Preface: Will healthcare firms ever reclaim the talent recruitment success that they once had nearly 30 years ago? Consider Merck in 1990. Merck’s reputation has helped it to secure an application to acceptance ratio for its sales rep positions of 70:1, compared to Harvard Business School’s 13:1 ratio for its student body class of 1990. In this Q&A, Greg Griesemer, VP of Human Resources at G&W Labs, shares his perspectives on talent and engagement for healthcare firms.
Q. As someone who has worked in a variety of different healthcare organizations (Fortune 500, private equity controlled, and private ownership), what talent and engagement trends have you observed for the past five years and what are the implications for employers and employees?
A. There has been an employer shift from managing talent by focusing on a staffs’ competencies to a new purpose-driven one. This approach is generation-agnostic, as all are looking to work at organizations which have a clear mission and set of values that resonate with them.
With the US unemployment rate dropping by about a half over the past seven years[1] as well as the healthcare area contributing more jobs than any other sector in 2016[2], smarter companies recognize how crucial it is to craft talent and communication processes that attract new colleagues as well as retain existing ones in a tight job market. Still, most companies have some common themes when it comes to mission and values. “Customer focus” and “Respect for the employee” are examples, so it’s important that the C-Suite invest time to really make sure that the written words are actually being practiced daily. For example, if leaders are micro-managing their staff, are peer leaders challenging them? HR leaders can help drive a credible culture when they analyze what are some of the leading organizational practices that companies, in their sector as well as outside, do to build a purpose-driven entity. There are many examples of published “best companies to work for” lists that can provide inspiration on how they can build their own purpose-driven teams.
Q. While I agree that purpose-driven firms can help attract new talent, I wonder if the 2008 recession and associated downsizings have permanently changed employer-employee relationships with existing staff? It was interesting to read Spencer Stuart’s recent findings of how only approximately 10% of leaders placed at S&P 500 companies during 2016 came from the outside, which represents the lowest percentage since the firm began monitoring CEO turnover at the biggest businesses in 2004[3]. Do you think there is a trend to revert back to the earlier days when people stayed with one firm in hopes of securing access to the coveted C-suite?
A. We are going through this again today in healthcare. Pricing pressure and the regulatory environment have created immense challenges for firms, and companies have lost massive market share. C-suite leaders are being switched out as a result, and firms are turning inward for succession. This does vary by industry, though. At more traditional firms like in the insurance sector, you can see the apparent preferences for promoting from within, versus other areas like technology, where there does seem to be a receptiveness to bring in outsiders to help lead change. Note, to your point around the “coveted C-Suite”, if your readers have made a conscious decision to pursue this path, they need to take a realistic view of what are the opportunities if they remain at their existing employer. Do they have candid advocates and mentors, within and outside the firm, who truly believe that this is a realistic path? If not, selfless leaders can help by holding career plateauing discussions and might even aid in career transitions.
Q. Besides looking to such selfless leaders, how else might a high-potential leader navigate one’s career in the healthcare sector?
A. To me, it’s a three-step process. First, collaborate with your advocates and mentors as I just described. Your ‘personal board of directors’ is the first place to start. Second, it’s a self-managed path in terms of determining what types of experiences you should pursue. For example, earlier on in my career, I recognized a personal development need to gain more experience in structured assignments. While some of the roles were quite unglamorous, they were the right ones for me at the time. Finally, it’s tapping into your external network, especially when you’re not even looking to move. While my industry contacts helped to secure a number of leadership positions, executive recruiters have also played a crucial role. Most people understand the value of responding to executive recruiters, and here are three suggestions to differentiate yourself over others and gain direct insight into experiences that are being valued on the market:
- If a recruiter asks for suggested candidate leads, probe to see what types of experiences that they might be specifically looking for in their talent search. For example, I’m often asked to refer HR candidates and the accelerating importance of technical experiences (Workday, Oracle, etc.) can’t be discounted. This helps ensure you are referring the right candidates within your network, however it also provides you with a line-of-sight into those experiences you may want to seek out to make yourself more marketable in the future.
- Second, be sure to exchange contact information formally and offer to help with future searches. I continue to receive calls from contacts made earlier in my career today, and am amazed at how those individuals have followed my career and help me connect the dots between the market and my career development plan.
- Finally, stay current with the executive recruiters’ thought leadership articles that are posted on their respective websites[4]. By doing so, you can get a sense of not only how your role is evolving and what firms are leading the charge into the future, but be prepared to take action.
Greg Griesemer is Vice President of Human Resources for G&W Laboratories.
As a change leader with broad business acumen and deep experience in helping organizations identify, develop and deploy talent to advance their strategy, Greg has also worked in executive roles for Johnson & Johnson, Endo Pharmaceuticals, Ortho Clinical Diagnostics (part of The Carlyle Group) and Cigna. Greg is a graduate of Cornell University’s HR Strategy Program as well as Franklin & Marshall College.
In 1919 with $50 in his pocket, Carl Greenblatt began his quest to create a pharmaceutical without bias; built on the belief that our combined differences make us strong – as individuals and as an organization. Still family-owned and operated, G&W cares about people – our patients, our customers, our colleagues, our communities. We are passionate about helping people realize their potential. We do this by developing, marketing and manufacturing high quality, reliable generic medicines; fostering a performance-driven, values-led work environment; and by donating 10% of our profits each year to support those in need. Our people come to work every day to help alleviate human suffering with passion, dedication and drive. We are headquartered in South Plainfield, NJ. To learn more about G&W and our values, please visit us at www.gwlabs.com.
[1] Unemployment rate for January 2017 (4.8%) compared to January 2010 (9.8%): http://www.multpl.com/unemployment/table
[2] January 2017: http://www.modernhealthcare.com/article/20170106/NEWS/170109951
[3] Morningstar: http://news.morningstar.com/all/dow-jones/retail/201702213712/can-an-outside-ceo-succeed-look-at-the-boards-diversity.aspx
[4] http://www.heidrick.com/Knowledge-Center?Loaded=True&ListView=False&Industries=Healthcare+and+Life+Sciences&Types=Article&Types=CaseStudy&Types=ExpertGuidance&Types=Event&Types=Publication&Types=Video&Types=LeadershipTV, http://www.kornferry.com/expertise/health-care/health-care, https://www.spencerstuart.com