I work as middle management at a life sciences company who did 1b in revenue last year
Last week our CEO stated twice during a town hall that we are having difficulty retaining and hiring talent. He then proceeded to tell everyone “the job market is too hot right now and I don't want to compete for talent. Instead we should double down on our mission to help patients.”
Wow. Just wow
It's incredibly painful as a manager to hear this. Not just myself but all of my team members have been contacted by recruiters, some have left for over 50% of a bump. For him to come out and say this is basically a nail in the coffin of anyone currently at the company. We already have huge turnover rates and more than 45% of people have been with the company for less than 1 year.
When will these guys get that we want to be paid fairly for the work we do. If the company does well it's a reflection of our work not just your leadership. Not to rewarding those that got you there is a recipe for failure.
Needless to say I'm not long for here and Im encouraging everyone on my team to look around.