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Digg It - Keeping the Good Ones: 3 Keys to Retaining Top-Notch Employees
One of the most frustrating but common problems I come across in my consulting work is that of retaining key talent. Companies spend untold amounts of capital investing in tomorrow’s leaders, only to see them hastily depart down the road for what they view as better opportunities elsewhere.
Many executives
Many executives
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
believe that money is a major reason behind many of these departures. Money does play a part, but only a very minor one. Money as a motivator is insufficient, though lack of money can be a demotivator. So, the old notion of throwing money after an employee who is unhappy and looking elsewhere will only ser
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
e to create an unhappy employee who is better off financially.
Employees are motivated by a variety of factors, and thus there is no simple “shotgun method” to motivate mass numbers of employees. Motivation must be intrinsic. It comes from within each individual and cannot be “caught” or passed on (much li
Employees are motivated by a variety of factors, and thus there is no simple “shotgun method” to motivate mass numbers of employees. Motivation must be intrinsic. It comes from within each individual and cannot be “caught” or passed on (much li
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
e a common cold). To that end, I have come up with three keys to improving your employee retention. If you are in the process of developing tomorrow’s leaders, make certain you understand these principles. Otherwise, you will serve only to further the corporate ambitions of your leading competitors through
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
serving only as a corporate pit-stop of sorts for the best and brightest.
Key #1: Build a Better Culture
If you want to retain those employees in whom you have invested time, capital, and relationships, you must first improve your entire corporate culture. What does that mean? It could mean:
-looking at
Key #1: Build a Better Culture
If you want to retain those employees in whom you have invested time, capital, and relationships, you must first improve your entire corporate culture. What does that mean? It could mean:
-looking at
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
our corporate hierarchy structure. Is it vertical or horizontal? Vertical structures tend to result in decreased communication (due to increased layers of middle management), poor employee empowerment (due to the ubiquitous need for approval from higher-ups) and general lack of day-to-day knowledge by highe
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
r-ups of corporate functioning (which results from the old “management by walking around” phenomenon). Horizontal structures tend to do the opposite, and decrease friction and power struggles between management and employees due to increased visibility and accountability.
-improving employee input and comm
-improving employee input and comm
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
nication mechanisms. Do your employees have an avenue for direct communication with their management and leadership? Where do they go with legitimate concerns or innovative ideas?
-analyzing middle management’s tendencies toward micro-managing. If you want employees that feel respected and valued, middle m
-analyzing middle management’s tendencies toward micro-managing. If you want employees that feel respected and valued, middle m
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
nagement needs to understand that micro-managing results in the opposite effect.
-remember that all investments that improve the quality of life for your employees are surefire winning investments. Work supports life, not vice versa. Employees that lead balanced, healthy lives come to work happier and are
-remember that all investments that improve the quality of life for your employees are surefire winning investments. Work supports life, not vice versa. Employees that lead balanced, healthy lives come to work happier and are
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
ore productive.
- forget about downsizing as a profit management tactic. First off, downsizing sends a direct message to ALL employees (not just the ones that are let go) that they are expendable commodities. Second, downsizing has never had any positive effect on company morale. Eliminating jobs rather th
- forget about downsizing as a profit management tactic. First off, downsizing sends a direct message to ALL employees (not just the ones that are let go) that they are expendable commodities. Second, downsizing has never had any positive effect on company morale. Eliminating jobs rather th
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
n eliminating problems in capital management processes is plain dumb.
Key #2: Empower Your Employees
Empowerment is an oft-discussed but seldom understood concept. Management consultants, motivational speakers and the like discuss empowerment in motivational terms. However, all long-term motivation is int
Key #2: Empower Your Employees
Empowerment is an oft-discussed but seldom understood concept. Management consultants, motivational speakers and the like discuss empowerment in motivational terms. However, all long-term motivation is int
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
rinsic anyway, so the notion of empowerment as a motivational tool is nonsensical. Empowerment can be more accurately defined as the ability of employees to make decisions that affect the outcomes of their jobs. What kind of decisions are we talking about?
-decisions about hiring practices
-decisions abou
-decisions about hiring practices
-decisions abou
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
how to deal with customer service issues
-decisions about local management practices
-decisions on how to manage overtime
-decisions about physical working conditions
And so on. Empowered employees make quicker decisions, are more confident in their abilities to get the job done right, increase custome
-decisions about local management practices
-decisions on how to manage overtime
-decisions about physical working conditions
And so on. Empowered employees make quicker decisions, are more confident in their abilities to get the job done right, increase custome
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
satisfaction, and decrease corporate costs associated with remediation work (work that has to be duplicated due to employee mistakes, which results from lack of accountability).
Empowered employees engage in innovation rather than problem-solving. Innovation involves a continuous improvement in the status
Empowered employees engage in innovation rather than problem-solving. Innovation involves a continuous improvement in the status
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
quo, whereas problem-solving always results from failure. Someone makes a mistake, causing a decrease in the status-quo, and time and energy is spent fixing the problem, which results in the previous level of production. Empowered employees innovate due to increased freedom, satisfaction, and personal accou
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
tability. To this end, it is crucial that your company invest in advanced personal development opportunities for your employees rather than boring, remedial training. The former promotes innovation, the latter problem-solving.
The biggest benefit to empowering your employees is the loyalty it generates. Hu
The biggest benefit to empowering your employees is the loyalty it generates. Hu
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
man tendency is to value those who value our contributions, and empowered employees certainly feel valued and respected by their employer.
Key #3: Improve Your Relationship Skills
The bottom line in any corporate culture is that relationships make or break a company. Relationship skills are an overlooked
Key #3: Improve Your Relationship Skills
The bottom line in any corporate culture is that relationships make or break a company. Relationship skills are an overlooked
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
spect of corporate culture. With respect to relationships and relationship skills, does your company:
-have numerous exemplars among its ranks that display your ideal “corporate” personality traits (genuineness, empathy, sense of humor, family values, etc)
-value people more than outcomes?
-actively inve
-have numerous exemplars among its ranks that display your ideal “corporate” personality traits (genuineness, empathy, sense of humor, family values, etc)
-value people more than outcomes?
-actively inve
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
t in advanced development opportunities for your employees? (seminars on relationship building, etc)
-have chief executives of all kinds that are readily accessible and easily approached?
-listen more than it talks? (most people believe communication is about improvements in one area and not the other, wh
-have chief executives of all kinds that are readily accessible and easily approached?
-listen more than it talks? (most people believe communication is about improvements in one area and not the other, wh
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
ch is crazy)
-listen and incorporate customer and client feedback readily?
The better the relationship skills among your employees and management, the better your corporate culture. In any area of corporate productivity, an improvement in relationship skills and process will readily increase profitability
-listen and incorporate customer and client feedback readily?
The better the relationship skills among your employees and management, the better your corporate culture. In any area of corporate productivity, an improvement in relationship skills and process will readily increase profitability
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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