The hidden costs of employee turnover in pharmaceutical laboratories

The pharmaceutical sector directly employs more than 5.5 million people globally, with personnel expenditure consuming around 14% of the industry’s total turnover. Talent is therefore a life science organization’s most significant asset and Big Pharma companies increasingly consider lab analyst turnover to be one of the most important KPIs to track.

But is measuring staff turnover enough? When one in five pharmaceutical lab analysts leave their job every year, what are the business burdens of replacing them on an ongoing basis and what can employers do to maximize retention?

In this white paper we comprehensively outline:

  • the reasons that lab staff quit
  • what motivates employees to stay with an employer
  • the true costs of replacing lost lab analysts
  • a novel framework for planning retention strategies
  • 27 tangible recommendations that leaders can begin implementing today to limit staff turnover

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Employee Retention whitepaper presenting a deep analysis of the costs and recommendations for how to reduce lab analyst turnover