According to the 14th annual CRO Industry Global Compensation and Turnover Survey, conducted by HR+Survey Solutions, a compensation and research firm, CRO employees are leaving for new jobs at higher rates than their counterparts in other industries.
The CRO industry experienced 12.5% voluntary separation (left for new position with higher compensation and/or greater opportunity) as compared to a 1.5% national voluntary turnover rate in 2012. Findings shows 65% of CROs use sign-on bonuses to lure new talent, yet less than one third (29%) utilize retention bonuses to retain employees.
“The survey indicates that there is tremendous movement within the CRO industry. The reasons remain multi-faceted, but these numbers continue to be a concern in an industry that has seen double digit growth and where companies’ greatest assets are their talent,” said Judy Canavan, partner, HR+Survey Solutions. “CROs should consider solutions that foster retention of talent and institutional knowledge, including the use of stay bonuses, which are earned over time.”
According to HR+Survey Solutions, high employee turnover rates can be particularly damaging to CROs as pharmaceutical companies assess their turnover rates when making decisions about outsourcing clinical trials.