What’s the Future of Pharma?
Soft Skills Hold the Answer
It’s not news that pharma is facing a scarcity of workers who have the right technical skills for adopting and sustaining use of technologies such as artificial intelligence and automation. But aware as you might be of the competition for technical skill and the need for workforce reskilling, you might be missing the mark when it comes to a key area for finding qualified talent faster and equipping existing talent to adapt to all of this change: soft skills.
The estimated loss of revenue in the time it takes to fill a nonexecutive role in pharma
The average return on R&D — a staggeringly low figure, given its $985 billion price tag
How We Can Help
Improve Diversity and Inclusion
Pharma is seriously lagging in diversity, with women holding only 2% of CEO positions and Black, Latinx, and Asian Americans representing less than 10%, 14%, and 11% of the U.S. pharma workforce, respectively. Incorporating personality into your talent strategies can help your organization not only improve diversity, but also create lasting cultural change so employees are included and heard.
Manufacture Soft Skills
Reskilling and upskilling are about more than technical skill. Research has shown that pharma manufacturing execs are overlooking the need for soft skills as they adapt to technological disruption, although frontline workers say soft skills have been critical to their success. It’s time to look beyond hard skills to understand what qualities drive performance among your best people, then use what you learn to hire and develop the talent with the most potential.
Cut Turnover Costs
The rate of turnover in pharma might be low, but the need for specialized skill and understanding of the industry’s regulations comes at a high price. Just one employee leaving can cost a company up to 300% of that person’s salary. And finding a replacement? It’s about 2.5 times that salary. We’ll simplify the math: using personality assessment, we can help you cut these costs by as much as 61%.
Industry Spotlight: Pharma
As an international authority in the science of personality and a provider of evidence-based solutions for talent acquisition and development, Hogan has been partnering with organizations in pharma for decades to help them solve problems and achieve their goals. Check out a few examples of our work to learn more about how we can help.