What criteria do you look for when considering working for a new organization? Is it their compensation rates, products, services, or overall direction from corporate executives? Now, many job seekers also consider key intangibles such as company culture, reputation, and brand awareness. There is so much to think about when you are deciding whether or not to join an organization, particularly one in the pharmaceutical industry. According to the Reputation Institute, there has been a significant decline in the trust and confidence individuals have in pharmaceutical companies.
In the annual US Pharma RepTrak rankings, the Reputation Institute reveals the pharmaceutical companies with the best reputations based on their survey: 1. Sanofi, 2. Genentech, 3. Celgene, 4. AbbVie, and 5. Biogen. BioSpace also explored what life science professionals are looking for in the BioSpace Ideal Employer Survey. Everyone is unique and will value different factors during a job search. If finding a good company culture is a priority for you, then researching an organization’s reputation is the first place to start. After completing an online search of current and former employees’ experiences, you should take things a step further. Here are three aspects of a company’s reputation you need to know!
The governance or ability in which companies are controlled and directed was the number one concern of individuals when determining reputation. Over half of professionals are unsure or unconvinced that pharmaceutical companies are practicing the proper governance. This includes elements like regulation by federal/state authorities, ethical decision making by internal members (board of directors, shareholders, stakeholders etc.), and sound practices by executives and management. These considerations can be difficult to evaluate from outside of an organization. However, the companies with the best reputations make sure to highlight their internal processes and procedures.
Consumers and potential job candidates are craving for pharmaceutical companies to be authentic and transparent with them. In just the last year, there have been significant decreases in the perception of openness, transparency, and authenticity. Think about looking at an organization’s press releases, social media profiles, and website to see if you think they provide enough information on their activities. There is a belief that many pharmaceutical companies are only focused on financial gains and profits. By assessing marketing efforts and their website, you can also decide if a company appears genuine.
Corporate Social Responsibility/Supporting Good Causes
Many pharmaceutical companies are not known for their positive influence on society. The perception is that these organizations are making billions of dollars and not giving back to communities and their employees in a purposeful manner. The concept of corporate social responsibility has become a major topic over the last twenty years due to corporate scandals and missteps. It involves how a business addresses their impact on the environment, community, and general marketplace. Can you find any details on these topics on a company’s website or throughout their online presence? If you find compelling information about an organization supporting good causes, it improves the chance that they value their internal workplace the same way.
Finding the right organization to work for in the pharmaceutical industry can be challenging for many life science professionals. On one hand, you might be concerned about attaining the salary you want, but also serious about finding the right company culture. Looking into areas of a company’s reputation including their governance, transparency, and corporate social responsibility can be helpful. What areas are most important to you when deciding to work for a company?
Porschia Parker is a Certified Coach, Professional Resume Writer, and Founder of Fly High Coaching. She empowers ambitious professionals and motivated executives to add $10K on average to their salaries.
A Product Manager with expertise in pharma marketing and sales operations