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Some ways that pharmaceutical companies are staying ahead of the talent curve.
The pharmaceutical industry has always been the leader of innovation, so when it comes to talent management, it is not surprising that their operating model is cutting edge. In my experience, the same focus and efficiency these organizations invest into R&D and processes are also generously dedicated to the management of their People Resources. In a competitive market, talent technology can be a key differentiator, so it is a common practice for pharmaceutical companies to engage strategic partners to complement Vendor Management Systems (VMS), Managed Service Programs (MSP) and Direct Sourcing process. One of the first industries to design early talent programs and invest in comprehensive recruitment cycles, pharma continues to advance talent resources through the implementation of talent communities and cloud technologies. When analyzing the future of talent, frontrunner organizations are considering current trends while also designing strategic plans to meet the needs of tomorrow’s workforce.
Here are a few ways pharmaceutical companies are staying ahead of the talent curve:
As the industry continues to evolve and businesses seek lower costs for streamlined engagement of contingent workers, workforce program design is advancing. In this modern market, Direct Sourcing is trending. Companies are leveraging their respective employer-brands to drive candidates to internal talent platforms. In many instances, businesses have found that they can achieve lower cost points by converting applicants to pre-identified payrolling workers rather than sourcing talent from a traditional staffing firm. With software platforms to support these programs, employers can also dynamically capture alumni workers for uninterrupted communication and efficient redeployment.
When creating a modern recruitment strategy, it is essential for companies to consider the future of talent. This means looking at talent as a cycle. With the help of HR Technology, businesses can nurture talent from end-to-end. By organizing virtual talent populations for freelancers, independent contractors, and alumni workers, companies can easily pipeline pre-identified candidates without disrupting company culture. These cloud-based talent communities are generating a more positive employer-brand experience and strengthening the investment in what is perhaps most important-human value.
Early talent programs, better known as internship programs, are another formalized approach to identifying those rising stars-either before or as they become rising seniors-who shine in the workplace and whose commitment to the pharmaceutical industry suggests they will also shine as full-time employees. Professionally designed and executed early talent programs can ensure a company selects the best and the brightest of the university talent pool and nurtures and grows future employees.
With typical talent tracking beginning at the internship phase, the traditional recruitment strategy focuses on early talent, but with the help of HR Technology, businesses are upgrading their recruitment methodology. Employers dedicated to the talent cycle are broadening their focus to recognize mid to senior level workers returning to the workforce. Brands who are effectively managing Internship Programs should also consider implementing Returnship Programs. Often, experienced talent chooses to take time away from a demanding career due to parenthood and/or other personal commitments. Though life experience can add powerful skills to an existing freelancer portfolio, the career gap resulting from this type of reprieve can be seen as a roadblock by job seekers returning to the workforce. Employers identifying pre-qualified talent through a Returnship Program can reinvigorate their candidate base with veteran talent ready to operate at top levels of efficiency.
Companies who appreciate a more traditional staffing approach are still finding ways to innovate through strategic partnerships. Many are abandoning a one-size-fits-all workforce model for a hybrid ecosystem as they strive to increase operational efficiencies and lower costs. Managed Service Programs (MSP) paired with technology for payrolling and recruiting are commissioning staffing firms when expertise is needed to remain flexible and achieve scalable results. As Managed Service Providers (MSP) incorporate more Independent Contractor and Statement of Work assignments into employer programs, enterprises are benefitting from enhanced visibility and access through these comprehensive talent management programs.
Whether a company chooses to innovate its workforce program design through technology, returning and early talent initiatives, or other strategic partnerships for any combination thereof, it is clear there are multiple paths toward ensuring the highest quality workforce. Companies mindful of these options-and with the wherewithal to implement them-will remain ahead of the curve in the competitive world of business today.
Rebecca Cenni-Leventhal is founder and CEO of Atrium.