Management Consulting
Aon
Full Credential Description
Aon conducted a comprehensive analysis of workforce resilience challenges faced by life sciences companies, revealing that these organizations are significantly lagging behind other industries in supporting employee physical and mental health. Specifically, only one-third of life sciences companies offer programs to support employee wellbeing, which is 10 percent lower than the global industry average. This gap is particularly concerning given the ongoing demand for highly skilled employees, which has strained the talent pipeline in the sector. To address these issues, Aon partnered with a leading pharmaceutical company to evaluate the return on investment (ROI) of their wellbeing programs. The analysis indicated that even moderate improvements in employee wellbeing could lead to a 5 percent increase in productivity, effectively offsetting the costs associated with these initiatives. The tailored solution involved refining existing wellbeing programs to better align with employee needs, particularly in addressing microstressors that contribute to burnout, rather than solely focusing on traditional clinical issues like anxiety and depression. Additionally, Aon collaborated with a global biopharmaceutical firm to tackle pay equity, successfully closing the pay gap in North America over three years and developing an action plan to address disparities in other regions. This initiative not only enhanced employee satisfaction but also positioned the company as a leader in equitable pay practices within the industry. In terms of future skills readiness, Aon found that 71 percent of life sciences companies plan to increase their focus on equipping employees with necessary skills to navigate a competitive job market. This includes implementing training and development programs aimed at upskilling and reskilling employees, which is essential for fostering innovation and growth in the rapidly evolving life sciences landscape. By establishing a sustainable skills framework and leveraging data to inform talent decisions, these companies can enhance productivity and better prepare for future workforce challenges.