How NetSuite Helps Life Sciences Finance Teams Offset Labor Gaps

Accelerated demand for life sciences products is a key cause of the hiring market in that industry turning turbulent. And thanks to COVID-19 transforming the way many work, employees have been hopping from one workplace to another in what is often referred to as the Great Resignation. Now that the economy is slowing, however, employees aren’t as eager to accept new opportunities, which has resulted in an even more tumultuous hunt for qualified talent in the life sciences industry.

Randstand Sourceright reported that it takes roughly 105 days for life sciences companies to fill non-executive roles, often resulting in losses of $500 or more per day. In addition to this, MassBioEd’s 2021 Life Sciences Employment Outlook predicted that the life sciences industry will need to hire thousands of new workers by 2024.

New life sciences businesses have unique financial demands and processes. They must work within a minimal budget, manage expenditures for outsourced clinical trials, and juggle stringent compliance regulations. While the need for engineers and scientists fluctuates with development, filling the roles behind the scenes with skilled financial employees is a constant struggle. There is simply too much to do and too few workers to meet expectations.