As the clinical research industry begins to recover from an extended period of layoffs and budget reductions, organizations find themselves in a unique position. The last few years saw funding cuts, reduced headcounts, and a highly competitive job market that favored employers. However, this environment has left many clinical research professionals in roles where they are overworked, underpaid, or unable to advance. As the industry shows signs of regrowth, hiring managers must be strategic in planning their staffing approach to secure top talent and minimize turnover. Here’s how to build and maintain high-performing teams as the market rebounds.
1. Prioritize Fair Compensation to Attract and Retain Talent
One of the key principles of effective compensation is ensuring both internal and external fairness. When employees feel they are compensated equitably relative to peers and industry standards, motivation remains high. However, over the past two years, many clinical research professionals have accepted positions with lower pay due to the scarcity of opportunities.
As hiring ramps up, companies must avoid the pitfall of paying below-market rates simply because there is an influx of applicants. Research shows that offering competitive—or even above-average—wages helps attract higher-caliber candidates, reduces turnover, and boosts productivity. A proactive approach to compensation will not only attract professionals who are eager to return to the industry but also retain those who are motivated to grow with the company.
2. Implement Performance Metrics that Encourage Quality, Not Just Quantity
With new hires, especially in critical roles like CRAs, Clinical Project Managers, and CRO Oversight, it’s essential to establish performance metrics that are wide-ranging, relevant, and difficult to game. Metrics should reward high-quality work and collaborative contributions rather than solely focusing on quantitative targets that can encourage shortcuts or burn-out. For example, measuring a CRA’s success should involve patient and sponsor satisfaction, compliance rates, and teamwork—rather than just the number of monitoring visits..
By aligning compensation and incentives with these broad-based metrics, you can foster an environment where employees are driven by quality and professional pride rather than short-term rewards. I am a huge fan of bonuses based on sponsor satisfaction, low project turnover, and shared team goals!
3. Pay Above the Market Average for Essential Roles
In clinical research, offering salaries above the market average for pivotal roles can act as a powerful tool to attract and retain top-tier talent. The strategy of “paying more than average,” a concept highlighted by Nobel laureate George Akerlof, has shown significant benefits, including reduced turnover and increased commitment. Paying a premium for essential roles, such as CRAs, Clinical Trial Managers, Project Managers or Data Managers, not only attracts skilled professionals but also discourages job-hopping—a common challenge in the industry.
Higher base salaries can also eliminate the need for frequent “if-then” bonus structures, shifting the focus to sustained performance and loyalty. In the long run, this can lead to lower recruitment costs and a more stable workforce.
4. Prepare for Flexibility and Growth in Your Workforce
The rebound period is likely to see rapid changes in project demands, necessitating flexible staffing solutions. OnPoint Clinical’s strategic resourcing options, such as contract-to-hire and temp-to-perm solutions, enable companies to scale up or down based on project needs without long-term commitments. This flexibility ensures that your organization can meet immediate needs without overextending during periods of fluctuation.
Moreover, involving hiring managers in the vetting process can help secure candidates who align with the company’s culture and project needs, which enhances retention rates. With OnPoint’s retention-focused approach, which boasts a 90% resource retention rate, companies can build resilient teams that can adapt to changing project scopes and timelines.
5. Cultivate a Retention-Focused Culture to Reduce Turnover Costs
High turnover has historically plagued the clinical research industry, with the average CRA turnover rate reaching 26%, costing organizations significantly in rehiring and training. By fostering a culture focused on retention—through fair pay, growth opportunities, and meaningful performance metrics—companies can mitigate these costs.
One of OnPoint Clinical’s core differentiators is its commitment to cultural fit and client collaboration. This approach ensures that the candidates not only meet technical qualifications but also resonate with the team’s dynamics, significantly increasing retention and satisfaction. Partnering with an FSP like OnPoint can streamline the hiring and retention process, enabling sponsors to maintain control and satisfaction in their staffing outcomes.
Conclusion
As the clinical research industry rebounds, organizations have an opportunity to redefine their staffing strategies to attract and retain high-quality talent. By focusing on competitive compensation, flexible staffing options, and robust retention strategies, companies can create a motivated and stable workforce. This approach will be crucial in navigating the upcoming growth phase while avoiding the pitfalls of past talent shortages.