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Leverage Employee Engagement Strategies to Shape Next-Gen Pharma Leaders

The global healthcare industry has undergone major transformations over the last few decades owing to factors such as technological advancements and evolving business models. As a result, pharma companies have to devise employee engagement strategies to shape the next-gen industry leaders who can overcome the industry challenges.  The healthcare industry faces several challenges as it is increasingly exposed to a sudden surge in competition from small and medium biotech manufacturing companies, entry of generics, rise in pricing pressures, complicated regulatory standards, Ask an analystcomplex patent and trademark issues, and growing environment and sustainability concerns.

To counter such challenges, the healthcare industry must ensure that their workforce has the required skill sets, flexibility, and are responsive to the evolving landscape. The answer to shaping the next gen pharma leaders is to drive employee engagement and devise an effective talent management strategy. Employee engagement and talent management strategies enable companies to equip the workforce and transform them into next-gen pharma leaders.

Shaping the Next-Gen Leaders Through Employee Engagement

Healthcare companies must build industry specific training and development programs that train the workforce to overcome the future challenges in the healthcare service industry. These specific development programs prepare the next-gen leaders by exposing them to a wide range of markets and regions, thereby, enabling market disruption and driving innovation. The employee engagement programs challenge their thinking, change their thought process, and encourage them to work in teams and devise effective strategies. Organizations can initiate a team building process through employee engagement programs, promote organizational networking; thereby, building diverse leadership skills and capabilities.

At the time of recruitment, pharma companies must hire candidates with the skill sets to address the challenges in healthcare and biotechnology, and have an understanding of the consumer behavior and market as well. The relationship between the employees and their managers or team leads is extremely important when it comes to building employee engagement, managing employees, and improving the team’s performance. Organizations can identify the strengths and weaknesses of their employees, determine the best performers, and offer constructive feedback to employees, through an effective employee engagement and talent management strategy. In the wake of increasing competition in the healthcare industry, the pharma companies must leverage the employee engagement tools and strategies to motivate the employees to perform better, retain them within the organization, thereby driving employee value proposition.

View the latest case study from Infiniti Research to know how the insights gained from employee intelligence can drive profitability and shape next-gen leaders for your organization.

Market segmentation

Flexibility and Autonomy are Key to Effective Employee Value Proposition in the Global Market

The latest market intelligence study by Infiniti Research on effective employee value proposition (EVP) strategy offers insights on how EVP can act as a key driver for talent attraction and retention.

Work and organization – strongest EVP pillars

Talent management and retention are key focus areas for various global companies. The workforce market is primarily driven by the distinct wants, needs, and ways of thinking of both the employer and the employee. The increasing demand for stable workspace is boosting the requirement for tailored solutions, which cater to the desires for both flexibility and autonomy. The dynamic market scenarios affect the EVP and the core relationship between leaders and their employees. The employee sentiments in today’s workforce state work and organization as the two strongest pillars of EVP.

Developing a unique, compelling, and relevant EVP will help prospective employees, who are looking for a position in their desired company, to evaluate the value proposition of their future employer. Powerful and effective EVP strategies are designed by companies that are broad enough to fit in multiple geographies and business units. Such planning will help the companies to source talent who are best for the work profile.

Identifying key strengths and the areas of improvement

The analysis of the legacy survey data and employer brand manifesto will help companies to identify their strengths and develop policies that are in line with their brand image. Assessing information from focus groups such as corporate, research and development, new hires and customer service will help ascertain the gaps and strengths within the organization. Understanding the company’s norms and its culture helps in the development of strong, lasting relationship between the employer and employees.

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 Developing an effective EVP strategy

Analyzing legacy data and transcripts to understand the managements’ opinion of key strengths and opportunities will aid in the development of an effective EVP strategy. The introduction of different EVP categories such as opportunity, work, organization, people, and rewards will have a positive impact on employee morale. Moreover, recognizing key attributes and areas of improvement will help create a successful EVP strategy.

Solutions and recommendations

The market intelligence team at Infiniti Research performs an in-depth secondary research to understand the norms and culture that are followed by the major market players and develop an effective EVP strategy. Some of the solutions offered include:

  • Offer insights on the gaps and strengths within the organization obtained from the legacy data to gain a better understanding of the company
  • Understand the internal environments’ opinion of key strengths and opportunities
  • Develop an extensive proprietary database consisting of information on more than two million industry experts, senior management leaders, key opinion leaders, employees, and employer
  • Provide insights on EVP pillar summary and key differentiators based on employee satisfaction survey
  • Identify unique value propositions for each geography that can be used to customize EVP messages

Read our comprehensive case study on how we helped a leading ingredients solutions company create an effective employee value proposition (EVP) strategy through market intelligence solutions

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