The Solution to Talent Shortages Facing Life Sciences Companies

Posted by Kathi Graham-Leviss on Apr 6, 2018 3:22:00 PM 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.

 

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.

 

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

 

Lack of Right Skills and Culture Fit Key Contributors

For many pharma decision-makers, sourcing good candidates is hard and finding qualified applicants can be even harder. Yet, finding the best-fit talent both in culture and skill-set can be downright excruciating. Consider that 76 percent of Pharma HR-decision makers agree, “when positions become available at my organization, we struggle to find people whose skills match the job requirements,” and 70 percent say, “we struggle to find people who are a good cultural fit.”

 

Pharmaceutical and life sciences leaders will need to increasingly leverage data and analytics to bring greater accuracy, efficiency and predictability to the hiring process. As pharma companies continue to struggle with turnover, open positions and costly vacancies, they simply can’t take a chance on anyone who doesn’t measure up.

 

Read More

Topics: Succession Planning, Performance Management, Recruitment

The Four Fundamental Aspects to Measure When Assessing Talent

Posted by KGL on Jul 18, 2017 9:05:00 AM 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.

 

 

Read More

Topics: Succession Planning, onboarding, Coaching and Training, 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.

Read More

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.

 

Read More

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.

Read More

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.

 

Read More

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.

 

Read More

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

Download Now

Read More

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

Read More

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?

Read More

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.

Read More

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.

Read More

Topics: Performance Management, Recruitment

Scientific, Evidence-based Assessments: the New Standard for Hiring Talent

Posted by KGL on Nov 25, 2014 1:24:35 PM right

 The numbers don’t lie. The traditional approaches to hiringthe right talent for a position haven’t exactly proven successful. The rate and cost of hiring mistakes is well, unmistakable. The ability to gain more knowledge about a potential hire, and predict their future success in an organization before investing in them, is achievable through talent assessments. And, more and more of the world’s leading organizations are utilizing talent assessments to gain this critical insight.

Read More

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.

Read More

Topics: Coaching and Training, Performance Management, Recruitment

Was Benjamin Franklin an Early Inventor of Talent Assessments?

Posted by KGL on Oct 16, 2014 5:19:06 PM right

Rear view of a doubtful businessman looking at various question marks drawn on a grey wall-1.jpeg

When Benjamin Franklin declared his famous quote, “an investment in knowledge always pays the best interest,” he may well have been referring to the power of talent assessments. After all, he is credited with laying out the earliest known description of the decision-making technique, the Pros and Cons list. Decision-making tools and methods have certainly evolved since then, and arguably no more so than when it comes to making critical hiring decisions.

Read More

Topics: Performance Management, Recruitment