THE PEOPLE PUZZLE

You do not hear many senior executives of pharmaceutical, biotech, and medical-device companies complaining about the impending "war for talent" that was a common refrain five or so years ago. In many areas within life sciences companies, there is no shortage of talent. But talent scarcity is only one issue. The other is cost. Employee churn can be an expensive proposition, with serious bottom-line implications. According to a chief career officer at the HR solutions provider Adecco, writing in April on forbes.com, a company of 40,000 full-time employees will likely save $140 million annually by reducing annual turnover from 40 percent to 15%. Whether driven by scarcity, cost, or just the ongoing need to engage the best and brightest, smart executives in life sciences companies are attacking the issue at both ends. They are looking for new ways to attract winners, keep them motivated, and build loyalty for the long term. Creating market buzz about your company can be an effective method of gaining access to talent.