Main Subject - Business

If LaBron James decided to leave the Cleveland Cavaliers for another team, the performance of that franchise would drop like a rock. This is the case for any busin

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

ess, no matter what business you're in. Studies have shown that losing any of the top 10% of your performers has 5-10 times more impact on your business than losin

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

g your average performers. With that in mind, here are 10 strategies for keeping your best people:

(1) Go to your best people right now and do a pre-exit interview

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

. Don't wait for them to get a call from a headhunter or to come to you saying that "I've decided to resign." Be proactive and ask them in a one on one: "What are t

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

he factors that will cause you to stay?" Ask them to warn you if they become unhappy.

(2) Verbally ask them to rate their current job on a 1-10 scale on the factor

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

s below. And then ask them what corrective steps could be taken to raise any problem scores to a 10: (a) My job provides honest, frequent two way communication (b)

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

My job provides challenging exciting work (c) My job provides opportunities to grow and learn (d) In my job, I know my work makes a difference (e) In my job, I'm re

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

ognized and rewarded for my performance (f ) I have some degree of control over my job

(3) Ask them to describe their ideal job or where they would like to be in 1

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

-2 years. Then work with them to develop a plan to get them there.

(4) Tie pay to staying with the company and their performance results. Money is never the only r

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

eason that people leave. Generally leadership screws up something first...then money begins to get their attention. Fix the job first or address their career concer

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

ns and then if you give them more money tie it to their results so that they don't end up staying..."well paid but dissatisfied and uncommitted!"

(5) Develop progr

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

ams that bond them to affinity groups. One of the hardest things to leave in a job is their close friends. By developing affinity groups (sports, professional group

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

s, play, ethnic, gay and other shared interests) you help build bonds beyond the job that are difficult to break.

(6) Sponsor programs for their spouses, friends a

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

nd children. Puts more people on the team -- besides the Company -- working towards getting them to stay with the organization. . (7) Develop a list of "motivators"

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

for each employee you want to retain. Non-monetary motivators are powerful but most managers are not aware of what motivates an employee. Develop a list (through tr

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

ial and error as well as asking them and friends) and use it to keep them satisfied.

(8) Reward managers and teams for retention. What gets measured gets done. Man

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

agers seldom have time to do things that are not measured. So reward managers and business teams for keeping high performers and key talent.

(9) Use "pulse surveys

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

. Do periodic e-mail surveys of a sample of employees to get a "pulse" of the organization. This helps to identify new issues and trouble spots.

(10) Get rid of ba

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

d managers. Remember, that most top performers don't want to work for bad managers who are insecure, not challenging or developing them. If you have managers who ar

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

e not good at developing, inspiring or supporting top talent...get rid of them or at a minimum move them to a new assignment where they don't have to develop people

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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Main Subject - 10 Ways To Retain Your Top Talent

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