In the pharmaceutical industry, expertise matters. Organizations rely heavily on hard-working employees that have dedicated years of study and practice in specific sectors and subfields. Knowing the ins and outs of research methods and literature, complex disease state areas, and issues surrounding accessibility in medicine are just a few of the fields that employees specialize in. Highly skilled employees that exceed expectations and push boundaries in these roles are highly coveted and are often the key to success at the organizational level. When these employees leave their role, the entire organization takes a hit. Countless roles cannot be replaced as it takes years to develop that level of expertise and experience. The key relationships that are built over time with customers can dissolve when employees leave. For smaller biotech companies that are building out their capacities, losing an employee means losing all of their knowledge about the company, therapeutic areas, and planning in preparation to launch as well.
Furthermore, when high performers leave an organization, the effect can cascade into distrust throughout the organization, leading more high performers to question their position. It makes sense then, why the initial average financial cost of replacing a high performing employee is more than 400% of that employee’s compensation—and that doesn’t even include the 1-2 years of lost revenues and profits while the new employee learned how to perform effectively in the job.
That is why retention of exceptional talent is absolutely critical. This is especially true today, as the pandemic has forced organizations to shift to virtual work models. Maintaining relationships with clients, patients, and doctors is increasingly difficult in this setting, so organizations that are able to retain their employees (and the relationships these employees have crafted) have a leg up.
With one third of senior leaders citing the failure to attract and retain top talent as their most significant managerial challenge, talent retention is a huge problem for organizations. Luckily, research shows us when and why high performing talent leave their positions. We have analyzed this data and found that the factors that cause low retention mapped well to our organizational, team, and individual philosophy. In this podcast, we will examine the issue at each of these three levels to help you develop the essential skill of understanding talent retention.
Let us help you with retaining your high performing employees and reap the rewards of long-term exceptional talent!
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