Addressing the Looming Talent Crisis for Life Sciences

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Information about Addressing the Looming Talent Crisis for Life Sciences
Business & Mgmt

Published on February 27, 2014

Author: pinstripetalent

Source: slideshare.net

Description

The Life Sciences sector is under pressure. Increasing competition in the emerging world. Healthcare reforms in many nations. Rising customer expectations. Growing cost constraints. Sluggish scientific productivity. Need we name more?

HR leaders from top global Life Sciences organizations in the U.S., Europe and the Middle East share the regional differences in the challenges they are facing, but also highlight case studies that share real solutions.

Addressing the Looming Talent Crisis for Life Sciences #talentmindset February 2014 1 Proprietary Content – Do not distribute without permission.

Agenda Greg Summers SVP, Pinstripe & Ochre House #talentmindset • Industry Challenges & Opportunities • Global Similarities & Differences – Europe – Middle East – Americas • Solutions & Case Studies – Strategic Team Structure. – Emerging Markets Strategy. – Employee Value Proposition. – Strategic Workforce Planning. • Q&A Proprietary Content – Do not distribute without permission. 2

Market Drivers Patent Cliff Innovation: Make, Buy or License? Business Evolution Talent Strategies Sluggish Scientific Discovery Cultural Sclerosis Regulatory Constraints #talentmindset Proprietary Content – Do not distribute without permission. 3

Life Sciences in Europe • No transparency to critical skills needed for growth. • Misalignment between organization’s brand and the Employment Value Proposition. • Need to build a strong business case to invest in talent pipelines and communities. #talentmindset 99% believe the lack of young talent presents a significant risk to the achievement of business goals. Proprietary Content – Do not distribute without permission. 4

Life Sciences in the Middle East Africa • Lack strategic workforce plans aligned to business goals. • Need more “big data” and analysis on new entrants to the workforce. • Lack infrastructure to build and engage with talent communities, both local and global. 69% experience challenges recruiting in new emerging market territories, specifically when sourcing technically-skilled local “in country” talent. #talentmindset Proprietary Content – Do not distribute without permission. 5

Life Sciences in the Americas • Need to attract and retain talent with a hybrid skill base. • Lack of realism amongst line management. • Increasingly working within outdated business models. 51% of global Life Sciences CEOs report greater difficulties attracting and retaining the right talent— the highest percentage of industries surveyed. -PwC #talentmindset Proprietary Content – Do not distribute without permission. 6

The Silver Bullet, perhaps? Shift from tactical to strategic. Proprietary Content – Do not distribute without permission. 7

Time to Get Strategic Strategies for Overcoming Tactical Talent Practices • Build on a Solid Foundation – Team Structure. • Craft Your Emerging Markets Strategy. • Engage through Your Employee Value Proposition. • Create a Strategic Workforce Plan Aligned with the Business. Proprietary Content – Do not distribute without permission. 8

Build on a Solid Foundation – Team Structure. • Share Information!!! – What has worked and what hasn’t? – Are there significant differences in the cultures within your business? – What are the nuances site to site? • Be involved when it makes sense!! – Assess for cultural fit – Remember you are not the manager Eileen Kovalsky Associate Director of Global Recruitment Outsourcing Bristol-Myers Squibb • Keep your structure consistent but allow for elements of customization as needed to deliver for the business • Integrate the team as one! #talentmindset Proprietary Content – Do not distribute without permission. 9

Time to Get Strategic Strategies for Overcoming Tactical Talent Practices • Build on a Solid Foundation – Team Structure. • Craft Your Emerging Markets Strategy. • Engage through Your Employee Value Proposition. • Create a Strategic Workforce Plan Aligned with the Business. Proprietary Content – Do not distribute without permission. 10

Craft Your Emerging Markets Strategy. Ioana Constantinescu Head of Life Sciences Carmichael Fisher #talentmindset Source: IMS Health, IMS Market Prognosis 2011-15 Proprietary Content – Do not distribute without permission. 11

Craft Your Emerging Markets Strategy. Proprietary Content – Do not distribute without permission. 12

Craft Your Emerging Markets Strategy. The Current Life Sciences Landscape in Middle East Africa • Aggressive growth targets. • Substantial reliance on imports. • Patent cliff. • Government regulations. • Sedentary lifestyle – increase in chronic diseases. #talentmindset Proprietary Content – Do not distribute without permission. 13

Craft Your Emerging Markets Strategy. Challenges Affecting Recruitment in the Middle East Africa • 90% of Life Sciences organizations are restructuring their operating model due to the strategic importance of the region. • Significant driver for change is the skills shortage in the sector. • Internal resources are currently the primary candidate source. • Budget constraint plus political instability are barriers to talent. #talentmindset Proprietary Content – Do not distribute without permission. 14

Craft Your Emerging Markets Strategy. Common Industry Themes in the Middle East Africa • Business Transformation. • Attracting Talent in an already limited talent pool. • Recruiting across new geographies. • Creating Strategic talent pools. • Building a robust talent management strategy. #talentmindset Proprietary Content – Do not distribute without permission. 15

Craft Your Emerging Markets Strategy. Move from the tactical to the strategic • Build workforce plans to align people strategy to the business strategy. • Greater market intelligence to pro-actively map business critical talent. • Attraction strategies to differentiate and improve overall EVP. • Visibility of recruitment with analytics to enable forward thinking strategies. #talentmindset Proprietary Content – Do not distribute without permission. 16

Time to Get Strategic Strategies for Overcoming Tactical Talent Practices • Build on a Solid Foundation – Team Structure. • Craft Your Emerging Markets Strategy. • Engage through Your Employee Value Proposition. • Create a Strategic Workforce Plan Aligned with the Business. Proprietary Content – Do not distribute without permission. 17

Benefits of a engagement = managed EVP Attrition Profitability Tim A. Ackermann Senior Director Talent Acquisition PAREXEL Salary premium Recruiting costs Productivity Patient Safety Incidents Customer Satisfaction Proprietary Content – Do not distribute without permission. 18

Engage through Your Employee Value Proposition. Mission: To accompany you on your journey to help prevent and cure disease 1 2 3 4 Global Footprint Diversity of Work Teamwork/ Open Communication Professional Development Flexibility People Service Global Journey Proprietary Content – Do not distribute without permission. 19

Pharma Challenges of Engagement in Pharma. Risk taking Highly regulated Open Secure closed shop Transparent Controlled access to data Knowledge sharing Hierarchical Crowd based Standardized one-to-many communication Personal many-to-many communication Long development cycles Immediate deployment Protected IP Open source Owned media Shared Media Social Media Risk averse #talentmindset Proprietary Content – Do not distribute without permission. 20

Time to Get Strategic Strategies for Overcoming Tactical Talent Practices • Build on a Solid Foundation – Team Structure. • Craft Your Emerging Markets Strategy. • Engage through Your Employee Value Proposition. • Create a Strategic Workforce Plan Aligned with the Business. Proprietary Content – Do not distribute without permission. 21

Strategic Workforce Planning Is Hard • Only 20% of organizations we interviewed do longterm planning. • 40% of organizations are starting to invest in this area. • Heavy focus on the internal processes. “SWP is the 5-10 year plan. There is a challenge to educate the organization in that context and to keep it live.” “We find it hard enough to do resource planning in our organization, however unless we shift this, it will be a significant risk to the business.” Proprietary Content – Do not distribute without permission. 22

Steps to Strategic Workforce Planning Success DEVELOP THE WORKFORCE PLAN ANALYZE THE GAPS FORECAST THE DEMAND FORECAST THE SUPPLY DEFINE THE STRATEGIC DIRECTION Proprietary Content – Do not distribute without permission. 23

Talent challenges must be tackled WITH TALENT! Proprietary Content – Do not distribute without permission. 24

Thank You! Questions & Answers. Please Stay in Touch! Europe and Asia Pacific Simon Lythgoe simon.lythgoe@ochrehouse.com + 07850 508561 The Life Sciences Crisis: Tackling Global Talent Challenges Middle East Africa Ioana Constantinescu iconstantinescu@carmichael-fisher.com + 971 50 379 9587 Americas Greg Summers gsummers@pinstripe.com +1 262-289-2134 http://resources.pinstripetalent.com/2014WebDownl oads_LifeSciences_WP.html Proprietary Content – Do not distribute without permission. 25

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