Biotech and Pharma are leaders in employee engagement, which has a significant impact on business performance. Even though employee engagement is sometimes treated as a vague concept, its impact on the work environment and business performance is anything but. Take a look at how the biotech and pharmaceutical industries benefit from higher than average employee engagement.
What are the benefits?
These benefits include higher profits, better employee retention, and increased productivity. According to a Great Place to Work study, more than 80% of employees in this sector plan to stay in their current position. This is an impressive statistic when you consider that in other high-performing sectors like retail and healthcare, the numbers are 69% and 65%, respectively.
Perhaps even more impressive is that this employee intent is also borne out by reality – the sector has an average annual turnover rate of just 10%. Another notable impact of employee engagement is not only retention but also physical presence. The absenteeism rate is just 1.8 days per year, less than a third national average of 6.3 days. On this basis, Pharma attracts, retains, and motivates employees – goals that should be at the top of any employer’s wish list. What’s more, 71% of companies increased their overall net profit in the last financial year, showing that they are reaping the financial rewards of an engaged workforce.
So what is the pharmaceutical industry doing right?
There are two critical factors to the success the industry enjoys. The first is the importance placed on employees. In our work with companies across all sectors, we consistently find that companies put their employees first to thrive. Most pharmaceutical companies have benefits packages that make a difference to employees and offer flex time as a standard. A good number have generous parental leave packages.
The second important factor in employee engagement is goal setting. As an industry dedicated to saving and improving lives, pharmaceutical employees demonstrate a clear sense of purpose and motivation to make a difference: 80% of industry employees believe their work is meaningful. Another 88% say they are proud of what they accomplish. These impressive statistics show how important it is to make clear the impact your employees have – not only in day-to-day business but also in society.
How to impact employee performance?
These findings, along with our ongoing work with the biotech and pharmaceutical industries, show that the industry is leading the way to employee engagement, which has a significant impact on performance. Employee engagement is not a vague concept for us at Skilo; it is a critical driver of successful business KPIs, including recruitment, retention, and productivity. Every organization should consider putting their people at the center of everything they do, especially if they want to reap the benefits that the biotech and pharmaceutical industries have.
Skilo is a Salesforce native app that provides a ready-to-use talent management solution. It streamlines, simplifies, and unifies the end-to-end process of talent acquisition, development, and retention. Skilo provides performance management, competency frameworks, along with skills development, career planning, training management, feedback, reviews, and social employee engagement. For more information, please visit www.skilohr.com or Skilo Linkedin profile.