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    As we quickly approach the end of January – many individuals are now assessing their career prospects after the holiday period. Globally, we are in the midst of a recession, which understandably has left some candidates and clients cautious of the market as well as assessing their hiring and retention strategy for 2023.

    The reality is, the recession that we are experiencing is inevitable, largely accelerated by the Russia-Ukraine crisis as well as the 2020 Covid-19 pandemic. 

    “While the outlook is generally gloomy and uncertain, potential bright spots include the easing of inflationary pressures and the possibility for consumer sentiment to stabilize and improve. While the cost-of-living crisis still looms large and will affect many individuals, 68% of those surveyed for the report said it will ease in severity over 2023.”World Economic Forum

     

    A recession doesn’t mean a standstill 

    But, it’s important to have nuance even in times of negativity. When we talk about a “recession” – let’s look at the 2007-2008 recession as an example, businesses were still able to thrive during this time, not just survive. 

    A recession doesn’t mean that hiring or even searching for a new opportunity comes to a standstill, it just means that the market climate is different, thus your approach as a jobseeker to candidate must change to adapt to the market needs. Recessions are simply part of the economic cycle. 

     

    What does the market look like right now for jobseekers in Life Sciences?

    On the whole – there are lots of opportunities available globally, the main change is the volume of roles as well as the number of opportunities that are being openly advertising. In 2021 and also 2022, candidates were arguably spoiled for choice: the market was booming and floods of roles were available both on a permanent and contract basis. 

    But, it’s important to recognise that this isn’t what a “normal” market looks like – it was unique circumstances that led candidates to be faced with the paradox of choice.

    The market is still healthy, however the decline of openly advertised roles doesn’t mean that there aren’t opportunities available, you just have to adjust and adapt your approach. 

    WTW produced a research report which assessed the risk outlook for 2023. Some of their key findings were as follows:

     

    “Firms are focusing on collaborations and M&A over new products”

    The rapid development of vaccines and drugs to combat COVID-19 demonstrated what could be achieved when scientists, businesses and regulators work together to achieve common goals. This experience seems to have changed attitudes in the industry.

    Our survey suggests that businesses are prioritising industry collaborations over other strategic priorities, while taking a cautious approach to new product development and stock market listings in a time of continuing uncertainty.”

     

    What does this mean for jobseekers? 

    This means that there are still opportunities being created – supporting our earlier comments on “under the radar” opportunities due to there being uncertainties. M&A’s can result in lay-offs but more often than not they result in long-term job creation, better progression opportunities and ultimately more collaboration for life-sciences professionals. 

     

    “Rapid change brings huge opportunity and uncertainty”

    The life science sector is in a period of transformation. Digitalisation, new technologies, new clinical trial models and medical advances, such as gene and cell therapies, not only promise to revolutionise healthcare but also the way the industry works.

    We found that businesses are both excited by the potential of these changes and anxious about the disruption they can create and the potential risks.

    50% or more said wearable tech, automation and artificial intelligence were opportunities for their businesses over the next three years.”

     

    What should you be doing if you’re looking for a new opportunity in 2023?

     

    Partner with the right recruiter

    Jobs that aren’t actively advertised are near enough impossible to find on your own – partnering with a specialist recruiter who has their eyes and ears open to the market as well as a deep client network will enable you to access opportunities that may not be on job boards or LinkedIn. 

     

    Assessing a businesses trajectory

    It’s imperative that when interviewing for a new opportunity, you’re putting specific emphasis on the businesses’ trajectory. M&A’s are on the rise – and this will impact an organisations culture as well as their infrastructure. Keep this front of mind when interviewing and also ensure that you’re doing background research on an organisation, too. 

     

    And finally, have patience

    The market has changed – and you may find that there isn’t the same level of pace in comparison to 2022 or 2021. Instead, be patient, take your time and ensure that you’re making a career move for the right reasons. 

    We are currently working with incredible organisations globally across all of our specialist markets. To find out how Apsida Life Science can help you secure a new opportunity today, please contact one of our specialist consultants through our website or on LinkedIn. 

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