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Making Strategy an Integral Part of the DNA of HR

by Ana Lucia Jardim Evans and Stacey Porter

In 2006, Lombardo and Eichinger found that the role that executives most asked from HR (Strategic Partner) was also the role that HR was least skilled at. The introduction of the HR Business Partner and other progressive models has significantly improved HR efficiency and stakeholder access to services. But some still argue that HR is too focused on the administrative processes, while missing key skills in solid business and operating fundamentals. In order to have a “seat at the table”, HR needs to “bring value to the table”. The top HR jobs should therefore be taken by leaders who are very competent both in their specialty as well as in the business.

To accomplish that, Allan McCarthy of HumanResourcesIQ suggests a 4-step revolution for HR:
• Gather HR experts and create an action plan (this is what BOLD is looking to accomplish with the March 31st workshop “HR- from Transaction to Transformation in 2010”).
• Get key stakeholders (opinion leaders, executives and consultants) to endorse the plan
• Define and harmonize key features of the HR profession, such as standard credentials and performance metrics
• Create a solid brand and communicate it to stakeholders, including business leaders and current and future HR talent

Get involved with BOLD in 2010! (BOLD Open House 2/17/10)

Be BOLD:  grow yourself, grow your people, grow your organization 

This year we are designing programs that focus on HR strategy and member development.  We are addressing questions like:

• How can we help HR professionals articulate and demonstrate how they contribute and enhance business results?
• And what does it take to be successful in HR in the Life Sciences?

And we want YOU to join us in these conversations. 

We are offering a free Open House for anyone interested in learning about our organization on February 17th in Mountain View.

We also invite you to get LinkedIn to BOLD

Our LinkedIn group includes all in-house HR/OD professionals - not just BOLD members - and we welcome those in the group to share relevant HR/OD news, discuss best practices, and network.  

Your BOLD participation allows us to strengthen our voice in the industry, cultivate the “best of” among members, and offer a variety of options to network, learn and grow.

Join us and growBOLD!

BOLD Mentorship Open Enrollment Now through February 15th

• Are you currently overwhelmed at work and wish you could have an expert to provide some guidance?
• Do you have 2-4 hours a month to share your expertise or to develop your skills in HR/OD?
• Are you in career transition and looking to grow your network?

Enroll in the BOLD Mentorship Program Today! (open to BOLD members only)

Changes and Challenges for HR as the Life Science Industry Recovers

By Stacey Porter and Ana Lucia Jardim-Evans, BOLD Research Committee

The life science industry “has weathered the worst financial crisis of modern memory” in 2009, according to BioPharm Executive - and as one life science industry executive reported "We have hit bottom; it can only get better from here".  

The good news is that as we start 2010, there are signs of a gradual economic recovery forecast through at least the third quarter of 2010 and hopes of the IPO window opening wider. 

With this as a backdrop, we have identified three main areas of change where Human Resource professionals can make a greater an impact on business results this year.

Highlights of Positive Life Science Industry News

By Audrey Erbes, PhD, Life Science Marketing and Business Development consultant

The market moved up on the opening trading day of the year with the Dow Jones Industrial Average jumping 155.91 points, or 1.50%, to close at 10,583.96.  The large-cap S&P 500 Index gained 17.89 points, or 1.60%, to end at 1,132.99.

We learned the U.S. FDA approved 26 new molecular entities (NMEs) in 2009 compared with 25 in 2008 and only 17 in 2007 which is a nice change after years of decline.

“The U.S. National Institutes of Health plans to create or save 50,000 jobs with its $10 billion in federal stimulus funds, boosting medical research and returning $2.25 on the dollar in goods and services, the agency’s director Francis Collins said.” See the full article in Bloomberg news titled NIH Stimulus Money Adds Jobs and Research After Lag. 

“Bankers and buysiders are adamant that despite a difficult fourth quarter —and in part because of it — they have positive expectations for 2010. Their views are based on factors including the wrapping up of healthcare reform, a full calendar of milestones, beaten down P/Es for big cap biotechs, and the potential ascendance of a new class of bellwethers.” See BioCentury, Jan. 4, 2010, p. 1

New and Improved growBOLD Website

We recently completed a major upgrade to the growBOLD website. Here's a summary of what's new:

• Navigate with ease - improved layout and cleaner design
• View all site updates and new articles on the home page and members-only section
• Check on upcoming events at a glance on the home page
• Search the entire site by keyword
• Check on the event archives with links to members-only resources
• Easily bookmark an article on Facebook, Twitter, or your favorite social networking site
• Follow us on LinkedIn, Twitter, or RSS feed to hear about the latest site updates

2009 Life Science Industry Statistics

Northern California Life Sciences Cluster - Highlights:

• Birthplace of Biotechnology - Genentech founded in 1976
• 9 Counties, 101 Cities, 7,000 Square Miles of Land
• 1,377 Life Science Companies
• 250,000 Direct and Indirect Employees
• 100,000 Employed in Life Sciences Directly
• $6B Wages Paid
• 560 Marketed Products
• 463 Products in Phase II and Phase III Clinical Trials
• 95 Publicly Traded Companies
• $144 Billion Market Cap
• $2.2 Billion NIH Grants Awarded to Northern California Organizations
• $860 million invested by Venture Capital firms in Northern California life sciences in 52 Deals

Source: BayBio Industry Overview 

California Life Sciences Industry Highlights:

Employee loyalty on the decline

A BOLD summary by Ana Jardim Evans

The Economist recently reported that in the last two years employee loyalty has declined by almost 60%, and more than 25% of employees are planning to look of other jobs as soon as the economy recovers.

The Economist argues that this is hurting productivity in the short-term, and competitiveness in the long-run. In addition, companies are at risk of losing their top talent as soon as the economy recovers- i.e., when they most need them.

Biotech on a Roll

 "Biotech continued its steady improvement during the third quarter" reported Burrill and Company in its October 1st Press Release.  And it's not just biotech's "blue chip" companies says Burrill - there were a number of notable 'gainers' this last quarter.
 
While many believe 'the worst might be over', the general word is that investors remain cautious and companies need to be prepared for the effects of the recession to linger.
 
Translated to the people side of business, this means that although hiring and salary freezes may have been reversed, travel and training budgets, for example, remain limited. 

Commitment: A Key to Engagement?

“Employees at Best Companies experience more cooperation and commitment” said Lindsay Nelson of Great Place to Work.

“Highly committed and engaged employees add 57% more discretionary effort, and have a greater than 87% chance of staying” reported Steve Knight from Integral Talent Systems. 

These experts were among the five presenters at the BOLD workshop “Clarifying Employee Engagement:  Helping People Go the Extra Mile” last Wednesday.