As a recruitment consultancy supporting CEO transitions, one of the most common things we hear from leaders is the desire to develop a high-performing executive leadership team, with the aim to enhance overall team and company performance.
New CEOs in the industry face a unique blend of challenges and opportunities. Whether it be successfully navigating regulatory complexities, managing high R&D costs, or keeping pace with scientific advancements, effective leadership requires a balance of strategic vision, scientific understanding, and strong stakeholder management. According to a Harvard Business Review study, CEOs tend to show significant company performance improvements typically within the first 2-3 years. So, how can you, as a CEO, establish a high-performing team, capable of driving innovation and achieving sustainable growth in such a dynamic and competitive environment?
Building the right team
Recruit and retain top talent: CEOs who take a quick and aggressive ‘hire and fire’ strategy can find themselves with a team that lacks the industry expertise, cultural influence and unity to advance strategic priorities. On the flip side, it’s also an easy mistake to delay making people-decisions, as it can affect business performance and effect your credibility with the rest of the team or key stakeholders. So, focus on attracting individuals with not only the right technical skills and experience but also passion for the industry and a commitment to your company’s mission. You can check out our ‘Attracting and retaining talent’ blog to explore strategies that can be implemented to ensure better talent management.
CEOs who take a quick and aggressive ‘hire and fire’ strategy can find themselves with a team that lacks the industry expertise, cultural influence and unity to advance strategic priorities.
Lay out your ‘north star’: As a new CEO, you have the unique opportunity to establish the organization’s direction by defining your ‘north star.’ By communicating an ambitious vision with your team, you can inspire a sense of purpose and clarify priorities amongst the business.
Employee development: Investing in ongoing training and professional development opportunities keeps your team aware of the latest biopharma advancements and changes.
Assess: Where you are unsure of capabilities or commitment with existing staff, conduct formal assessments – evaluating thought processes, capabilities and understanding of current states and visions for the future. This is also a great way to establish leadership amongst your team – assessing team members readiness to adapt to changes in your agenda.
Promote collaboration & culture: Encourage team collaboration across different departments (R&D, regulatory affairs, marketing, and sales). This can help in aligning goals, sharing insights, and problem-solving. As CEO, it’s also important to be clear about the culture you want to create, and those who model the behaviours you want to mimic.
Implement agile processes: Being able to pivot quickly in response to new industry data, market shifts, or regulatory changes is crucial within the industry.
Set goals: Establish clear, measurable objectives and KPIs to track progress and ensure accountability. Regularly review and adjust these goals based on performance and changing circumstances.
Build strong external partnerships: Form strategic partnerships with academic institutions, research organizations, and other companies to expand capabilities and share risks. Collaborations can provide access to new technologies, expertise, and markets.
Communicate your vision: Articulate your vision, mission, and values. Inspire your team by demonstrating commitment, leading by example, and celebrating all and every success. Effective communication helps in aligning the team’s efforts with the organization’s strategic objectives.
If you’re a biopharma startup looking for talent, or you’d like to learn more about our recruitment services, submit your vacancy and a recruitment consultant that specialises in your field will be in touch shortly.
Alternatively, are you seeking advice on your next move? I’m here to help. Register with us today to schedule a confidential discussion about your career prospects.
