The ability to attract and retain talent is increasingly becoming a top priority for companies. And within the life-sciences industry there is simply a stronger competitive environment in place for talent. Many are leaving large pharma for biotech companies, which are perceived to be more innovative and less bureaucratic. With aging workforce populations many companies will see a significant percentage of their employee population retiring so there will be a need to attract new talent. And those just beginning or in the first five to 10 years of their career are looking for different things from other generations.
Here are some ways organizations are evolving their talent strategy to achieve top business goals and drive talent innovation:
Culture. There is a saying “culture eats strategy for lunch.” Culture is everything and to compete for talent, companies need to have a clear sense of purpose and a set of shared values. That purpose and shared values not only needs to be communicated but also demonstrated by the behaviors of senior management.
Change Management. Most companies are going through transformation and those that effectively manage change and shorten the communication tree from the C-suite to the floor and communicate effectively to employees will have a competitive advantage over other companies
Employee Engagement and Skill Development. Employees want to be engaged and feel like they are making a difference. There is a great deal of investment being made in empowering employees to challenge the status quo, lead at all levels, and promote the notion that it’s never too late to learn a new skill or change focus.
To read the article as it was originally published in PharmaVoice, please click here.
John Cassimatis | President & Co-Founder | TayganPoint Consulting Group | firstname.lastname@example.org | @JohnCassimatis