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November 10, 2015.
The UK pharmaceutical industry is misusing 11,400 weeks of management time every year by failing to adopt best practice recruitment processes, according research from Randstad Inhouse Services. The analysis shows that managers who are engaged in staff recruitment using traditional techniques are typically spending an average of 30% of their time on the recruitment process when they need to hire new employees. There are currently 73,000 people involved in the UK pharma industry. With staff turnover currently sitting at about 4.5% per year and overall headcount growing at a long term rate of roughly 0.9% per annum, approximately 4,000 people are being hired across the industry every year. With 30% of a manager’s time being spent on hiring, more than 11,400 weeks of management time is non-productive every year, the research states. The report adds that pharma companies can place successful candidates in their roles on average six weeks sooner if they introduce a specialist recruitment partner.