharat’ or ‘Self-Reliant India Mission’, and its objective to roll out more conducive guidelines for API manufacturers will set the stage for this industry’s growth in 2021 through to 2025. This will lead to rapid creation of new job opportunities, thus increasing recruitment activities within the sector.”
Nupur Mehta, Associate Director of Michael Page India, says, “During the pandemic, we saw a significant spike in hiring within vaccine companies. We expect continued volume of hiring activities within the segment as well as further training and nurturing to retain high-potential talent. The healthcare sector is poised to witness significant growth across segments especially, pharmaceuticals and diagnostics. ”
Remuneration increases are also anticipated to attract new hires across the healthcare and life sciences sector in India with employers offering salaries 15-20 per cent higher than the last drawn. 45 per cent of healthcare and life science firms anticipate giving out more than one month of bonus to retain existing talent, as per the report.
The sector will witness active recruitment activities with 69 per cent of healthcare and life sciences professionals actively seeking other job opportunities and another 27 per cent passively open to new roles. Lack of growth opportunities appears to be the key reason to seek other opportunities, with 49 per cent professionals stating professional development as one of the key reasons for accepting a job offer in 2021.