2023 March Life Sciences Update

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Labor Demand Remained Robust in 2022

Despite the abundance of job postings, hiring has lagged, with roughly 490,000 hires taking place in 2022. Another indicator of the tight labor market, these numbers result in over 1.4 job posts for every hire, much higher than the pre-pandemic ratio of less than one unique job posting for every employee hired. Canadian unique job postings also accelerated 52% YoY, with 21,008 jobs in 2022, and a similar 3:1 ratio intensity. UK job postings increased 15% from 2021 levels, totaling 226,039 through 2022, with a 2:1 intensity. The most in-demand occupations in 2022 are reflected by the number of job postings for these positions. Postings for the top 10 occupations grew 26% YoY, indicating the increased need to fill them in 2022. Nearly a quarter of these unique job postings were for the top position: laboratory technician.

Life sciences employment in the U.S. has continued to show remarkable growth and resilience during economic downturns. Based on Cushman & Wakefield’s analysis of Moody’s data, employment in the life sciences sector continued to grow—up 9.6% on a YoY basis—through the most recent recession, while other sectors struggled. In the last decade, life sciences employment has outpaced high-growth sectors, such as office-using, high-tech and industrial employment, growing 7.8% annually over the last 10 years. UK and Canadian life sciences employment has grown 1.5% and 1.8% annually over the last 10 years respectively, based on an analysis of Lightcast industry employment data. Demand for talent in the U.S. life sciences sector was strong in 2022, with 700,215 unique job postings, nearly 160,000 more than the previous year, based on an analysis of Lightcast job postings data. This level of postings translates into a 3:1 ratio with unique jobs, meaning that every three postings equate to one unique job—for a total of over 2 million non-unique job postings. This 3:1 ratio indicates the continued urgency companies are placing on finding qualified candidates to fuel the life sciences market.

U.S. Current Life Sciences Job Postings Outpace Hirings