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.

 

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Topics: Succession Planning, Performance Management, Recruitment

Fortune 500 Pharmaceutical Company Case Study: Assessment-Based Succession Plan Improves Turnover in Key Scientist Role

Posted by KGL on Feb 16, 2018 11:37:20 AM right

The Challenge    

High turnover in a key scientist role was plaguing this Fortune 500 multinational pharmaceutical company, greatly hindering productivity and advancements in this critical function.

   

The Preparation

 In order to address this problem, XBInsight identified the need for a robust succession plan that included:

  • Creating a benchmark for the next level position to measure the readiness of these scientists to be promoted to this role.
  • Developing a customized assessment to not only reflect the skills, critical thinking and overall fit needed for the current position, but also identify a clear picture of what success looks like in the next level job.
  • Designing a comprehensive leadership development program to prepare high potential employees for next level positions

   

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Topics: Succession Planning, Coaching and Training, Performance Management

Increase Innovative Thinking in Your Executive Team Today

Posted by KGL on Jan 23, 2018 11:00:00 AM right

Innovation is critical in a knowledge economy — driving growth, new products, and new methods of delivering value to customers. According to PwC’s 2015 study on Global Innovation, U.S. companies spend $145 billion dollars in-country on R&D each year. And yet, despite its importance, innovation is a difficult quality to cultivate both in leaders and in organizations. In Conference Board’s 2015 CEO Challenge study, 943 CEOs ranked “human capital” and “innovation” as their top two long-term challenges to driving business growth. This is a key talent challenge for most organizations, and a talent gap that needs to be closed, starting at the top – with the role of the CEO.

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Topics: Succession Planning, Coaching and Training, Performance Management

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.

 

 

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

What would you do if a key executive declared their independence?

Posted by KGL on Jun 29, 2017 9:05:00 AM right

What would you do if a key executive declared their independence? If one of your company's key executives resigns tomorrow, would you be prepared? 

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Topics: Succession Planning

5 Reasons Executive Development Programs Fail

Posted by KGL on Jun 21, 2017 9:05:00 AM right

Executive and leadership development has risen to the top of most companies’ priority list over the past decade, with the realization that in the fast-changing, innovation-led business landscape organizations must have exceptional leaders to navigate it. In fact, when upward of 500 executives were asked to rank their top three human capital priorities, leadership development was included as both a current and future priority, and almost two-thirds identified leadership development as their number one concern.1 This explains why U.S. companies alone spend almost $14 billion annually on leadership development.2

However, for many organizations, the outcomes of their leadership development are lackluster and fail to meet the ideal return-on-investment for such programs. The failure to meet expectations of executive development programs can be attributed, in part, to four common mistakes that derail their efforts.

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Topics: Succession Planning, Coaching and Training, Performance Management

Time for 2017 Strategy Planning: 10 Elements of a Successful Strategy

Posted by Kathi Graham-Leviss on Nov 30, 2016 10:35:32 AM right

In today’s business landscape, effective execution strategy can afford no fallbacks. An art that few have mastered, execution can hurdle a business into reaping extensive benefits from higher profits, to increased moral, and even to higher shareholder confidence.

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Topics: Succession Planning, Coaching and Training

Change is in the Air: 3 Core Components of a Change Strategy

Posted by KGL on Nov 2, 2016 12:02:20 PM right

During this time of year, the leaves aren't the only things that are changing. As we prepare for the end of year and the changes that often take place during Q1, it is important to remember that a change strategy plan is a critical component of any change effort.

Clear roles need to be assigned to minimize redundancy, and to ensure that all responsibilities are covered.  However, all too often, roles are assigned based on availability rather than who is the most competent and best positioned. This may result in a poor fit for the role, and a less than-successful outcome. Below are a few leadership and team roles you’ll want to include during your planning stage.

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Topics: Succession Planning, Performance Management

Why only 2 out of 10 Companies Say Their Succession Planning is Effective

Posted by KGL on Sep 28, 2016 12:03:07 PM right

With all the attention on succession planning over the past few years, one would expect to see progress in both quantity and quality of organization’s succession plans. However, in our 2016 Succession Planning Survey, the majority of companies believe their succession plans are ineffective – that is, if they even have one in place. In fact, 26 percent of respondents report, “it’s better than nothing,” or “not doing it all.”

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Topics: Succession Planning, Performance Management

Succession Planning: Are You Ready If You Get The Call?

Posted by KGL on Sep 21, 2016 12:15:15 PM right
 

"Organizations need to have iron-clad and exception-free succession policies wherein every senior executive has at least one successor ready, or at least almost ready, at any given time" argued Harvard Business Review in their recent article on succession planning, and we agree.  

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Topics: Succession Planning, Performance Management

8 Change Management Strategies When Moving the Cheese

Posted by Kathi Graham-Leviss on Sep 15, 2016 9:00:00 AM right

Mergers, buy-outs, restructurings, oh my! These and many other disruptive changes are more and more commonplace in today’s business landscape, and can literally transform a company overnight. Ironically, they are typically entered into as a means to remain competitive or to boost financial viability, but often can be derailed by a poor or nonexistent change management strategy.

The good news is, a clear and well-planned change management strategy can go a long way in removing potential roadblocks.

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Topics: Succession Planning, Coaching and Training, Performance Management

Taming the Healthcare Merger & Acquisition Wild Wild West

Posted by Kathi Graham-Leviss on Aug 31, 2016 11:35:05 AM right


Ever since the Affordable Care Act (ACA) was passed, the health care environment is similar to the wild, wild west. Some organizations have crumbled under the strain of the new landscape, while many others are looking for partnerships in order to stay alive. In fact, the merger and acquisition activity within the healthcare sector is at all-time high levels.

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Topics: Succession Planning, Performance Management

Is Your Leadership Team Full of Change Agents?

Posted by Kathi Graham-Leviss on Aug 24, 2016 9:49:49 AM right

 The rules and requirements to remain competitive in today’s marketplace are evolving so rapidly that leadership is struggling to stay ahead of the course. While change used to be slow and incremental, organizations today face a whole new breed of change – one that is fast, disruptive, and unpredictable.  As such, businesses are acutely aware of the need to be agile. However, to be agile you need agile people because in the end, organizations don’t change – people do.

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Topics: Succession Planning, Coaching and Training, Performance Management

Why Mergers & Acquisitions Fail

Posted by Kathi Graham-Leviss on Aug 10, 2016 9:56:57 AM right

According to a recent Harvard Business Review report, the failure rate for mergers and acquisitions (M&A) falls between 70 percent and 90 percent. That’s a staggering enough number to make any CEO hesitate to enter into such a transaction. However, the primary culprit to failures of these deals is generally related to post-merger people issues and integration – challenges that are solvable with the right strategy and approach.

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Topics: Succession Planning, Coaching and Training

What would you do if a key executive declared their independence?

Posted by KGL on Jun 30, 2016 4:31:56 PM right

What would you do if a key executive declared their independence? If one of your company's key executives resigns tomorrow, would you be prepared? 

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Topics: Succession Planning