Talent War vs Talent Sharing
Many speak of the “war” for talent arising across the globe, including in the Asia Pacific and as it pertains to the Life Sciences industry. While indeed there is a level of scarcity in certain roles and regions (though arguably public healthcare provision is much more in need than the private sector), the battle-like mentality does not take full advantage of the broader industry shift toward collaborations and alliances. According to KPMG 2018 Global CEO Survey, 61% of Life Sciences CEOs intend to work in consortia models going forward1 (compared to a 49% cross-industry average).
As framed in the latest KPMG Global Life Sciences’ 2030 report about capabilities, the sharing economy will dictate terms for the next generation and thus workforce shaping must leverage this trend, rather than to resist it. No Life Sciences company is too big to fail nor too small to consider the topic.
In gathering insights from Life Sciences executives (business and HR), we observed there is a fair amount of consensus about the capabilities needed for the future as well as the challenges with accessing and harnessing them. Ultimately these key themes and capabilities are summarized as follows: