Talent Lifecycle Management in Today's Life Sciences Sector
Top-line findings from a survey of 397 senior managers and HR directors in the life sciences sector.
Talent management in life sciences businesses
- 43% of life sciences executives say the industry does not give adequate consideration to retaining top talent
- 9 out of 10 identify talent management as a key priority for 2010
- 1 in 5 say talent management is not a strength in their organisation
Staff cuts - the talent & skills implications of headcount review
- 76% of life sciences organisations have undergone a headcount review in the last 18 months
- 69% worry that they are losing valuable skill sets and competencies when their organisation reduces headcount
- 49% fear that their organisation's approach to headcount review does not support the business's strategic change objectives
Despite these concerns...
- 62% of companies use no formal talent assessment exercises to identify which employees will face redundancy
- 27% did not consider their organisation's future demand for skills when identifying which employees would face redundancy
Preparing for the future - HR priorities for a changing life sciences sector
- 71% of executives will rely on their HR teams to redefine long-term resourcing needs as the life sciences industry undergoes fundamental changes to its business model
- Executives identified four key areas of talent management that must improve in order for their businesses to remain competitive in the coming decade:
- Leadership development - 78%
- High potential employee identification & assessment - 68%
- Performance management - 60%
- Succession planning - 60%
Despite these priorities...
- 76% of executives are not convinced that their HR teams have a clear understanding of the business's long-term skill requirements
- A third (37%) of companies do not assess their employees' competence and potential against the business's long-term skills requirements
Boardroom v HR - priorities out of synch
- 37% identified leadership development as their ideal HR priority for 2010, but in reality, only 17% of them will get this priority
- A full review of executives' ideal v actual HR priorities for 2010 follows:
|Actual 2010 HR priorities
||Ideal 2010 HR priorities
The true costs of failing to manage and retain top talent
- In 4 out of 10 life sciences businesses, less than 20% of senior managers are appointed via internal promotion
- 71% of executives confirmed that senior management vacancies take six months or longer to fill
- Half confirmed that recruiting a new senior manager typically costs the organisation 20-30% plus of the position's annual salary
Despite these costs...
- 55% of life sciences companies do not have a clear leadership succession plan in place
- 67% have no formal talent management strategy
About this research
Research was conducted amongst 397 senior executives and HR directors currently working in the global life sciences industry. 80% of respondents are either CEOs or senior members of their organisation's leadership team. Data was collected between 15th and 31st January 2010.
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