New Study Highlights Importance of R&D Talent Development Initiatives in Pharmaceutical and Technology Companies

CHAPEL HILL, N.C., April 20, 2018 /PRNewswire/ -- Across industries, an organization's research and development (R&D) function plays an important role in converting innovative ideas into exceptional products and services that deliver a competitive edge. This scenario requires an effective R&D function, which in turn, is dependent on productive employees who can add value to the function.

To ensure a high functioning R&D group, it is important to have an effective talent development program for R&D employees to increase capabilities and keep talent.

Best Practices, LLC undertook benchmarking research to probe the tactics and strategies employed by leading pharmaceutical and technology companies to align their Learning and Development function within R&D with corporate objectives, talent development initiatives, and talent retention goals. Additionally, the study highlights current and future challenges for talent development. Learning and Development leaders in pharma and technology companies can refer to this study to compare their talent development initiatives with those of industry peers.

The new study, "Benchmarking R&D and Clinical Talent Development Initiatives," found that coaching and internships are among the most widely used R&D talent development programs. Despite their popularity, though, internships are rated less effective than a wide range other talent development approaches. Rotational development is used only by half of benchmark organizations. The research features two segments: Pharma companies and technology companies.

This study analyzes R&D talent development success factors and potential pitfalls around the following areas:

• Alignment of R&D Talent Development with Corporate Objectives
• R&D Talent Development Performance Measures and Corrective Actions
• Talent Development Differences Between Scientific and Managerial Tracks
• Impact of R&D Talent Development Initiatives
• Structure of Talent Development Team

Best Practices, LLC engaged 18 HR, R&D and Engineering leaders at 15 companies through a benchmarking survey instrument.

To access the full report, or to download a complimentary summary containing insights found in this report, click on the following link: http://www.best-in-class.com/rr1493.htm.

For more information on other recent primary research studies, contact us at 919.403.0251. For related research, visit our Best Practices, LLC Web site at www.best-in-class.com/. 

ABOUT BEST PRACTICES, LLC

Best Practices, LLC is a leading benchmarking, consulting and advisory services firm serving biopharmaceutical and medical device companies worldwide. Best Practices, LLC's clients include all the top 10 and 48 of the top 50 global healthcare companies. The firm conducts primary research and consulting using its comprehensive proprietary benchmarking tools and analysis. The operational insights, findings and analysis form the basis for our Benchmarking Reports, databases and advisory services to support executives in commercial and R&D operations. Best Practices, LLC believes in the profound principle that organizations can chart a course to superior economic performance by studying the best business practices, operating tactics and winning strategies of world-class companies.

SOURCE Best Practices, LLC