By Ann Darda, Managing Director
Biotech companies of all sizes are now undertaking the process of evaluating performance against their organizational and individual goals, aligning compensation with those results, and planning for 2024. This is often the busiest time of year for Human Resources (HR) professionals, and it poses an additional challenge for smaller companies that might lack an internal HR function or established practices.
There is a way to streamline these processes and derive the best outcomes by leaning on fractional or interim HR professionals who understand the nuances and needs of biotech organizations. Below are the key areas of focus and ways in which we can help, whether creating programs from scratch or building upon the basics already in place. Having collectively been inside hundreds of biotech companies, we know what well-run looks like and how to achieve it with efficiency.
Year-End Performance and Goal Planning
- Design and manage the performance review process
- Prepare managers for high quality performance discussions
- Reduce risk by identifying critical roles and developing plans for high potential employees
- Ensure understanding of retention risks
Compensation
- Gain the board of directors’ or compensation committee’s approval for aggregate recommendations
- Ensure compensation aligns with company philosophy, i.e. 50th percentile of the range
- Prepare leadership conversations with increase/bonus information for employees
- Balance budget considerations and employee expectations, and create multiple ways of offering value to employees through a total rewards approach
- If not yet built, create a compensation structure through benchmarking, job evaluation and philosophy on how best to distinguish employee value proposition
New Year Kick-Off and Goal Planning
- Facilitate goal planning workshops and gain organizational alignment on resources required
- Workforce and capacity planning, pressure testing skills and level of expertise required on a prioritized basis
- Facilitate company-wide cascade and communication of goals and expectations
- Ensure year-end performance expectations are well understood
- Career development approach is identified and understood, and supports the organizational goals
We support clients in offering objective, practical, and fair practices that engage employees and reward progress toward the scientific and business strategy of the organization. This work is both art and science, heavily relational and important to creating a high performing organization.