Lunch & Learn: What’s Next

Acumen’s Suzanne Hanifin and Karen Anderson are hosting:

 

Lunch & Learn – What’s Next

June 12 12:00 pm- 1:00 pm

at:

Portland State Business Accelerator (PSBA)

2828 SW Corbett Avenue, Portland, OR 97201

 

So much to accomplish in so little time: deadlines to meet, investors to attract and please, regulatory hurdles to achieve and, hovering above it all, the unrelenting competitive and investor pressures to be the first to market.

If you are a member of the Biotech community, the screen image of your computer is barely faded from closing the last file you were working on before you have to ask yourself, “What’s Next?” – and then pivot both your body and brain to charge after it.

Having a great product is important; however, a top tier team to deliver and take the company to the next level is essential.

Suzanne and Karen will address how Biotech firms can secure funding while attracting and retaining the best and most talented players.

Topics covered will include:

  • Viewing your company within a 360 degree lens
  • Assessing talent gaps, team and synergy
  • The role of corporate culture
  • Vetting the best Attracting the best: the offer
  • Selling the best: the role of your corporate brand
  • Assessing your team building, recruiting and on-boarding process
  • Forward thinking – What’s next and the talent required to do it

This interactive session will help you think through critical items you may have been too busy or reluctant to assess and face. Join us for this supportive, informative and valuable presentation.

To attend the event:  https://www.eventbrite.com/e/lunch-learn-whats-next-tickets-46130015117?aff=mcivte

The Cost of a Bad Executive Hire

Maybe that new executive you just hired, the one everyone thought was so great – isn’t.

But, to be fair, you want to give him the benefit of the doubt, so you let him keep working on the critical new product initiative for which he was hired. Maybe he just needs a little more time. Maybe she is just misunderstood. So, you wait. Things will improve. Maybe.

Here’s the thing. Even if that executive does improve, perhaps you should consider how much their poor performance is really costing your business in the meantime.

Let’s delve deeper.

If your team is not functioning well, you are probably experiencing product or project delays. Product and project delays typically delay revenue, earnings and market share growth. The result is that where your company finds itself, is nowhere near where it would have been had you hired the right person.

Let’s look at the graphic below to illustrate the negative impact of a bad hire over a Product’s Life-Cycle:

Lost Economics:

Economic Impact of Product Delays

bad-hire

The green line is ideal. It depicts a product that is developed smoothly – without major delays. The product is introduced and grows to maturity quickly – capturing the good margins and market share it deserves for its innovative value.

Now let’s look at the impact of poor executive talent on that same product – the red line.

Slow development delays growth and creates frustration. Perhaps, forcing termination of the executive working on it.

That termination then delays growth further as development and product improvements are delayed during the re-recruiting and on-boarding process. During that time competitors grab market share that should have been yours if the product had been completed and released earlier.

That lost share is nearly impossible to recapture. The lost profits are gone forever. While you were dealing with your bad hire, your competitor wasn’t. They are now, for this product, permanently ahead of you and your reputation has been harmed.

There may be organizational damage as well.  Employees, some of them talented, may experience frustration and burn out – resigning from the added stress of playing “catch-up”.

 

Lost Time:

In addition to the economic impact, critical time is lost.

Initially, it takes 3 to 4 months to hire a person, another 3 to 6 months to admit this person is a bad hire and then at least a month of discussions to finally decide to let them go. Then it takes another 3 to 4 months to rehire, with another 3 to 6 months to determine if this person is a good hire. Overall, you are looking at 12-18-month delay to effectiveness.

A bad hire is something that your company may never recover from. Nobody wants that.

 

Preventing a Bad Hire:

Most important approach to improving the probability of success in finding, vetting and recruiting excellent executive candidates is to use a proven process.

By proven we mean, the process delivers candidates with:

  • A proven and vetted track record
  • A high probability of early integration
  • A high probability of long term retention
  • A close cultural fit
  • A strong complementary personality to the rest of the team

Partnering with an executive search firm that has demonstrated repeated success mitigates greatly the risks associated with the consequences of a bad hire.