XBInsight Blog

The Solution to Talent Shortages Facing Life Sciences Companies

Posted by Kathi Graham-Leviss on Aug 27, 2020 11:01:47 AM right

A recent study highlights a pervasive challenge facing the pharmaceutical and life sciences industry, and that is a lack of talent. The study found that 51 percent of CEOs of life sciences and pharma companies admit to greater difficulties attracting and retaining the right people, more than any other industry in the study.1

In fact, one of the greatest challenges on the horizon for pharmaceutical and life science companies is filling vacant positions and decreasing the time-to-fill for those positions. On average, pharma hiring decision-makers report they are currently 14 percent understaffed and have roughly 212 open positions at this time. Additionally, they report that it takes an average of 105 days, essentially 3 ½ months, to recruit and hire non-executive positions.1

These lengthy vacancies are quickly eating away at corporate profits. In fact, companies lose $500 a day for every job that stays vacant.2 given the average time-to-fill among pharma decision-makers is 105 days, and that amounts to $52,000 per vacancy. 

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Topics: Succession Planning, Performance Management, Recruitment

Powerful Strategies to Improve the Quality of New Hires

Posted by Kathi Graham-Leviss on Aug 6, 2020 10:16:19 AM right

One of the most important opportunities for employers today is a large employment pool from which to draw new talent. The opportunity to upgrade the overall level of talent in your organization is strong. As you seek to raise the level of talent, first consider what positions are most critical to your bottom line. Positions where the level of performance varies greatly between the top and the bottom performers are a good place to start. These positions are ripe for improving the quality of new hires which will improve productivity and performance.

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Topics: Performance Management, Recruitment

The Four Fundamental Aspects to Measure When Assessing Talent

Posted by Kathi Graham-Leviss on Aug 5, 2020 5:03:45 PM right

Imagine the consequences of not assessing someone seeking to join the police force, or someone aiming to join an airline as a pilot. Seems ridiculous, doesn’t it? While the impact of hiring the wrong person in those roles can be dire, the consequences of not assessing job candidates and employees in less complex jobs are also significant. The outcomes for businesses hiring or promoting the wrong person can range from poor performance, high turnover, lackluster customer service, to even lost business.

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Topics: Succession Planning, onboarding, Coaching and Training, Performance Management, Recruitment

The New Hiring Standard: Scientific Assessments

Posted by Kathi Graham-Leviss on Aug 5, 2020 4:33:55 PM right

The numbers don’t lie. The traditional approaches to hiring the right talent for a position haven’t exactly proven successful. The rate and cost of hiring mistakes is well, unmistakable. According to a recent survey, companies lost an average of $14,900 on every bad hire they made in the past year, and nearly three in four employers (74%) say they’ve hired the wrong person for a position.

And, consider this. Skilled researchers pored through 85 years of scientific literature in a groundbreaking meta-analysis, to identify which employee selection methods were the best predictors of job performance. Of the 19 methods studied, structured interviews came in 3rd place, unstructured interviews placed 9th, years of job experience came in 14th and years of education came in 16th.

This extensive research finds most traditional methods of selecting employees are deficient at predicting job performance and goes a long way toward explaining why there are so many hiring mistakes. As they say, the definition of insanity is doing the same thing over and over and expecting different results, yet isn’t that what we in the HR field have been doing? Applying the same, traditional methods of screening resumes, conducting interviews, and relying often on gut feel.

Interestingly, the researchers conducting the meta-analysis found the best predictors of job performance were general mental ability, such as IQ, and applying critical thinking and competency skills on work sample tests. Today, we call these methods “talent assessments,” and it is revolutionizing the way companies hire talent.

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Topics: Performance Management, Recruitment

The Building Blocks of a Balanced Team

Posted by Kathi Graham-Leviss on Dec 29, 2016 2:18:51 PM right

Have you ever wondered why some teams achieve their goals practically every time while others seem doomed to repeated failure? One explanation could be the makeup of the team. All teams are created from a variety of people and thus a variety of personality and work styles. When these styles work in harmony, a synergy is present that inevitably leads to success. When the styles are in conflict so is the team. That leaves the question, “What can I do to ensure the creation of balanced teams?” Generally speaking, there are four team-player styles. While each style has its own set of strengths and weaknesses, some work in accord with each other and some do not. In order to ensure you create balanced teams, look to these building blocks for help with laying a sound foundation.

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Topics: Performance Management, Recruitment

Reducing Turnover Increases Profits - No Matter the Industry

Posted by Matthew Markella on Oct 26, 2016 12:55:49 PM right

In a recent study by  Cornell University, it was found that the number of restaurants failing in the first year is close to 60 percent. (Some sources say it’s closer to 90%). This isn’t the case at San Francisco based Zazie.

 

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Topics: onboarding, Recruitment

What Willy Wonka Can Teach Us about Talent Selection

Posted by KGL on Oct 19, 2016 12:43:41 PM right

Willy Wonka, the odd but strangely-creative genius in the movie Willy Wonka and the Chocolate Factory, can teach business and HR leaders a lot about selecting the right talent. Much in the way business leaders must evaluate who they entrust as future leadership to guide their organization, Wonka needed to identify someone to run his factory when he is gone. On the other hand, unlike many companies today, Wonka’s priority isn’t to find someone who is simply qualified to run a factory – he is also determined to choose someone who is honest, who he can trust, and who possesses the child-like traits necessary to maintain the wonder of his factory.

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Topics: Recruitment

Hiring Best-Fit Salespeople, Without Having a Fit

Posted by KGL on Oct 12, 2016 10:32:12 AM right

Finding the right person for the job has been a long-standing initiative for hiring managers. But, the issue of job fit has taken on more urgency with the scarcity of skilled talent today, and therefore, a pressing need to make the right hire the first time. As a recent article inHarvard Business Review (HBR) has pointed out, the success rate of selecting the right salespeople is less than desirable. According to HBR, the average annual turnover rate of sales people ranges from 35 to 30 percent, and direct replacement costs vary from $75,000 to $300,000!

Meanwhile, when you think about talent functions that can make or break a business, the sales team is at the top of that list. While all employees play an important role in a company’s success, it is the organization’s sales professionals that directly drive revenue. In turn, a lot rides on the ability to hire effective, top-performing sales people who best fit the company’s culture and business goals.

The HBR article points to three strategies to help improve selection and hiring the best-fit salespeople – focus on behaviors, be clear about the relevant “experience” needed, and conduct on-going talent assessments.

 

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Topics: Recruitment

Industry Insight: Five Strategies for Onboarding the "Always-On" Millennial Generation

Posted by KGL on Apr 6, 2016 9:30:39 AM right

It's time to offboard your old onboarding program in place of a more interactive, collaborative approach. Millennials grew up in a time of interactivity, so it is no surprise they are not impressed by classroom style orientations to new jobs.  In order to engage and retain this young demographic of talent, companies must utilize current best practice strategies for onboarding the new generation of employees.

 

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Topics: onboarding, Recruitment

Industry Insight: The Next Generation of Employee Onboarding

Posted by KGL on Mar 16, 2016 5:30:00 AM right

It's time for a new generation of onboarding. High performing companies are realizing that more integrated, longer onboarding processes which go beyond the traditional employee handbook and orientation program, are the key to effective onboarding.  

Read our latest Industry Insight and learn how onboarding can:

  • Create more employee loyalty
  • Increase new hire productivity
  • Establish a reputation for your company as an employer of choice

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Topics: onboarding, Recruitment

Industry Insight: Ensuring Seamless Transitions Into New Roles

Posted by KGL on Mar 9, 2016 10:39:02 AM right

What is your goal as a business leader? Would you like to move valued and talented employees up through the ranks of the organization, but feel as though transitioning into new positions may bring challenges? With the right help and use of data, business leaders can see their newly-appointed executives develop the right skills to succeed.

Read our latest Industry Insight and learn:

  • Three ways to use assessments throughout the career lifecycle.
  • How assessments uncover key competencies required at each career crossroad.

Learn more about ensuring smooth tranisitions into new roles in our new Industry Insight:

Download Now

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Topics: Succession Planning, Recruitment

Employee Performance Management: Industry Insights to Maximize Business Performance

Posted by KGL on Mar 9, 2015 9:12:32 AM right

 After you’ve built an impressive talent hiring and screening approach, one that better predicts and ensures you are hiring the right talent for your organization and for each position, it's time for you to sit back, relax and watch the magic happen right?

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Topics: onboarding, Performance Management, Recruitment

New Year, New Trends: Five Talent Management Issues Companies Must Address in 2015

Posted by KGL on Feb 5, 2015 9:57:14 AM right

The ball has dropped, the confetti has been swept up, and we’ve ushered in a New Year. Once again, it’s time for us all to get down to business. To start the year off right, we’ve compiled a few of the most pressing talent management trends companies must address to make sure you don’t drop the ball in 2015.

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Topics: Succession Planning, Performance Management, Recruitment

Hiring Top Sales Professionals Doesn’t Have to Feel Like Chasing a Unicorn

Posted by KGL on Dec 22, 2014 4:22:15 PM right

When you think about talent functions that can make or break a business, the sales team is at the top of that list. While all employees play an important role in a company’s success, it is the organization’s sales professionals that directly drive revenue. In turn, a lot rides on the ability to hire effective, top-performing sales people who best fit the company’s culture and business goals.

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Topics: Performance Management, Recruitment

You Don’t Win with the Best Talent, You Win with the Best Talent who Work Well Together

Posted by KGL on Oct 23, 2014 3:16:22 PM right

The dynamic nature of today’s business environment, the need for innovation, and competitive pressures are all fueling a demand for work groups that perform well together. In general, teams produce a higher quality of deliverables than individuals. On the other hand, poorly managed teams can impede or even halt progress, or lead to disengagement or decreased job satisfaction. Acquiring top talent is one piece of the puzzle, getting them to work well together and effectively solve business challenges is the hard part. Developing high-performing teams in the workplace requires new planning and tactics to ensure they are delivering both hard (results) and soft (morale) benefits.

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Topics: Coaching and Training, Performance Management, Recruitment