The United States labor market is in a state of transformation, with major shifts taking place in demographics, technology, and the nature of work. Demographically, the workforce is aging, with more people over the age of 75 continuing to work and younger generations entering the workforce with different skills and expectations. Automation, artificial intelligence, and other new technologies are changing the way we work, while remote work and telecommuting are becoming more prevalent than ever before. Finally, the nature of work itself is evolving. As more tasks lend themselves to automation and support from artificial intelligence, more emphasis is placed on workforce creativity, problem solving, and collaboration.
In our last blog, we discussed the many challenges facing leaders in the life sciences industry in 2023, including heightened consumer awareness, increased competition for talent, and the rapid pace of change in the industry. Now, as a part of our “Making The Case” series, we’re exploring how one of our pharmaceutical clients is stepping up by developing diverse talent capable of succeeding in today’s complex business environment.
At TLD Group, we’ve spent a lot of time over the past few months considering the massive changes that are taking place in the health ecosystem, as well as the leaders whose jobs are changing every day because of these disruptions. This month, we’re honing in on the state of life sciences and its impact on executives, specifically leaders in the pharmaceutical sector, who play a critical role in the health ecosystem through researching, developing, and distributing vital treatments.
Earlier this month, we exploredTLD Group’s vision of creating a more interconnected and equitable health ecosystem by developing leaders who are collaborative change agents. In our next series of blogs, “Making The Case,” we will explore some specific steps we’re taking to achieve this goal.
You’ve probably heard the old maxim “can’t see the forest for the trees” being used to describe a person, or an organization, that doesn’t understand a broader situation because they’re only considering individual parts or portions of it. When that person is so focused on a single issue that they forget, or overlook, the real purpose behind what they’re doing, they miss the big picture — often to the detriment of the people and teams around them.
Consider the changes in the health industry this past year, ranging from an increased focus on health equity, to new collaborations between diverse partners and a search for a solution to the burnout problem. It’s clear that massive shifts are taking place in the health ecosystem and beyond, and leaders across industries are experiencing the shockwaves of disruption.
As we look back on the past two years and plan for 2023, I am amazed at the significant transformations our clients experienced as they built their capacity to survive, and in many instances thrive, during the pandemic.
At TLD Group, we’ve spent a lot of time this year thinking about how to drive success in a continually changing, somewhat chaotic health ecosystem. How can leaders drive innovation and promote wellness when barriers to success come up at every turn?
Leaders, if it feels like guiding your organization is harder than ever right now, you’re not alone. After all, factors including high turnover, increased demand for emotional intelligence in the midst of complicated workforce well-being challenges, and societal unrest are all contributing to making your role more complex — and more draining.
Leadership turnover has remained high over the past few years in the health ecosystem, with recent research by the American College of Healthcare Executives reporting an 18% turnover rate for CEOs. As executives leave, human resources (HR) leaders are left with tough questions around who will take their place. What does success and growth look like for their organization? How does a company find, and hire, an executive who wants to create the workforce of the future - diverse, technologically competent, and global? Who, whether they are inside or outside of the company, is in a position to replace the incumbent?