GeneCoda Unveils Its Q3, 2022 Report Revealing Hiring Downtrend in Life Science Sector
(Newsfile Corp. - November 9, 2022) - GeneCoda®, a Raleigh-based executive search firm focused on the life science sector, released its Q3 Life Sciences Pulse Labor Market Report. The report forecasts a modest drop in hiring throughout the industry based on online job posting ads and in-depth market trends after two years of strong growth. The company found that US life sciences job postings decreased by 3.5% after Q2 showed 599,502 ads compared to 578,402 during Q3. This market downturn came after two consecutive years of increasing ad posts.
On the basis of Q3 results, the company forecasts 578,530 job postings will be posted in the sector in Q4. This growth would represent a ~11% increase from Q4 of 2021 and a ~0% increase from Q3 of 2022.
Even with the quarterly drop, postings of hiring ads in the Life Science sector increased by 12% YoY during the third quarter. Additionally, sub-sectors such as Research, Testing, and Medical Labs (RTM) saw an increase of ~2%, Medical Devices & Equipment (PMM) around 1%, and Pharmaceutical & Medicine Manufacturing (MDE) coming in with a roughly 37% increase in YoY performance.
Online job posts are key indicators of ongoing trends in employment and the hiring cycle. This information is vital to analyze to make effective predictions in the labor market landscape, with the results detailed in the Pulse Report. Providing this data and analysis gives businesses in the Life Sciences sector meaningful market activity and direction that will assist in making informed human capital decisions.
The data sourced from the report was compiled by Lightcast utilizing an extensive sweep of online posted positions in the US monthly, with the ability to review up to 4 years of prior data to compare market trends. The data that Lightcast uses is culled from 18 billion data points sourced from dozens of government sources (QCEW, OES, etc.), as well as hundreds of millions of job openings filtered by company, job title, skills, keywords, and more, giving a rich insight into US life sciences employment.
Don Alexander, Founder of GeneCoda®, commented, "With sustained volatility in the financial markets and earlier stage companies conserving cash as a result, we see a flat to mild downside in Q4, 2022 compared to Q3, 2022. Some companies have announced reductions in force but to date, these haven't been significant enough such that existing demand can't absorb displaced talent," when asked about the current hiring trends in the life science sector.
Amid the release of this new report, GeneCoda® highlights that it focuses on helping VC-backed organizations in the biopharmaceutical sector with their talent needs. By utilizing its vast network, core research capabilities, and world-class advisory board, the company solves challenges clients encounter in attracting, recruiting, and retaining top talent.
Launched in 2017, GeneCoda® is an executive search firm that helps companies in the life science sector recruit and hire exceptional talent. Through its placement of individuals in the life sciences space, the company is proud to make quality contributions to human health that lead to ongoing advancements.
GeneCoda® is derived from Genesis, meaning the origin or mode of formation, and Coda, something that serves to round out, summarize or conclude. This name represents how the company operates, and the entire team takes pride in its high completion rate of successful searches.
Visit http://www.genecoda.com/life-sciences-pulse-report to get access to the Q3 and future quarterly reports.