The purpose of this paper is to use new research in the life‐sciences sector to explain how the active management of high‐potential individuals and leadership development will be the key to success.
It draws on research conducted among 203 senior executives and HR directors working in the global life‐sciences industry. Some 70 per cent of respondents are either chief executives or senior members of their organization's leadership team.
The paper reveals that more than 90 per cent of interviewees identified talent management as a key priority, but 72 per cent of their organizations are failing to deliver this in practice, operating without an active strategy in place.
The paper highlights a trend, over the past three years, for talent management to be less well planned and more ad hoc, mainly because of the continuing impact of market change and the double‐dip recession.
It argues that the current economic conditions are ideal for organizations to execute effective talent‐management strategies, as most organizations are looking to optimize the performance of existing talent, generate efficiencies and reduce costs.
This paper advances the view that companies most able to attract, retain and develop top talent will be the most likely to achieve success.
