Let's help Life Science executives to keep up with industry changes.
During the past 15 years, in absence of the old, good attractive growth rates, Life Science Companies have been consolidating in the attempt to strengthen their P&Ls, and ROCs. The focus has been on leveraging very lean organizations while minimizing overhead. This has led to years of M&As, of recurrent organizational changes, of cost control and to the trend towards outsourcing highly innovative R&D. It also implied the redeployment of formerly centralized US-based global resources towards tax efficient countries with cheaper labor cost in the emerging markets.
In this context, talent development has lost most of the traditional attention “from the top.” It has been and it still is an under-invested process that often leaves individual careers dependent on coincidences and unplanned professional bumps impacting both individuals and organizational future.
For large companies of the Life science Industry there are two concurrent, fast-growing problems: lack of credible talent development tools and inefficient talent retention.
In the US there here are 4,870 Companies in the Life Science Industry of which the majority (4,535) are headquartered in the US. The estimated number of employees in this Industry exceeds 1.1 Million individuals. Even considering only the 9% who are managers (from junior managers up to all executive ranks), this corresponds to about 100,000 managers potentially interested in the Life Sciences-specific executive education proposed in this document. In the 3 largest countries of Latin America there are a minimum of 135,000 employees of the Life Science industry with about 3,000 managers likely to be interested or fit for industry-specific executive education.
All these executives are exposed to the same retention issues.
There is a big room for improvement in the Talent Management strategies of the America-based Life Science organizations and this improvement seems linked to the ability to answer these two questions:
- How to base talent retention on new paradigms that go beyond the old set of employee benefits?