The ABPI report also notes a strong attraction to the pharmaceutical industry among those with STEM backgrounds
In a significant shift, younger workers are increasingly choosing careers in the pharmaceutical industry over traditional sectors like finance and technology, a new research study by the Association of the British Pharmaceutical Industry (ABPI) has highlighted.
Driven by perceptions of better work-life balance and a greater sense of social purpose associated with pharmaceuticals, the report titled Young People's Perceptions of Careers in the Pharmaceutical Industry, highlighted motivations behind young people's career choices.
While a good salary continues to be the leading factor influencing career decisions for young people, with 50 per cent of respondents citing it as their primary concern, 28 percent said work-life balance, only 23 per cent said engaging work and job security (20 per cent) are significant considerations for job seekers.
According to the report, young people rate the pharmaceutical sector higher in terms of positive contributions to society compared to technology, 54 per cent and 23 per cent, respectively, and finance (53 per cent vs. 25 per cent ), and energy (53 per cent vs. 20 percent).
Andrew Croydon, Director of ABPI Education and Examination Policy & Partnerships, commented on these findings, emphasising the need for industries to adapt to changing preferences.
"As the workforce landscape continues to evolve, it's crucial for industries like ours to adapt to the changing preferences of the generations to come.
"By offering competitive salaries, promoting work-life balance, and highlighting the societal impact of their work, companies can attract and retain top talent in this competitive market," Croydon said.
The report also reveals a consistent trend across various demographic groups, indicating that regardless of gender, age, education, or financial background, young professionals prioritise earnings, work-life balance, job security, and engaging work.
This consistency highlights the universal appeal of these job attributes among young professionals.
However, the report points out that the pharmaceutical industry still faces challenges.
Many young people are unaware of the diverse range of opportunities within the industry and the various routes of entry available.
Although the number of life sciences apprenticeships has been steadily increasing, this lack of understanding contributes to perceptions of narrow career pathways and limited diversity.
To address these challenges, the ABPI report offers actionable recommendations for industry leaders including transparent salary benefits, industry awareness, and clear job requirements.
The report also notes a strong attraction to the pharmaceutical industry among those with STEM (Science, Technology, Engineering, and Mathematics) backgrounds.
Recent statistics from the Office for Life Sciences show that the UK has a high proportion of graduates completing STEM courses, ranking second behind India in 2021.
