Cornerstone Blog

AI, often seen as a ‘silver bullet,’ is not a cure-all but is more than just a buzzword. It holds tangible potential! When utilized effectively, AI can be a powerful tool that accelerates knowledge expansion and slashes costs, unlocking opportunities for organizations and individuals. The key lies in understanding how, when, and where to apply AI.   

In today’s business environment, every investment must be scrutinized. An organization should not be swayed by the latest fad, even if it’s AI. Every decision carries a cost and a potential return. However, the need for AI is not a passing trend; it’s a vital tool for survival in the business world. The challenge lies in implementing and utilizing AI, especially for smaller and mid-sized organizations lacking experienced personnel.    

While it is essential to have people who have technology skills, it is equally important that they know the organization and where the opportunities are for AI. It should be simple to determine who, if anyone, in the organization has this experience.  More importantly, who has the interest and ability to learn new technologies?  If people with this experience or interest are not already in the organization, how do you identify qualified people, attract them, and develop their knowledge about the organization?  

Individual characteristics 

Individuals with a natural curiosity are the driving force behind technological advancements. Their eagerness to invest time in new technologies, understand how they function, and grasp the benefits they offer is crucial.  Others may desire the advantages of new technologies but lack the motivation to learn about them.  Organizations are a mix of both types of individuals, each contributing to the organization’s culture. A people-centric approach, understanding and leveraging employees’ strengths, capabilities, and interests, is crucial for making informed decisions about investing in their development and fostering AI skills internally.  

To move more rapidly, recruit individuals with suitable skills and teach them about the organization. Doing this successfully requires screening potential employees for appropriate traits and abilities.  Curiosity, questioning, learning, vision, and adaptability are needed for the future, as well as emotional intelligence, empathy, and communication skills.  Understanding an individual’s soft skills is as essential in recruiting as identifying their experience.  Appropriate assessments can provide this knowledge and should be part of every hiring process.  

Organization commitment 

AI can do many things to help organizations, but it requires people who understand the potential based on the organization’s strategy, culture, and resources.  Forward-thinking organizations set a plan to recruit and retain individuals who can provide leadership as they move forward.  This strategy includes defining roles leading to the AI implementation and establishing a recruiting process to identify and attract individuals with the appropriate traits and experience.  It must also involve identifying current employees with these characteristics or interests and helping them develop. The success of AI integration rests on the shoulders of the organization’s leadership.  

Smaller and mid-sized organizations should acknowledge that, in many instances, the individuals they need to recruit believe they offer fewer long-term opportunities and, therefore, are less attractive than large organizations.  These organizations must have roles that enable people to fulfill their career goals to overcome this reluctance.  Define these roles by understanding what is important to the individuals you want to attract and retain and have the flexibility to provide it within the job context.  This requires a combination of vision, commitment, and employee focus. It is an investment that will result in adding and retaining people with the abilities needed for the organization’s future.  

A lot has changed in the last few years, but one fundamental remains: organizations must have the right employees to attain their vision. That requires a mindset of hiring for the future, including flexibility to attract and retain high performers.  Organizations that understand what is valuable to individuals and structure roles that provide it win the talent war.  Strong leadership that thinks outside the box is more essential now than ever!

By Walter U. Baker
Managing Director – Washington DC
Cornerstone Group International
June 5, 2024

In today’s rapidly evolving global business landscape, the concept of sustainable leadership—leaders who prioritize long-term thinking, holistic views, ethics, and stakeholder engagement—has gained significant traction. This concept is now an essential component of organizations’ leadership development and is a crucial leadership characteristic sought by organizations of all sizes.

The Emergence of the Networked Generalist 

As organizations adopt sustainable leadership, its success and organizational implications have been further defined. This has led to the emergence of a crucial subset of sustainable leadership: “The Networked Generalist.” Whether organizations have successfully transitioned to sustainable leadership or are just moving away from traditional specialized leadership, they recognize the growing need for a new breed of leaders—Networked Generalists—who possess a unique set of skills and experiences to navigate the complexities of modern business challenges.

Key Attributes of Networked Generalists 

Networked Generalists are sustainable leaders who not only embrace the core attributes of sustainable leadership but also bring diverse experiences and connections across different industries. This enables them to operate successfully in multiple sectors and make decisions in high-risk environments with imperfect data. When evaluating networked generalists, it’s essential to consider additional key attributes:

1. Broad Experience Across Sectors and Industries 

Networked generalists should have a deep understanding of various industries and be able to draw on this knowledge to identify interconnected solutions.

2. Comfort with High-Risk Decisions and Imperfect Data 

They should be adept at handling uncertainty and making informed decisions even when faced with incomplete information.

3. Comprehensive Perspective for Interconnected Solutions 

Networked generalists should possess critical thinking skills and a broad perspective that allows them to see the interconnectedness of complex problems and develop innovative solutions.

4. Sustainable Mindset in a Broader Societal Context 

They should recognize the wider impact of business decisions on society and the environment, aligning their leadership approach with sustainable practices.

Importance of Networked Generalists in Modern Business 

The role of networked generalists is crucial in addressing the escalating complexities of the modern world, including geopolitical tensions, social inequalities, and disruptive technologies. Their ability to leverage expertise from diverse domains and break down organizational silos fosters collaboration and positively impacts employee commitment, job satisfaction, trust, organizational sustainability performance, financial performance, and resilience.

Cultivating Networked Generalist Capabilities 

Organizations should focus on providing diverse experiences, offering advisory perspectives during onboarding, and investing in professional development opportunities to cultivate networked generalist capabilities in leaders. While specialist expertise remains essential, developing networked generalist attributes can significantly enhance a leader’s effectiveness in navigating today’s complex environment.

Conclusion 

As organizations strive to balance economic, environmental, and social responsibilities while achieving long-term growth, the concept of networked generalists as sustainable leaders becomes increasingly crucial. By embracing this new approach to evaluating key leaders, businesses can adapt to the challenges of an interconnected world and drive sustainable success.

We have just completed our Cornerstone global meeting in Prague. Approximately 75 members and spouses of our international recruiting network came together in this beautiful city to learn, share, and, most of all, rekindle old relationships and build new ones.  The energy has been magical.  Anyone participating quickly recognized what had been missing.  Unfortunately, COVID changed how many organizations got together.  We learned to use Teams, Zoom, GoToMeeting, and other virtual meeting tools, which effectively convey information and share thoughts and ideas.  However, there is a quantum leap in value with face-to-face meetings sharing personal information, stories, and experiences, which is essential in building long-term relationships.  

In the service industry, there are two approaches to business. The first, and certainly the fastest, is providing a specific service and being fairly compensated for it. This transactional approach provides value to both parties, but often, the impact does not go beyond that transaction.  

We believe in a different approach. We don’t just provide a service and move on; we strive to build lasting relationships with our associates and clients.  This approach is not about quick transactions but understanding their organizations and challenges so deeply that we become trusted partners. This trust is not built overnight, but over time, it becomes the foundation of our business, ensuring long-term value for both parties.  

These relationships, which are the essence of our business, cannot be fully nurtured through virtual meetings. They require the investment of time and physical presence. Reflecting on this week’s Cornerstone meeting, I was once again reminded of this truth. The insights and connections we gained were not profound because of their novelty but their depth and richness, a direct result of our shared physical presence. This is a testament to the irreplaceable value of face-to-face interactions in building strong, lasting relationships, a value that we are committed to delivering to our clients. 

We are a group of entrepreneurially owned organizations with similar purposes and philosophies. We serve our clients worldwide with an unsurpassed level of service, and we support each other so that although we are local, we think and act globally.  

These photos reflect us learning together to help our clients with their talent challenges and our joy of building strong personal relationships. By choice, we are not a single organization, but we act as one when we help clients around the globe. Face-to-face meetings are the foundation that enables us to deliver on the most challenging talent needs wherever they are. We would love to share our expertise if you face such a challenge.  

The iconic white coats and gleaming labs of the pharmaceutical industry conjure images of life-saving medicines and cutting-edge research. Yet, beneath the surface lies a complex truth: the very industry dedicated to our health can also leave a significant mark on the health of our planet. Depleting resources, energy-intensive production methods, water-hungry facilities, and mounds of medical waste all contribute to pollution in the environment and climate change.

However, a green wave is rising within the pharmaceutical industry, fueled by a growing recognition of this environmental impact. It is not just about public pressure or regulatory demands, though these play a role. It is about responsibility, innovation, and long-term vision.

The Environmental Cost of Pharmaceuticals:

1. Manufacturing: Where the Cycle Starts

• Energy Guzzlers: Pharmaceutical production is notoriously energy-intensive, relying on complex processes and specialized equipment. Due to its reliance on fossil fuels, significant greenhouse gas emissions contribute to climate change.
• Water Woes: The production process often involves large volumes of water, used for everything from cleaning to chemical reactions. This water usage can strain local resources, especially in water-scarce regions.
• Chemical Cocktails: Reagents, solvents, and other chemicals used in manufacturing processes can lead to environmental contamination. Improper disposal of these substances can pollute waterways and soil, harm ecosystems, and pose potential health risks.

2. Packaging: The Bulky Burden

• Plastic Overload: The pharmaceutical industry relies heavily on plastic packaging for individual medications and bulk shipments. This plastic waste, which winds up in landfills and the ocean, causes microplastic contamination and is a hazard to marine life.
• Unnecessary Layers: Overly complex and excessive packaging often serves no purpose beyond marketing, adding to the waste burden and requiring additional production resources.
• Recycling Challenges: The difficulty or impossibility of recycling many forms of pharmaceutical packaging exacerbates the issue and emphasizes the need for sustainable solutions.

3. Waste Disposal: The Lingering Threat

• Expired Medications: If not disposed of properly, expired medications can end up in landfills, leaching harmful chemicals into the environment. They can also be misused or accidentally consumed, posing health risks.
• Medical Waste: Used syringes, needles, and other medical waste require specialized handling to prevent the spread of disease and contamination. Improper disposal can pose serious health risks and environmental damage.
• Trace Contamination: Even when disposed of correctly, traces of pharmaceuticals can find their way into water supplies, potentially impacting aquatic ecosystems and raising concerns about potential human health effects.

Pharmaceuticals have a complicated effect on the environment, but potential answers are in the works. The industry can significantly reduce its environmental footprint by adopting renewable energy sources, optimizing manufacturing processes, employing recyclable packaging, and promoting responsible disposal practices. Investing in research for greener alternatives throughout the pharmaceutical lifecycle is crucial.

The Shift towards Greener Pharma:

Thankfully, pharmaceutical companies increasingly recognize their environmental responsibility and take steps toward sustainability. Here are some key initiatives:

1. Energy Efficiency:Pharmaceutical companies are modernizing with energy-efficient equipment, putting money into renewable energy sources like solar and wind power, and simplifying their production procedures to use less energy.
2. Sustainable Manufacturing:Green chemistry principles are being implemented, reducing reliance on hazardous materials and promoting cleaner production methods. Additionally, companies are exploring ways to reuse and recycle solvents and other resources.
3. Water Conservation:Water-intensive processes are being optimized, and rainwater harvesting and wastewater treatment systems are being implemented to reduce freshwater usage and minimize wastewater discharge.
4. Waste Management:Companies are adopting waste minimization strategies, including using biodegradable materials in packaging and exploring circular economy principles to reuse and recycle waste generated throughout the production cycle.
5. Sustainable Supply Chains:Collaborations with suppliers foster sustainable practices throughout the value chain, ensuring that raw materials are sourced ethically and responsibly.
6. Sustainable Packaging:Choose recyclable or biodegradable materials and strive to reduce packaging waste whenever possible.

Examples of Impactful Initiatives:

• Amgen’s new manufacturing facility in Ohio is designed to be the company’s most energy-efficient and sustainable plant.
• Novartis has set ambitious goals to achieve carbon neutrality in its operations by 2025, full carbon neutrality across the entire value chain by 2030, and net zero by 2040.
• AstraZeneca, under their flagship Ambition Zero Carbon program, is on track to reduce greenhouse gas (GHG) emissions from our global operations (Scope 1 and 2) by 98% by 2026 (from a 2015 baseline) and halve our entire value chain footprint by 2030 on the way to a 90% reduction by 2045 (from a 2019 baseline)

Why go green? The reasons are compelling:

• Environmental stewardship: Pharmaceuticals aren’t the only patients; the planet also needs healing. Reducing the industry’s footprint protects ecosystems, safeguards resources, and combats climate change.
• Cost savings: Sustainable practices often translate to operational efficiency, reducing energy and water consumption, waste disposal costs, and potential regulatory fines.
• Competitive edge: Consumers increasingly demand eco-friendly products and responsible practices. Companies that embrace sustainability can attract talent, gain investor confidence, and stand out in the market.
• Future-proofing: By adopting sustainable practices, the industry ensures its long-term viability in a world increasingly focused on environmental responsibility
• Improved brand reputation: Consumers are increasingly conscious of sustainability, and companies demonstrating a commitment to eco-friendly practices gain their trust and loyalty.
• Enhanced innovation: Sustainability can stimulate innovation in new technologies and procedures that benefit the industry and the environment.

Beyond the Lab:

Sustainability extends beyond manufacturing. Pharma companies are also:

• Promoting eco-friendly practices among patients and healthcare professionals.
• Investing in research and development of sustainable technologies and medicines.
• Advocating for policy changes that support environmental protection and sustainable healthcare practices.

The Road Ahead for Pharma:

While the pharmaceutical industry has made strides toward sustainability, the journey is far-from-over. The road ahead demands continued Collaboration, innovation, and action from all stakeholders – companies, governments, organizations, and individuals’ Collaboration is Key:

• Industry Partnerships: Fostering Collaboration across pharmaceutical companies, research institutions, and environmental organizations can accelerate the development and implementation of sustainable solutions. Sharing best practices, pooling resources, and tackling challenges can pave the way for industry-wide progress.
• Government & Policy Support: Legislation promoting eco-friendly corporate practices, green technology development, and holding companies accountable for their environmental impacts are just a few of how governments may make a big difference.
• NGO & Community Engagement: Working with NGOs and interacting with communities can help spread knowledge, promote ethical shopping, and strengthen support for the industry’s sustainable methods.

Individual Actions Matter:

• Support Sustainable Companies: Do your research and support pharmaceutical companies that prioritize sustainability in their operations, packaging, and supply chains.
• Educate Yourself: Stay informed about pharmaceuticals’ environmental impact and production processes. Share this knowledge with others to raise awareness and encourage collective action.
• Advocate for Change: Support policies that promote sustainability in the pharmaceutical industry. Contact your elected officials, join advocacy groups, and participate in public consultations.
• Make Conscious Choices: Minimize your environmental footprint by appropriately disposing of expired prescriptions, selecting eco-friendly packaging options, and encouraging sustainable practices at your neighborhood pharmacy.

Conclusion:

Together, we can build a future in which the pharmaceutical sector:

• Reduces its environmental effect by using sustainable sourcing, energy-efficient production, and ethical waste management. 
• Creates cutting-edge solutions for environmentally friendly disposal techniques and green manufacturing.
• Delivers life-saving medicines while ensuring the health and well-being of our planet for generations to come.

Let us continue the conversation! In the comments below, share your thoughts and ideas on how we can build a more sustainable pharmaceutical industry.

Please contact Mr. Vijay Karkare, Managing Director of Cornerstone India, for more information, suggestions, or queries: vijay@cornerstone.co.in.

Organizations moving from their “crystal ball” stage to an action stage are beginning 2024 with an advantage. Their planning is over – now they are accelerating their reality. This year will continue to offer complex and formidable challenges with different solutions for Mid-market and Fortune 100 companies. Well-known business publishers have discussed perspectives for 2024, and their thoughts are relatively similar. These insights are a great starting point for making decisions and moving forward.

Forbes recently published an article titled “The 10 Biggest Business Trends For 2024 Everyone Must be Ready for Now.” It predicted the global economic downturn would result in organizations continuing to be cautious. Still, it continued that several technological and societal trends were too significant to ignore or put off, regardless of the economic ambiguity. Certain things must move from the “what if” stage to the “we must” stage.

Here are the challenges Forbes pointed out:

• Generative AI Everywhere
• Soft Skills and the Human Touch
• The Skills Solution
• Sustainable Business
• Personalization-at-Scale
• The Data Economy
• The Customer Experience Revolution
• Remote and Distributed Work
• Diversity and Inclusion
• Resilience

Tenco’s Insight Series “Where is the World Going in 2024 and Beyond?” shows how interconnected these challenges are, with “78% of CEOs saying they are investing in AI, yet 1 in 4 CEOs not believing they have the right people in place to power their AI program.” The battle for talent will intensify in 2024.

As technology performs more tasks, the roles of humans will change to provide critical value in this evolving environment. People with abilities that machines cannot match – so-called “people skills” of empathy, emotional intelligence, communication ability, creativity, and leadership will be in the highest demand. The importance of using data while thinking in human terms will be one of the most sought-after criteria.

Only some people have these skills, and others may be interested in developing them. While all organizations will face the challenge of recruiting/retaining people with these skills, mid-market companies will have the greatest challenges, particularly those in areas that are not major metropolitan areas. They must overcome:

Smaller local talent pool

Organizations recruit candidates for most positions from the local area. As the complexities of jobs increase, the pool of qualified candidates shrinks. Adding soft and technical skills requirements significantly decreases the number of capable candidates, which affects jobs at all levels, with leadership roles being the most impacted.

Difficulty in relocating

According to a Challenger, Gray & Christmas, Inc. survey, in the first quarter of 2023, 1.6% of job seekers relocated for new positions, down from 3.7% in 2022 to 4.2% in 2021. Lifestyle preferences are one of the reasons, with another being the financial considerations of relocating. When qualified candidates are outside the local talent pool, convincing them to move has become significantly more difficult.  Understanding the candidate and their priorities is integral to the recruiting process.

Retaining key employees

Employees who can effectively lead and make the changes most organizations need in 2024 are highly valued inside and outside their organization. A mid-2023 report by PwC noted that 26% of employees globally said they would likely change jobs in the next 12 months. Only 35% of the respondents represented Generation Z, indicating employees with more experience will also be leaving, taking with them knowledge and expertise that is important to the organization. Organizations must re-evaluate how they retain talent and develop meaningful programs for their employees.

Where do you stand?

Mid-market organizations often have less leverage to offer employees what Fortune 500 companies can offer, but forward-thinking organizations can overcome this with the right approach. The first step in moving forward is understanding what is most important to the individual you need to recruit or retain. Balancing what the organization needs with what people want creates a culture that attracts and retains talent.

Those who do not employ specialists who focus on the organization’s “people challenges” must look to external resources for assistance. The cost associated with hiring the appropriate consultant is far less than the penalty for changing too slowly. Experienced, knowledgeable consultants will assist organizations in identifying and solving their critical people challenges. The investment in a consultant is an investment in the organization’s future, with a high ROI.

Cornerstone International Group is a global network of independently owned talent firms that assist clients in identifying, recruiting, developing, and retaining key leaders, offering local market knowledge combined with global reach.  Larry Shoemaker is the President, as well as the founder of Shoemakersearch/Cornerstone Atlanta.

The start of a new year is a great opportunity to bring about change. Two individuals whom I regularly follow, Alan Weiss and Seth Godin, recently spoke about similar themes related to the need for self-discipline to improve productivity. Considering that nothing is more important in this dynamic and fast-paced world than an individual being at their best, let me share with you some suggestions that could guide you in making 2024 a successful year for your career.

Pace yourself. It’s important to know yourself and understand when you are most productive and when you are not. As Seth Godin points out, there is a problem with working flat-out. Most of our work requires a marathon mindset, but often we tend to act like sprinters. By using your knowledge of your most effective work patterns, you can maximize your effectiveness and make the most of your opportunities.

Seek and acknowledge updated information. It’s important to have plans, but it’s equally important to remain flexible. While you strive to achieve your goals, keep an open mind and be receptive to new ideas. Pay attention to changes in your environment and adjust your priorities accordingly. Don’t become fixated on a particular outcome; be willing to modify your goals based on new information. Seeking input from others is a great way to broaden your perspective. Collaborating often leads to better outcomes than working alone.

Expand your horizon. Most goals come with a deadline for delivery. While it’s important to meet the deadline, it’s also important to consider the impact of achieving that goal. Who will be affected by it and how things will change after it’s achieved? As you progress towards your goal, you might discover that it has additional benefits that were not initially considered. In such cases, it’s essential to be open to modifying your goal to maximize its impact. Moreover, you should also be on the lookout for subsequent goals that can have even greater impact. Avoid getting too focused on just achieving the goal, only to find yourself with nothing to do once it’s accomplished. Constantly assess your surroundings, be adaptable, and always keep your eyes on the bigger picture.

Know what is important. Become more productive by being selective. Everything takes time and energy. Focus on those things that are important, and don’t let distractions enter. Evaluate requests and opportunities and be willing to walk away from what is not valuable to you. Commit to those that fit your core values.

Have work/life balance. Stress is an inevitable part of life. If you push yourself too hard, you will eventually burn out. It’s important to recognize when you need to recharge and to know what methods work best for you. Prioritize taking care of yourself, just as you prioritize achieving your goals. This self-care is essential to maintaining your effectiveness.

To create a strong foundation for success in the future, focus on what truly matters. Align with your core values, understand when you are most productive, stay informed about what’s happening in your environment, look beyond the present moment, and maintain a healthy work-life balance. These practices will set you up for success in 2024 and beyond.

In addition to the traditional challenges the life sciences sector has continually faced (stringent regulations unique to the field, long research periods, hefty expenses, and unknown, perhaps futile outcomes), the sector now faces headwinds other large-scale business activities must grapple with. These include mergers, acquisitions, restructuring, and digital overhauls.

Despite the hurdles, many life sciences firms have demonstrated exceptional resilience and success as they navigate these transitions. Cornerstone International Group’s network of offices has observed successful firms worldwide.  Cornerstone India has summarized what makes these firms rise to the top – and remain there. 

Successful firms share these traits:

1. They Cultivate a Growth Mentality
   The life sciences industry is no stranger to changing legislation and market needs. As a result, successful businesses have cultivated a growth mentality that emphasizes experimentation, innovation, and creativity. Firms that encourage their staff to think outside the box and take measured risks have a better chance of long-term success.
2. They Properly Manage Risks
   The capacity to properly manage risks is another essential aspect of the success of life sciences organizations. We have mentioned the challenges the life sciences businesses face. To compete in a continuously changing sector, businesses must manage risk successfully.
3. They Recognize that Leadership is the Key to Success
   Any sizeable corporate transformation requires strong leadership; the life sciences industry is no exception. But, exceptional qualities of vision and direction are required to negotiate the complexity of a significant shift in corporate culture. Leaders endowed with these qualities inspire their people to accept change and work together towards new and perhaps intimidating objectives.

   The merger of Pfizer and Wyeth exemplifies effective leadership in a significant transition. When the two firms combined in 2009, they encountered substantial obstacles such as cultural differences, legal impediments, and other integration difficulties. The leadership team, led by CEO Jeff Kindler, worked relentlessly to articulate a clear vision for the new company and to urge people to accept the changes. As a result of the successful merger, the new Pfizer is now a global leader in the life sciences business.

4. They Encourage Collaboration and Effective Communication
   From employees’ point of view, significant change in “their” company often ignites great uncertainty and anxiety. Leadership’s clear, consistent communication may help ease these fears and guarantee everyone is on the same page.

   Novartis’ digital transformation is an example of good communication and teamwork. When the company began its digital transformation, it developed a clear communication strategy that included regular updates to employees and stakeholders. Novartis also formed a cross-functional committee to oversee the change, ensuring all divisions collaborated smoothly toward the same objectives.

5. They Embrace Technology and Innovation
   Emerging technologies now impacting the life sciences industry include artificial intelligence and genomics. Companies that are prepared to invest in these technologies and experiment with new working methods will do better when confronted with massive changes.

   GSK is one example of a firm that embraces innovation and new business models. GSK has made significant investments in digital technology and established a new business unit, GSK Consumer Healthcare, to focus on consumer health goods.

6. They Implement Organizational Structures that are Agile and Flexible
   Vision and enthusiasm alone are not sufficient for large-scale transformational success. When a firm undergoes major changes, it must be able to swiftly adapt to new conditions and modify the course as needed. Traditional hierarchical organizational structures can stifle flexibility and make responding to changes difficult. Agile and adaptable organizational structures are required.

   J&J’s innovation centers exemplify an agile and adaptable organizational structure. The corporation has developed innovation centers worldwide that function as autonomous entities with their own finances and decision-making authority. The result: the innovation centers can function more freely and adapt to changing local market conditions more swiftly.

7. They Make a Strong Focus on Customer Needs a Priority
   Finally, success in the life sciences requires a strong awareness of changing consumer demands. Whether producing new pharmaceuticals, medical equipment or delivering healthcare services, companies must be laser-focused on satisfying the demands of their consumers, which can often be fast-changing.  

   Medtronic is one example of a corporation that prioritizes client demands. The medical device firm has a customer-first strategy, emphasizing understanding the requirements of patients and healthcare professionals. Medtronic spends extensively on R&D to create novel solutions that fulfill the changing demands of the healthcare sector.

Conclusion
Significant transitions can be difficult in any business, especially in the highly- regulated and complicated health sciences industry. Companies that are prepared to invest in:

• strong leadership
• good internal communication and cooperation
• innovation and technology
• agile and flexible organizational structures
• discerning customer demands

… are more likely to succeed in making successful changes.

Success is never easy.  It requires more than memorizing successful mantras, no matter how time-tested. However, intelligent openness to changing circumstances and embracing the above five principles can allow life sciences companies to position themselves for success in a rapidly changing industry.

Please contact Mr. Vijay Karkare, Global Practice Leader Pharma & Life Sciences– vijay@cornerstone.co.in for more information, suggestions, or queries.

Building a strong team of digital experts has become critical as life science organizations increasingly rely on technology to drive innovation and efficiency. On the other hand, finding and attracting talented experts with scientific and technological skills may be challenging.

To build IT skills as foundational to a company, life science organizations must assume a systematic strategy that addresses the unique requirements of this specialty area. This includes delivering competitive salaries and benefits and creating a welcoming workplace atmosphere that encourages creativity, cooperation, and innovation.

To alert first-rate tech people to a company’s potential, businesses must actively engage with potential candidates via targeted recruitment and social media outreach. Once hired, life science organizations should continue to invest in personnel training and development programs to guarantee that these employees’ technical expertise remains current concerning the latest technology and industry trends.

This article will look at five successful approaches for life science organizations to build IT skills within their firms and stay competitive in the ever-changing biotech and pharma industries. As well as Cornerstone International Group observing these successful approaches worldwide, the following recommendations draw on six high-level research articles:

1. According to a Deloitte analysis, the life sciences business is undergoing substantial transformations due to technological advances such as AI, genomics, and precision medicine.
2. According to the Association of American Medical Colleges, 86% of medical schools have corporate ties to boost research and innovation.
3. According to a PwC poll, 80% of millennial workers prioritized innovation when choosing employment. Furthermore, companies with strong innovation cultures are 3.5 times more likely to be industry leaders.
4. According to a Mercer poll, the average base wage rise for US life sciences organizations in 2020 would be 3%.
5. According to an Udemy poll, 42% of employees would leave their jobs for greater training chances. Furthermore, firms that engage in employee development retain 10% more employees than those that do not.
6. According to McKinsey research, diverse teams are 33% more likely to exceed their rivals in terms of profitability. Furthermore, companies with a diverse workforce are more likely to attract top talent, with 67% of job seekers stating that a diverse workforce is a significant factor when considering job opportunities.

Five Effective Strategies for Building Tech Talent in Life Science Companies

1. Collaborate With Academic Institutions
   One of the most successful methods to establish a pipeline of IT talent is to collaborate with academic institutions. Universities and colleges are home to some of the world’s greatest minds, and they are always on the lookout for real-world applications for their research. Companies in the life sciences can tap into this talent pool to acquire access to cutting-edge research and technologies. They can form alliances with academic institutions to support research projects, sponsor academic programs, and work on collaborative research efforts. These collaborations may help life science organizations stay on the cutting edge of technology and innovation while creating a pool of people who can be recruited for future positions.
2. Create an Innovative Work Environment
   Creating an innovative work environment is critical for recruiting and keeping top tech talent. Life science firms must cultivate a culture of innovation, encourage experimentation, and value cooperation. They should create an open and welcoming work atmosphere, promote employee engagement in decision-making, and foster cross-functional collaboration. Companies should also give staff access to cutting-edge technology, training and development opportunities.  A supportive management team is the bedrock of these good practices. 
3. Compensation Packages Should Be Competitive
   Top IT talent is in high demand, and the competition for these coveted people is severe. Life science organizations must provide competitive remuneration packages to recruit and retain the finest and brightest individuals. As well as competitive pay, these packages should include substantial benefits such as healthcare, retirement plans, and flexible work arrangements. Companies can also give stock options to motivate employees, encouraging their commitment to the company’s performance.
4. Invest in Staff Training and Development
   A good way to cultivate a team of IT specialists working enthusiastically for their company’s success is by investing in their professional development.

   Employees in the life sciences industry should be given the opportunity to acquire new skills and technology, attend conferences and seminars, and engage in mentoring and coaching programs.  These ventures can assist employees in developing new skills and staying current with industry trends. In turn, they will be incentivized to implement new initiatives within the company.

5. Encourage Diversity and Inclusion
   Promoting diversity and inclusion is not just appropriate but also smart business.  Life science organizations should recruit a broad spectrum of people to bring a variety of viewpoints and experiences to the table.   Companies in the life sciences must actively endeavour to establish a diverse and inclusive workplace.  Specifically, companies should be encouraged to implement diversity and inclusion initiatives such as unconscious bias training, employee resource groups, and mentorship programs.

Conclusion

To summarize, developing IT skills is critical for the success of life science organizations. Life science companies can build a team of tech experts ready to tackle future challenges by partnering with academic institutions and creating an innovative work culture. Successful team building includes offering competitive compensation packages, investing in employee training and development, and fostering diversity and inclusion. These efforts will give life science organizations an edge in remaining competitive in the ever-changing biotech and pharma landscapes. 

Please contact Mr. Vijay Karkare, Global Practice Leader Pharma & Life Sciences at vijay@cornerstone.co.in for more information, suggestions, or queries.

Atlanta, GA, May 3rd, 2023- Cornerstone International Group is excited to announce the opening of its latest office in Montreal, led by Managing Partner Samuel Dergel. Samuel’s firm, DERGEL Executive Search is now the Montreal office of Cornerstone. This new addition to our growing network of offices reflects our continued commitment to providing exceptional executive search and recruitment services to our clients across North America and beyond. 

With over 20 years of experience in executive search and talent acquisition, Samuel Dergel brings a wealth of knowledge and expertise to his new role as Managing Partner of Cornerstone Montreal. CEO Simon Wan is excited about the new addition commenting, “We are thrilled to welcome Samuel Dergel to our global network. With their deep expertise in the North American & French Canadian market and his record of placing high-level executives in various industries,  we are confident that Samuel will be a valuable addition to Cornerstone.”   

“I am thrilled to join the Cornerstone team and lead our efforts in Montreal,” said Samuel Dergel. “Companies are no longer limited to one location. Business is global, and a successful executive search must be able to deliver across continents and worldwide. Joining Cornerstone allows us to serve our client’s needs anywhere in the world, together with partners with a track record of delivering locally across the globe.  Our unique approach to executive search and recruitment and our commitment to client service will be valuable assets to Montreal and beyond companies.” 

Larry Shoemaker, President of Cornerstone welcomed our new Montreal member, “Samuel brings a wealth of experience in serving clients in an important market, as well as a global perspective, that will positively impact our entire organization.”   

Cornerstone Montreal shall help clients all across North America to find the top talent they need to succeed locally and globally. 

We are pleased to announce Walter Baker (Cornerstone Atlanta) has joined the Board of Directors of the International Executive Resources Group (IERG). Baker brings with him a wealth of experience and expertise in executive leadership and management. He has a deep understanding of the challenges and opportunities faced by executives and business leaders, and he has demonstrated a commitment to excellence throughout his career.

Walter has been conducting senior-level recruiting and assessment assignments throughout the United States, and globally, for more than 25 years. A key component of his practice has been identifying and recruiting leaders for strategic global positions: over 50% of his projects have been for executives to lead global or regional enterprises. More than 75% of his business is from repeat clients, and 70% of his work is for executive positions at the Vice President level and above.

In his new role on the IERG Board, Baker will be able to share his knowledge and insights with other board members, helping to guide the organization’s strategic direction and priorities. He will also be able to leverage his extensive network of contacts and relationships to support the IERG’s mission and goals.

“His expertise and success rely on a quantitative, disciplined approach and a rigorous verification of candidates for high-value positions. He finds the best candidate for a job, not the best candidate looking for a job. He has conducted over 350 assignments around the world and is intimately familiar with the drivers of successful leadership in both the public and private sectors. Over 60% of his projects have been for global or regional enterprises and over 65% of his work is for executive positions at the Vice President level and above.”

To read the full statement visit the link here.