Case Study – Pharmaceutical Industry
Consistently receding pipeline and the ascension of generics is pulling big pharma into a downwards spiral. One of the major effects of this domino effect is the massive layoffs endured once a product loses patent.
The pharmaceutical industry has seen layoffs amounting to 25% of all big pharma companies combined in recent years. Most major pharma companies have gone through significant restructuring with no results to show for their efforts except for dissatisfaction of employees.
No wonder that valuable talents and knowledge is becoming scarcer at a time that it is of critical importance.
2: Solution & Methodology
It is clear that talent management is the responsibility of the organisation as a whole including the talent himself or herself. The first line of defense though is leadership.
In an already ailing economy where downsizing prevails, talents look at the signs the leaders are sending as bearings for decision making. In other words, leadership behaviours are now more critical than ever in order to retain and grow talent from within the organisation. Behavioural leadership particularly focuses on what can be seen, heard and felt; it is a game changer as this approach to leadership aligns the first line of defense as well as creates consistency through the leadership message.
The benefit of this behavioural approach is the clear definition of organisational culture. Talents feel a deeper sense of purpose and belonging to the organisation. The talent level of engagement increases and staff perform with passion.
The staff turnover rate, including for critical positions, is reduced.