New Survey Identifies Talent Management as Key Priority
Majority of Life Sciences Executives Say Industry Ignores Talent Management - RSA survey highlights need to revisit business partnerships with HR
LONDON -- (BUSINESS WIRE) -- A new survey of nearly 400 life sciences executives has found that over 90% identify talent management as a key priority for 2010. However, only 26% have an active strategy in place for retaining talent and 68% have no clear leadership succession plan.
"RSA's Talent Lifecycle Service is a proven link between the boardroom and its HR partners; we look forward to working with clients to help them focus on obtaining the maximum value from their human resource over the next five to ten years."
70% of executives surveyed also believe that a strong partnership with HR will be critical to the industry's success as it undergoes a series of fundamental changes to its business model in the coming decade.
Nick Stephens, CEO of RSA commented: "As the industry emerges from recession and confidence returns about the future, now is the time to revisit the business partnership between line and HR, setting a proactive agenda to maximise the value of one of a business's most valuable assets - its people."
The survey found that while 37% of executives would prefer their HR team to focus primarily on leadership development this year, in reality only 17% of them will get this priority.
"The challenge this year is to balance long-term growth strategies with the more immediate pressures on headcount and short term costs," continued Nick Stephens.
In response, RSA is launching its Talent Lifecycle Services. The service will help life sciences organisations achieve competitive advantage by strategically managing talent and leadership to support their long-term growth plans.
RSA's research indicates four key areas where HR and line managers need to work together in order to remain competitive:
Leadership development (78%)
With industry-leading occupational psychologists and talent management consultants, RSA's offering will help businesses across the whole of the life sciences value chain to carry out strategic organisational audits and in-depth resource assessments.
High potential employee identification & assessment (67%)
Performance management (60%)
Succession planning (60%)
"In today's highly competitive global drugs market, it is clear that executives identify well-managed talent as a key success factor," continued Nick Stephens. "RSA's Talent Lifecycle Service is a proven link between the boardroom and its HR partners; we look forward to working with clients to help them focus on obtaining the maximum value from their human resource over the next five to ten years."
To find out more about Talent Lifecycle Services, visit: www.theRSAgroup.com/talent
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