addressing the looming talent crisis for life sciences

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Addressing the Looming Talent Crisis for Life Sciences

February 2014

#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

Greg Summers SVP, Pinstripe & Ochre House

Agenda

#talentmindset


Market Drivers

Talent Strategies

Patent Cliff

Business Evolution

Sluggish Scientific Discovery

Regulatory Constraints

Cultural Sclerosis

Innovation: Make, Buy or License?

#talentmindset


• 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.

99% believe the lack of young talent presents a significant risk to the achievement of business goals.

Life Sciences in Europe

#talentmindset


• 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.

Life Sciences in the Middle East Africa

#talentmindset

69% experience challenges recruiting in new emerging market territories, specifically when sourcing technically-skilled local “in country” talent.


• Need to attract and retain talent with a hybrid skill base.

• Lack of realism amongst line management.

• Increasingly working within outdated business models.

Life Sciences in the Americas

#talentmindset

51% of global Life Sciences CEOs report greater difficulties attracting and retaining the right talent—the highest percentage of industries surveyed.

-PwC


The Silver Bullet, perhaps?

Shift from tactical to 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.

Time to Get Strategic


• 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

• Keep your structure consistent but allow

for elements of customization as needed to deliver for the business

• Integrate the team as one!

Eileen Kovalsky Associate Director of Global

Recruitment Outsourcing Bristol-Myers Squibb

Build on a Solid Foundation – Team Structure.

#talentmindset


Craft Your Emerging Markets Strategy.

#talentmindset Source: IMS Health, IMS Market Prognosis 2011-15

Ioana Constantinescu Head of Life Sciences

Carmichael Fisher


• Aggressive growth targets.

• Substantial reliance on imports.

• Patent cliff.

• Government regulations.

• Sedentary lifestyle – increase in chronic diseases.


#talentmindset

The Current Life Sciences Landscape in 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

Challenges Affecting Recruitment 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

Common Industry Themes in the Middle East Africa


• 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

Move from the tactical to the strategic


Benefits of a engagement = managed EVP

Attrition

Salary premium

Recruiting costs

Customer Satisfaction

Patient Safety Incidents

Productivity

Profitability

Tim A. Ackermann Senior Director

Talent Acquisition PAREXEL


Mission: To accompany you on your journey

to help prevent and cure disease

Global Footprint

Diversity of Work

Teamwork/ Open

Communication

Professional Development

Flexibility

Service People

Global Journey

1

2

3

4

Engage through Your Employee Value Proposition.


Challenges of Engagement in Pharma.

#talentmindset

Risk averse Highly regulated Secure closed shop Controlled access to data Hierarchical Standardized one-to-many communication Long development cycles Protected IP Owned media

Risk taking Open Transparent Knowledge sharing Crowd based Personal many-to-many communication Immediate deployment Open source Shared Media

Phar

ma

Social Media


• Only 20% of organizations we interviewed do long-term planning.

• 40% of organizations are starting to invest in this area.

• Heavy focus on the internal processes.

Strategic Workforce Planning Is Hard

“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.”


Steps to Strategic Workforce Planning Success

DEFINE THE STRATEGIC DIRECTION

FORECAST THE DEMAND FORECAST THE SUPPLY

ANALYZE THE GAPS

DEVELOP THE WORKFORCE PLAN


Talent challenges must be tackled

WITH TALENT!


Please Stay in Touch! Europe and Asia Pacific Simon Lythgoe [email protected] + 07850 508561 Middle East Africa Ioana Constantinescu [email protected] + 971 50 379 9587 Americas Greg Summers [email protected] +1 262-289-2134

Thank You! Questions & Answers.

The Life Sciences Crisis: Tackling Global Talent Challenges http://resources.pinstripetalent.com/2014WebDownloads_LifeSciences_WP.html

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