EXCLUSIVE: new tool shows labs the value of retaining staff!
Losing and replacing lab analysts has many hidden costs. With this new tool, labs can now estimate these costs for their specific use case, both in terms of direct budgetary costs and lost capacity.
From conversations with our clients we have identified that, after service level and planning adherence, employee retention has become the most important KPI in Big Pharma.
This is not a surprise, since the industry as a whole employs more than 5.5 million staff members globally, with personnel expenditure representing roughly 14% of the sector’s entire annual operating revenue. While talent is undeniably a life science organization’s most important asset, as a significant source of investment it also represents a potentially significant source of efficiency gains.
For exactly this reason, in March 2023 we presented a webinar titled “Win over, don’t turnover: retaining lab talent in the life sciences industry”, in which we presented the initial results of our analyses of the cost of employee turnover in pharma labs, as well as some strategies to promote retention.
Based on the hugely positive response from those who attended that session, I am delighted to announce that the models used to inform our estimates have now been developed into a downloadable tool!
This free and easy-to-use tool is available to any laboratories interested in calculating estimates of the true inpact of analytical staff turnover for their specific use case, including:
- Lost capacity (in FTEs and hours)
- Direct costs
- Total (direct + indirect) costs
Are you a Lab Manager or a life sciences HR professional? Interested to quantify the impact of analyst turnover and build a business case to support improved employee retention strategies? Why not check out this tool today!
Download the calculator now!
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