Giving Value To Talent - Areas That Modern Business Firms Need To Focus On

Attracting and retaining talent has become a major challenge for business organizations today. This has prompted a large number of organizations to work towards giving value to talent for enhanced retention rates and also to remain competitive. Companies hiring new professionals through the executive search firm in China also need to focus on enhancing the skill set and loyalty of these candidates to ensure better returns and lasting relationships with the organization. However, convincing the most talented candidates to remain with the organization for an extensive period of time, is often an extremely difficult and time consuming task even for the best employers.

 

What The Organizations Need To Do

In order to ensure better talent retention, it is important for the business organizations to change their traditional approach towards employee management in a significant manner. The most significant step that they need to take in this direction is to start treating the employees as valuable clients who need to be constantly persuaded and motivated. The companies need to focus on developing appropriate talent retention strategies, especially during times of economic stability, when new job opportunities are easily available. At the same time it is important to create a positive work environment that makes the prospect of being employed with an organization extremely appealing for prospective candidates.

Key Areas For Businesses To Focus On

Business organizations today need to be employee focused and should acknowledge the fact that the employees are the cornerstone in its growth and success. In order to ensure the same, it is essential to develop the right retention strategies with focus on the following three key areas.

 

Provide Greater Working Flexibility

The modern generation of workers feel a greater need for flexibility in their work conditions. Whether it is in the form of flexible work hours or the freedom to work remotely from home, acknowledging this need of their most talented employees can help improve retention rates by significant margins. In fact, ensuring greater flexibility in the work environment can help the organizations to enhance the overall satisfaction level of the employees and also improve their level of trust and loyalty for the organization. It will also give the employees yet another reason to stay with the organization.

Invest In Technological Tools

Most modern businesses rely heavily on technology and the young talent is extremely technology savvy. Hence, it is not surprising that these modern day professionals consider the use of technological tools to be an integral part of the workflow process. It is therefore the responsibility of the business organizations to provide its employees with the latest technological tools that can help enhance the efficiency and performance of the workforce. Investing in new technology keeps the employees motivated and assures them of the commitment of the organization to remain competitive. This in itself can provide a major boost for the employees and make them feel integral to the success and growth of the organization.

 

Promote Constant Training And Skill Enhancement

Organizations that choose to invest in the training and skill enhancement of their employees tend to have higher retention rates. Promoting constant training and organizing skill enhancement programs on a regular basis, makes the employees feel confident about having ample growth opportunities within the organization. It also assures them about the company being concerned about their overall growth and progress, which in turn makes them feel more committed and loyal towards the organization. In fact, the consultants from the leading retained executive search firm in China believe that such efforts are indicative of the fact that the company is willing to do everything to provide a better competitive advantage to its employees. This can prove to be a strong motivational force for the employees and make them stay longer.

A Platy Overview Of Large Scale Globalization Of China’s Pharma Industry

Being the highest populated country across the globe, the demand for health care and pharma services in China has always been quite high. However in the recent years, this demand has grown even further, thanks mainly to the fact that the aged middle class country within the country is now the highest in the world. In fact the pharmaceutical market in China has grown to emerge as the second largest in the world. This growth has resulted due to the innovations in this industry, a significant rise in its global profile and ongoing as well as proposed structural change. This has naturally created a huge demand for life sciences professionals, which, the top headhunting firms in China, are trying their best to fulfil.

 

Understanding The Structure Of China Pharma Industry

Despite having been responsible for serving one of the largest populations in India, the pharma industry in China was not very well organized until only a few years back. In fact, even today a major section of the industry is highly fragmented and comprises of countless small manufacturers and distributors. The primary objective of these manufacturers and distributers is to cheap, generic medications which provide them a huge profit margin. They lack the inclination to invest funds in innovation and R&D, with less than 5% of the sales being directed to R&D, which is mostly carried out in the field of generics.

 

Changes That Have Ensured Growth Of The Industry

As mentioned before, the pharma industry in China has been expanding and has also experienced an improvement in its global profile in the recent times. This change has been made possible mainly due to the Chinese government’s decision to s promote consolidation of the industry. In order to ensure the same, the government has not only raised the quality standard for drugs but has also taken the necessary steps towards improving the regulatory infrastructure within this sector. These steps are aimed at enhancing the efficiency and speed of drug development. This has led to a considerable increase in the overall investment in the life sciences sector through both local and foreign investors.

Another major change that has ensured the growth of the pharma industry in China is the huge influx of life science talent into the country from abroad. In fact, the life science executive search firms in China have been recruiting western professionals with extensive experience in various multinational pharma firms in large numbers. In addition, they have also been able to attract Chinese executives, who had left the country to gain education in west and now are looking for great career opportunities in their home country. This is in addition to the local talent available in the country, who are now getting better and wider range of opportunities for a successful career in the pharma sector.

 

Challenges Still To Be Overcome

Despite the growing support and financial backing from the government and private investors, the phrama sector in China still needs to overcome several other hindrances to ensure optimal growth. One of the biggest challenges is the slow pace at which the industry is consolidating, which has restricted the number of truly innovative firms to only a handful. In addition, the fear of loss of business amongst the small drug manufacturers and distributers is something that the government has to take into consideration. However, despite these challenges, the sheer size of the local market is likely to prove a major advantage for the growth of the industry. In fact, most experts within the industry believe that this single factor can help the industry to overcome all barriers and give it a big competitive advantage within the global marketplace. But for now the consistent  pharma growth is something that is being celebrated by and all in China.

5 Key Advices To Ensure A Smooth Onboarding Experience For New Board Members

Established business models are facing a constant threat of being dismantled to create way for new options promoting growth and innovation. Organization boards, which have been the strongest pillars of traditional business operations, are coming under great pressure to verify their relevance. Even in a country like China, where traditional methods of doing business are still quite popular, the investors are increasingly expecting the boards to have meaningful processes in place for renewing their memberships and maximizing their effectiveness. That is why many business organizations have felt the need recruitment of new board members possessing the right knowledge and experience in accordance with the changing business needs.

 

In this context, the providers of board advisory in China services stress on the importance of having the perfect onboarding program to ensure a smooth onboarding experience for the newest board members.  The most important thing for businesses to understand is that the best onboarding programs are tailored to suit the unique experiences, backgrounds and proposed responsibilities of the individual new directors. Discussed below are the 5 key recommendations that can help business organizations to ensure the development of suitable onboarding program.

Clearly Define Processes And Expectations

Most new board members favour a more formal onbarding program that provides clear details about the various processes and expectations. This helps the new members to prepare well for their first board meeting as well as any meetings with the other senior executives and managers. Well structured and formal onboarding programs make it easier for the new members to proactively identify any potential gaps in their skills and expectations and also to formulate follow-up questions.

 

Organize One-To-One Meetings With Top Management

Setting up individual meetings of the new board members with the top members of the management including CEO, CFO, Independent Chair Directors and other corporate executives is extremely essential for ensuring a smooth onboarding experience. Unfortunately, most business organizations tend to overlook this extremely important aspect as they feel that the new members will anyways be interacting with these executives during the board meetings. However, these meetings can go a long way in enhancing the confidence and trust of the new board members and help them to gain a better understanding of boardroom dynamics and board culture and backgrounds of other board members.

Provide A Comprehensive Overview Of The Company

Providing comprehensive information about the company strategies, processes and finances to all new senior level employees is highly recommended by the top leadership coaching firm in China. This is even more important while designing an onboarding program for new board members. Providing an overview of the organization on a historical and forward looking basis ensures provides them a clearer idea of the operating direction and challenges faced by the company. This information can help the new members to suggest the right strategies and come up with the most effective and relevant solutions that can help the organization in achieving its goals in a timely and efficient manner.

 

Encourage 100% Committee Meeting Attendance

In most business organizations, a large percentage of the board work is delegated to committees. Since all new members are assigned to one or more such committees, it is essential to ensure their 100% attendance at such committee meetings. Doing so helps in accelerating their understanding of the company and the board.

Assign An Experienced Mentor To The New Board Members

Assigning an expert mentor to the new board members is something that most organizations still do not include in their onboarding program. These mentors can be chosen both in-house or hired from external organizations providing such services. This provides the new members with a reliable person to turn to in case of any doubts or queries besides helping them gain an understanding of the board’s working from inside.

Advices To Be Followed By Business Firms Seeking To Build Valid Partnerships

When it comes to business organizations, establishing long and healthy partnerships with key players can prove vital towards ensuring their success. These key players can range from their employees to their distributors and even include their legal and career partner in China. In fact, the most successful business organizations are known to invest a great amount of time and effort in cultivating meaningful relationships with these and other key players. This is done due to their understanding of the fact that every partnership can contribute significantly in the growth and profitability of the venture. Discussed below are some useful guidelines that can help business organizations to build strong and meaningful partnerships with both individuals and other organizations.

Let Go Of The Island Attitude

It is absolutely impossible for any business organization to operate in isolation, especially in its initial years of establishment. Hence they need to let go of the tendency of cultivating isolated one-to-one relationships and rather focus on developing meaningful relationships. This is extremely essential to ensure their smooth functioning in the homogenous ecosystems within which most businesses operate. They need to identify partners who are aligned with their business goals and nurture a professionally beneficial association with them.

Prioritize The Partnerships

Some partnerships are more important than others, especially when it comes to ensuring the smooth functioning of an organization and delivering best value to the customers. It is important for businesses to prioritise their partnerships and pay greater attention to the ones that ensure better for the business without causing the organization to deviate its focus and execution. The organizations should learn to develop a sense about how their business might prove to be of interest for prospective partners and the best ways to exploit these strengths.

Know Where To Begin From

It is not uncommon for business organizations to feel somewhat lost about building the right partnership with the right people during the starting out days. The key here is to be aware of the kind of market they are working in and also to have an in-depth understanding about the key players in the field. The next step would be to try and reach out to the right people through networking, taking part in events and seeking connectivity option through their existing contacts. This tried and tested method proves extremely effective to help businesses find the right partners who work with them towards establishing a strong venture.

 

Focus On Building Communication And Trust

Mutual trust and effective communication are the two most important factors required for building meaningful partnerships. The business organizations need to be clear and concise about the reasons for seeking a partnership and also need to ensure proper engagement of their partners to win their trust. It especially important for business organizations to be consistent and clear about their expectations while working with the leading recruitment firms in China. The businesses also need to make sure that they keep their partners updated about any key developments within the organizations and also seek their feedback about the same. They especially need work towards accept any criticism from their partners in appositive manner rather than doubting their intentions.

Stay Relevant To The Established Business Objectives

As businesses evolve, they are likely to undergo countless changes, most of which would be market driven. However, before implementing any changes, it is important to ensure that these changes are in tandem with the established business objectives. In this context, the business organizations can seek inputs from their key clients and partners to arrive at solutions that help them to maintain the relevance of the establishment even in the face of ongoing changes within the business environment. Even well-established ventures tend to integrate their business goals with their operative environment for better returns. 

Organizations Need To Focus On To Coaching As A Positive Transformational Tool

Even though executive coaching is a relatively new concept in the Chinese business environment, it has become an integral of talent management strategies across the country. This is because Chinese entrepreneurs are increasingly becoming aware of the fact that coaching can help executives to identify and reach their optimum potential. This has further helped in changing the perspective of the organizations about investing in executive coaching in China to be wastage of time and effort. In fact, organizations are now using executive coaching as a vital tool to bring about positive transformation within their company culture as well as for enhancing employee efficiency. Discussed below are the important things that organizations need to focus on for achieving this objective.

 

Clarity Of Purpose

Having a perfectly clear idea about the need for organizations to build a coaching culture within their work environment is the first step in the direction of attaining desired results. They should be able to define the exact transformation they are seeking through coaching so that these can be translated into business outcomes. The transformations sought might be in terms of greater innovation, enhanced performance and increased employee collaboration or even nurturing of talent.

 

Availability Of Support At Executive Level

It is important for business organizations to remember that executive coaching is essentially a one-to-one interactive process between a certified coach and middle or top level professional. Hence, the success of this coaching depends largely on the kind of support provided by executive level employees towards the process. It is therefore, the responsibility of the organization to convince the organization to convince its middle and top-level executives to render whole hearted support to the coaching initiative.

 

Conducting A Reality Check

Before hiring executive coaching services, it is essential for an organization to conduct a reality check about the hindrances they might face as well as the advantages they can offer to bring about the desired transformation. They should consider the processes, policies and cultural norm that can both prove challenging or be in tandem with the desired changes. The organizations also need to invest time and effort in accessing the mood of the employees, especially the executives shortlisted for training with respect to the impending transformation. In fact, the best executive search firms in China consider this aspect to be of utmost importance to bring about a positive transformation through the coaching process.

 

Choose The Right Coaches

Most organizations are of the opinion that executive coaching is an easy task that does not require the coaches to have any special skills. This often leads them to select coaches randomly without considering either the skills they have or the range of experience they have. This often results in making the entire coaching process worthless, reaffirming the belief of organization that it is a sheer waste of time and effort. What such organizations fail to understand is it is their choice of a wrong coach rather than the process itself that caused its failure. Investing in the right coaches is critical for the success of the coaching as well as to get the desired results.

 

Use Of Right Resources

Each executive coaching program is unique and hence the resources required for its successful completion may vary diversely. It is the responsibility of the organization to ensure that the coaches are provided with the right resources for the program. The resources to be used would generally depend on the level of the executive within the organization hierarchy as well as the objectives to be achieved through the coaching. In some cases, the coaches might arrange the necessary resources on their own but might charge extra for the same. This is often a preferred choice as it ensures that the coaches get exactly what they need.