The pharmaceutical industry is constantly undergoing significant changes. Even though the big players are still leading, the number of smaller, more flexible mid-sized pharma companies able to answer consumer needs faster, is growing and changing the market. Therapeutic advances, disruptive technologies, AI, loss of patents, regulatory challenges, strategic alliances, the digital revolution and now the lack of availability of experienced STEM professionals... all of this impacts businesses.
In 5-10 years, the industry will look very different from now and a growth mindset, the ability and willingness to adapt, learn, change, grow, develop new skills, network and collaborate will help to handle the increasing complexity and will define personal and company success.
The industry needs motivated people
To handle the challenges that go hand in hand with change, the industry needs people with the ability to influence, handle ambiguity, engage stakeholders, collaborate & network, move fast while constantly challenging the status quo. Attracting and retaining these people is one of the major concerns of every CEOs. Steve Jobs summed up talent’s importance with this advice: “Go after the cream of the cream. A small team of A+ players can run circles around a giant team of B and C players.” Jim Collins stated: “… the single biggest constraint on the success of my organization is the ability to get and to hang on to enough of the right people.”
While companies fight to retain talent, the pharmaceutical industry is known for its high turnover rate, with employees constantly leaving for other positions, companies or even industries.
How does mentoring help companies to develop and retain talent?
Employees who are mentored are promoted five times more often and retention rates are higher (72%) than of those who are not in any type of mentorship program (retention rate 49%).
Having a mentor is beneficial in many fields. A mentor can provide guidance, advice, and support, serve as a role model, help the mentee to navigate the industry, set goals, develop the skills necessary for success, help to stay motivated and on track, develop a growth mindset, identify strengths and weaknesses and create a safe and supportive environment for the mentee to practice and develop new skills. A mentor should challenge the mentee to think critically and creatively and help to build the mentees professional network. But not only the mentees profits, data show that mentors themselves are promoted more often.
Mentoring helps to foster a growth mindset
A growth mindset is the belief that one's abilities and intelligence can be developed through dedication and hard work. Employees with a growth mindset culture are beneficial for pharmaceutical companies in many aspects:
- People with a growth mindset are more