- In a global, 46-country survey of public and private contract research organizations (CROs), HR+ Survey Solutions found that overall employee turnover has dropped 13 percentage points in the last three years, from 27.2% to 14.2%. In the U.S., clinical monitoring staff turnover has dropped from 29.4% to 16.4%, according to the poll.
- In some countries, turnover rates are worse than before, with the worst CRO employee turnover numbers in Switzerland (87%), New Zealand (50%), and Hong Kong (43%).
- The challenges of working at CROs include long hours, extensive travel, high performance expectations, and tight budgets.
CROs are a critical part of the pharma industry, providing the backbone for many clinical trials through its focus on clinical monitoring.
However, it has been tough for many CROs to maintain a sufficient pool of talent, with turnover rates approaching 90% in some countries. The reason? A high level of dissatisfaction surrounding performance-based rewards, incentives, and bonuses.
The downside is that CROs that lack sufficient personnel ultimately lose out on bids for pharma contracts. HR+ Solutions' survey suggests that one viable solution would be to increase the incentive opportunity for top talent.