Adopting Small Changes to See the Big Picture

7 minute read

During turbulence, talent development is one of the first things to hit the cutting room floor. But strategic leaders know they need to take the long view and invest in preparing their team for a new reality.

Here at FiveAndCo. we work with pharma leaders across 6 different countries and over the last 12 months we’ve seen a huge increase in leaders under pressure to deliver against a backdrop of service reconfiguration and cost efficiency.

Global turbulence in the industry can create a focus on short term planning, particularly when it comes to pressure prompted “money problems” and budget cuts. That’s not surprising. The industry stats make for concerning reading with 52% of CEOs expecting to cut costs this year (PwC CEO Survey 2023) in response to inflation in costs of labour, raw materials, manufacturing, transportation, and regulation.

But now, more than ever, it is crucial for leaders to make bold decisions that pave the way for long-term success. And there is one aspect of leadership where companies cannot afford to fall into short term thinking – talent development.

At FiveAndCo. we see talent development as more than just personal growth opportunities or a financial rewards package. When you develop an ecosystem that actively supports healthy growth of skills and mindsets in your people, it becomes your competitive advantage.

Whether it’s reducing attrition or avoiding burnout, there is overwhelming evidence to suggest that it is in pharma’s interests to strategically address the question: “How do we empower our people, not just to learn new skills, but also to become resilient individuals who can do well for the business no matter where they’re placed?”

Resilience is not just about an ability to “bounce back” after challenging times. It’s also about personal growth - finding a new path after your previous plans have been disrupted. When budgets are tight and instability looms, your people need to be prepared to face the challenges head-on and get ready for a new reality. By developing a culture of continuous learning and growth, your employees will be able to navigate through turbulent times and come out the other side with confidence, adaptability, and a solutions-oriented mindset.

This requires a focus on how we work together not just what we do. To do this, resilient leaders might need to fight for the space for themselves and their team to learn about themselves and each other as part of deepening their capacity to overcome ambiguity and uncertainty. You might need a fresh perspective to rediscover your purpose or clarify common goals to maintain productivity without burnout.

The reality is that many senior leaders we work with are already overscheduled and over committed. In order to develop a long-term mindset that naturally aids decision making we often suggest adopting a discipline we call “10:30:60”.

●      Spend 10 mins every day scheduling your focus. Turn down at least one meeting a day to create space to meet someone new or read something challenging from across the industry.

●      Spend 30 mins a week reflecting on the week you’ve had and the week you would like to have. Addressing questions like “What happened or keeps happening that stops me focusing where I need to be” or “What would I have to stop in the coming week to create space for the right focus” can be transformative.

●      Spend 60 mins each month summing up your progress in the month to date and identifying where you would like to make progress in the month ahead. Take time to enjoy your success and celebrate. Call out a member of the team that has contributed to your success. If you have done the previous two tasks consistently, this should be an easy task.

How does this help develop a long-term view?

Building this habit interrupts the tactical focus that can dominate in challenging times. It helps create space in the present to allow the future to take shape.

Listening to your team, and your own reflections will provide the data you need to construct a vision of success for your people. And taking time to consider new perspectives will challenge the old perspectives that might be holding you back.

This is a simple idea, but it’s not easy. The initial pain of investing time in this area is nothing compared to the long-term pain of regret that short-term thinking can bring.

It takes courage to make strategic choices that prioritise long-term success over short-term gains. By fighting for the space needed to thrive, you build resilient teams, gain competitive advantage and boost retention and engagement.

FiveAndCo. are here to empower you to create real change in your teams. In times of uncertainty, talent development is not an expense to be cut but an investment that yields substantial returns.

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