Talent management is key priority in life sciences

Singapore: A global survey, of over 200 life sciences senior executives and HR directors carried out for executive search and interim management firm RSA, revealed that 90 percent of life sciences executives identify talent management as a key priority. The survey also highlighted that that almost three quarters (72 percent) of their organizations are failing to deliver this in practice, operating without an active strategy in place.

A trend has emerged over the past three years whereby talent management is less well planned and more ad hoc. Much of this is due to the continuing impact of market change and sluggish economic conditions. Around 76 percent of organizations have undergone an organizational review or restructure in the last 18 months, up 10 percent since 2011 and 93 percent have reviewed headcount (a fifth more than in 2011).

As in 2011, over half (53 percent) of respondents agreed the main trigger was generating increased efficiencies and six-out-of-10 said that their organisations had created new roles over the last year due to the changing business environment. 

However, on a positive note, understanding between business and HR is improving. While only 59 percent of executives believe that HR has a clear understanding of the skills the organisation will need in five years' time, this has nearly doubled from just 24 percent in 2010. Almost eight-in-10 (78 percent) felt that HR would have a key role to play in redefining long-term resourcing needs, which is nine percent more than in 2011.

Mr Nick Stephens, executive chairman, RSA, said that, "In today's highly competitive life sciences industry, a critical success factor for executives is to fully understand the talent they have within their business and how they organise and supplement it for the future. Our research shows that in the life sciences industry, the active management of high potential individuals and leadership development remain high priorities. However the continuing pressures of the recession and major market change are forcing businesses and their HR departments to focus on short-term fixes, rather than long-term strategy."