We surveyed CEO's to see if the Talent Tug of War was real.
If so, where is top talent headed? What are some successes, failures, and best practices to attract and retain leaders.
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Talent tug-of-war
1. The Tug of War for Talent:
Big Pharma vs. Emerging Biotech
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2. Those who build great teams will be noticed for years to come.
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3. The Tug of War for Talent (TOW)
How many of you are currently from:
• Big pharma?
• Small pharma?
• Biotech?
• Other?
4. About Our Study
• Why: The changing dynamics of talent within the
biopharmaceutical industry
• What we saw: A significant increase in the movement
from traditional to emerging growth companies
• Datapoints: 30 interviews with C-level execs & Board
members—industry leaders
• What we hoped to learn: If the TOW was real.
Where is top talent headed? Successes and failures.
Best practices to attract and retain leaders.
5. Our Discussion Topics
• Big pharma’s hold on top talent—is it real or perceived
• Why emerging growth organizations hire from big pharma
• What skills and experiences are acquired from big
pharma that cannot be obtained elsewhere
• Why is big pharma losing best in class leaders to
emerging growth organizations
• What are the same companies doing to hold on to
valuable leaders and top performers
• The transformation of a big pharma leader into an
emerging growth candidate
6. Our Discussion Topics cont’d
• What is the actual risk of moving to a smaller organization
• How can a candidate weigh his or her options
• What qualifies as a “professional success” in
emerging growth companies
• Personality & culture—one size does not fit all; the
importance of fit within the management team
• Reward systems—how and why they differ in
big vs. small organizations
7. TOW: What We Learned
• Opportunity #1: To maximize value, it is critical for
emerging companies to hire the best leaders
• Crucial for emerging companies: Attracting leaders
with the relational skills, breadth of experience and depth
of expertise to navigate new challenges
• Opportunity #2: Big Pharma can capitalize on the shifting
dynamics & re-capture the best talent in the industry
• Crucial for Big Pharma: Attracting, winning back, and
retaining top talent
The “War” is really a talent exchange within the shifting
dynamics of business.
8. Let’s Explore Our Takeaways
• Risk is Everywhere
• Risk is Relative
• Skills Trump All…Or Do They?
• Transition is Not Easy, Nor a Given
• Personality & Culture: One Size Does Not Fit All
• The Risk/Reward Profile is Changing
• Top Talent Can Now Play Both Sides
9. Takeaway #1: Risk is Everywhere
Risk cannot be avoided nor accelerated by
moving to a biotech. Risk is now part of the
pharmaceutical industry equation. While
uncomfortable, we believe that leaders must
embrace it. Biotech execs get valuable firing line
experience and broader exposure than in the
silos of big pharma.
10. Our Leaders Comment on Risk
“How solid of a footing is really the question to address.
Smaller biotechs are more of an opportunity than a risk.
Usually top leaders have a portfolio or pedigree that
allows them to come back to big pharma and remain
active in the industry.”
…Justin Ford, VP Global Human Resources, Bayer HealthCare
“If you’re not able to raise money or if your organization
fails for any other reason, that can have a negative impact
on the way future employers look at you.”
…Geert Cauwenberg, President & Founder, Phases I and II
(formerly Founder & CEO of Barrier Therapeutics &
Vice President at J&J)
11. Takeaway #2: Skills Trump All, Except…
Big pharma used to be the MBA of life sciences
and invested significant resources in teaching
solid functional skills. It was the ideal place to
learn commercialization and global skills. While
these are the most valuable skills sought by
emerging growth companies, biotechs must
assess if a big pharma exec can make the
transition from a bureaucracy to a fast moving
culture with a finite monthly burn rate.
12. Our Leaders Comment on Skills
“We actively hire from big pharma for the
pedigree and training. It’s a proving ground and
enables us to minimize the cycle time to get
someone up to speed. For emerging growth
companies, we also need to find the
entrepreneurial spirit and that is not as easy to
find. Attitude is equally important as aptitude.”
…Al Altomari, Chairman, Agile Therapeutics
(Former CEO, Barrier Therapeutics)
13. Takeaway #3: Top Talent Can Play Both Sides
Historically, big pharma attracted the best talent. This
started to change when biotechs became successful at
developing new drugs. With an infusion of capital, came the
decree to hire top commercial talent and general
management from big pharmaceutical companies.
With the successes of biotechs, more talented individuals
joined their peers. Prior to our current credit crisis, this flight
had been exacerbated by layoffs in big pharma. What we
have today is the perfect storm/perfect opportunity for
talented people to play both sides.
14. Our Leaders Comment on Top Talent’s Real M.O.
“Whether in biotech or big pharma, people are motivated to find
solutions to medical problems. We consistently hear candidates
from big pharma say they are tired of the big pharma bureaucracy,
ready for a change, and feel they can have a greater impact in a
smaller environment.”
…George Renton, Executive Director, Human Resources, Regeneron
Pharmaceuticals, Inc.
“I left big pharma because of the specificity of the opportunity,
moreso than jumping into a small cap adventure. Having made
that leap, I could never go back.”
…Tom Miller, Former President, Chief Executive Officer & Board Director;
President & Chief Operating Officer, Therabon Therapeutics
15. Takeaway #4: Transition is Not Easy, Nor a Given
Big pharma leaders often view emerging companies as
easy or simple. They struggle to understand the difficulties
in running a small organization. This is due, in part, to the
skill specialization of large organizations. In emerging
companies, you have to perform many roles
simultaneously.
Big pharma does not teach you how to deal with venture
capitalists and a highly engaged Board. Execs who jump
from big pharma to emerging companies often feel lonely,
and lacking in moral and resource support.
16. Our Leaders Comment on Transition
“When executives move to smaller organization they are often left
on their own and that’s a big adjustment. They have to do more
than just their job and are expected to perform in multiple areas
simultaneously.”
…Mickey Flynn, Past President, PA Life Sciences Association
“One should not assume that small is less complex. You have to
realize that some of the things you take for granted are not
available. At a smaller organization, more of the focus is on cash
and financing. Every dollar and the return on that dollar count.”
…Dr. Cameron Durrant, Chairman and CEO at KaloBios
Pharmaceuticals, Inc.
17. Takeaway #5: Risk is Relative
Many leaders who left big pharma for emerging
companies swear never to go back because of
the bureaucracy and lack of decision-making
impact. Those who consider making the jump ask
a different question: How risky is it to stay where I
am? They were seeking new challenges that
developed new skills, abilities and perspectives.
18. Our Leaders Comment on the Mindset of Risk
“It’s hard to find people with an entrepreneurial
sprit. They may fail if they are not ready to work
in an environment where they need to make rapid
decisions and frequent changes. The question is
whether the mindset is consistent with what’s
needed.”
…Jerry Wisler, former President & CEO Aegerion
Pharmaceuticals, Inc.
19. Takeaway #6: Personality & Culture:
One Size Does Not Fit All
Big pharma in some ways replicated their long product
development cycles in their talent development processes.
With bigger organizations, bureaucracy and complexity
increase. As the business environment changed, many
big pharma leaders were not equipped to act faster with
fewer resources.
Big pharma needs to take some of the big out of
organization. Pushing down responsibility, autonomy
and decision making will improve talent development
across the organization. If big pharma is successful in
this endeavor, then emerging growth companies must
respond or they will risk losing their talent.
20. Our Leaders Comment on Cultural Fit
“Big pharma executives need to get out of their
offices and away from their computers,
blackberries and endless internal meetings.
They should go offsite to meet with their peers at
least once a week for two hours and talk about
breakthrough thinking. Only then will they be
able to move and act like their more nimble
biotech counterparts.”
…Sander Flaum, Managing Partner at Flaum Partners
21. Takeaway #7: The Risk/Reward Profile is Changing
In the Tug of War for Talent, both big pharma
and emerging biotechs must consider not only
the variety of incentives at their disposal, but
also a more holistic approach to talent and
career development.
The talent development processes need to
better incorporate managing career risk,
developing broader skill sets, and expanding
on the traditional career experiences.
22. Our Leaders Comment on Most Valued Rewards
“Big companies are starting to do a better job of
acknowledging their top performers and allowing
them opportunities for getting more diverse exposure.”
…Charley Corace, Director Global Credo Survey,
Johnson & Johnson
“By using the right kinds of human resource development
techniques, such as putting people into the right position &
sending them overseas to become stronger global leaders,
big pharma can truly incentivize top leaders to stay.”
…Bernie Tyrrell, Chair and Assoc. Dean,
Pharmaceutical Sciences Department, Massachusetts College of
Pharmacy and Health Sciences
23. So, How to Attract and Keep Top Talent?
• Give top talent the “opportunity to make a difference”.
While that statement might seem esoteric, every
interviewee mentioned it as the #1 driver of their careers.
• If employers can get back to the essence of this, they
will keep top performers, attract newcomers, and even
draw back those who left. The how is less clear.
• Our leaders point to more autonomy and smaller working
groups, more flexible and variable team and individual
compensation, global exposure and interchange of ideas,
external contacts and mentoring programs, and better
leadership at the top.
24. Our Takeaways Revisted
• Risk is Everywhere
• Risk is Relative
• Skills Trump All…Or Do They?
• Transition is Not Easy, Nor a Given
• Personality & Culture: One Size Does Not Fit All
• The Risk/Reward Profile is Changing
• Top Talent Can Now Play Both Sides
25. The Tug of War for Talent:
Thank you for your
participation!
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