Temporary Jobs Can Help a Career

I have heard from many jobseekers, who—despite many years of work experience— are having difficulty finding full time employment. During economic down turns many companies cannot or are reluctant to hire full time employees. However, this doesn’t mean that there is work to be done. Consequently, many firms look for part-time, temporary or contract workers to handle the work that must get done to maintain operations.

Melanie Wanzek of CTW Features wrote an excellent article on why taking a temporary job might be a great opportunity for those who can’t find full time employment. Temporary jobs provide an opportunity to learn new skills, apply old skills to solve new problems or to gain experience in your profession.

For those of you who think that this may be right for you. Here are several questions you should ask a prospective employer when considering whether or not to accept a temporary or contract job opportunity.

  1. Who will my supervisor be?
  2. What hours will I be expected to work?
  3. Is there a dress code?
  4. What is the work environment like?
  5. Do temporary workers have their own workspace or is it shared?
  6. How are my benefits different or similar to full time employees?
  7. Is there more scheduling flexibility for temporary workers?
  8. Is there a possibility that this temporary opportunity might turn into full time employment?

Scientist who may be interested in contract work please check out a previous post that I wrote on this topic.

Until next time

Good Luck and Good Job Hunting!!!!

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Jobseekers and Employees: Be Careful What You Tweet!

The whole world is atwitter about Twitter (pun intended). One of the reasons why social media tools like Twitter are so effective is that information can reach very large audiences almost instantaneously.

While there are constitutional guarantees of free speech in the US and elsewhere, there are certain things that are safe to tweet and others that are not. This is especially true if you are corporate employee or a jobseeker looking for a new opportunity. While this ought to be intuitively obvious to most, younger and less well-experienced individuals may not know the “unwritten rules” pertaining to office workplaces and job searching.  To that end, there is a wonderful post on the Resume Bear website(@ResumeBear) that lists 20 things that jobseekers and employees should never say on Twitter.  Although some of the examples and recommendations are comical and funny, getting fired or not getting a job because of something you might have said on Twitter isn’t. 

Until next time....

Good Luck and Good Job Hunting!!!!!!!!!!

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Salary Tools: Are You Getting Paid What You Deserve?

Do you ever wonder whether or not you are getting paid enough at work or what the person sitting next to you makes? I bet most employees think about this from time to time—especially around bonus time. This isn’t surprising because salaries are one of the best kept secrets at most companies and organizations. Keeping salaries under wraps is good for morale mostly because it minimizes resentment among employees However, because nobody really knows how their salaries match up with their co-workers, determining what constitutes an acceptable salary can become problematic for jobseekers and long time employees. Not to worry—Monster.com has created several salary tools that can help when negotiating a salary for a new job or determining whether or not it is time to ask for that long overdue raise!

Check them out and let me know what you think!

Until next time...

Good Luck and Good Job Hunting!!!!!!!!

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Despite Surging Earnings Sanofi-Aventis is Restructuring and Planning Layoffs

Reuters reports that French drug maker Sanofi-Aventis (S-A) beat analysts second-quarter earning forecasts and that next year’s earnings will likely benefit from increased demand for its new H1NI swine flu vaccine. The company is the largest flu vaccine manufacturer in the world. Yet, despite surging profits, S-A continues to restructure and cut jobs in an effort maintain its stock share price. —and an “impeccable source”— that US managers are in France discussing cuts to American operations. The cuts are expected to be announced during the first week of August. More bad news for the US economy and  tens of thousands of American pharmaceutical employees who have already lost their jobs.

Until next time

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Good Luck and Good Job Hunting????????

 

Managing Troublesome Co-Workers During a Recession

Everybody who works for a living has to learn how to deal with annoying co-workers who, either directly or indirectly, may have an effect on your career trajectory.  However, we are living in uncertain financial times, when having a job--no matter the circumstances--is more important than personal happiness on a day-to-day basis.  Nevertheless, office politics are a reality regardless of how good or bad the economy is. To that end, managing difficult co-workers is essential if you want to learn how to adroitly deal with workplace politics sand advance your own career. 

I previously came across a well-crafted post that identifies 6 unique, annoying co-worker personality types and offers advice on how to effectively leverage these troublesome personalities to your benefit.  While we are living in financially challenging times, it  doesn't mean that you are powerless or have no recourse when it comes to annoying and disruptive co-workers who make your daily work day unpleasant or uncomfortable.  I hope your find the following tips useful and use them to make your "time on the job" more pleasant and bearable!

1. The Naysayer. This office dweller delights in shooting down ideas. Even during "blue sky" brainstorming sessions, where all suggestions are to be contemplated with an open mind, the Naysayer immediately pooh-poohs any proposal that challenges the status quo.

The right approach: Because great solutions often rise from diverse opinions, withhold comment -- and judgment -- until the appropriate time. Moreover, be tactful and constructive when delivering criticism or alternative viewpoints.

2. The Spotlight Stealer. There is definitely an "I" in "team" according to this glory seeker, who tries to take full credit for collaborative efforts and impress higher-ups. This overly ambitious corporate climber never heard a good idea he wouldn't pass off as his own.

The right approach: Win over the boss and colleagues by being a team player. When receiving kudos, for instance, publicly thank everyone who helped you. "I couldn't have done it without ..." is a savvy phrase to remember.

3. The Buzzwordsmith. Whether speaking or writing, the Buzzwordsmith sacrifices clarity in favor of showcasing an expansive vocabulary of clichéd business terms. This ineffective communicator loves to "utilize" -- never just "use" -- industry-specific jargon and obscure acronyms that muddle messages. Favorite buzzwords include "synergistic," "actionable," "monetize," and "paradigm shift."

The right approach: Be succinct. Focus on clarity and minimize misunderstandings by favoring direct, concrete statements. If you're unsure whether the person you are communicating with will understand your message, rephrase it, using "plain English."

4. The Inconsiderate Emailer. Addicted to the "reply all" function, this "cc" supporter clogs colleagues' already-overflowing inboxes with unnecessary messages. This person also marks less-than-critical emails as "high priority" and sends enormous attachments that crash unwitting recipients' computers.

The right approach: Break the habit of using email as your default mode of communication, as many conversations are better suited for quick phone calls or in-person discussions. The benefit? The less email you send, the less you're likely to receive.

5. The Interrupter. The Interrupter has little regard for others' peace, quiet or concentration. When this person is not entering your work area to request immediate help, the Interrupter is in meetings loudly tapping on a laptop, fielding calls on a cell phone, or initiating off-topic side conversations.

The right approach: Don't let competing demands and tight deadlines trump basic common courtesy. Simply put, mind your manners to build healthy relationships at work.

6. The Stick in the Mud. This person is all business all of the time. Disapproving of any attempt at levity, the constant killjoy doesn't have fun at work and doesn't think anyone else should either.

The right approach: Have a sense of humor and don't be afraid to laugh at yourself once in awhile. A good laugh can help you build rapport, boost morale, and deflate tension when working under stressful situations.

Do you recognize any of your co-workers who fit the bill? Or, perhaps more worrisome, do you fit into any of these categories. Food for thought……..

Until next time…

Good Luck and Good Job Hunting (remember those workplace politics)!!!!!!!!

 

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Several Ways That Pharma Can Harness the Power of Social Media

The debate, if you can call it that, over whether or not interactive social media platforms like Facebook and Twitter can be used in the life science industry is moving forward at glacial speed. I decided that it was time to propose some ideas rather than continue to admonish the US Food and Drug Administration (FDA) for a lack of guidance.

There are several reasons which may explain the inertia surrounding the adoption of social media by pharmaceutical, biotechnology and medical devices and diagnostics companies. First, and perhaps foremost, FDA has been consistently reluctant to craft any useful guidance on the use of Web 2.0 technologies for research, clinical or promotional purposes. The FDA’s Division of Drug Marketing, Advertising and Communications (DDMAC) is still trying to figure out how to regulate website content. Is it any wonder that FDA is reluctant to tackle the regulatory implications and issues associated with social media platforms like Facebook and Twitter? Second, a majority of social media advocates— who are leading the charge at many life sciences companies—are marketing and advertising executives who tend to look at social media strictly as a promotional tool. Finally, much of what takes place at life sciences companies is proprietary and confidential—information flow between the company and its employees and the public is fastidiously monitored and tightly regulated. Because of this, the life sciences industry’s “process” is intentionally opaque—which is contrary to the goals of social media which is to promote transparency (or the illusion of it).

There is no doubt that the life sciences industry is the most highly regulated industry on the planet. While this represents a formidable challenge for adoption of social media, it is by no means insurmountable—especially if social media is used for purposes other than branding, marketing and advertising. For example, the most straight forward application of social media at life sciences companies would be in the areas of corporate recruitment and employee retention. Many Fortune 500 companies outside of the life sciences industry have been using Facebook, MySpace and LinkedIn for years for recruiting purposes. While not commonly acknowledged, life sciences companies have quietly begun to use Facebook, LinkedIn and MySpace to recruit prospective employees. Interestingly, the new kid on the block—Twitter—looks to potentially be a more powerful recruiting tool than any of its predecessors. Unfortunately, employee retention is no longer a priority at many companies. However, before the economic meltdown a number of companies, most notably Best Buy, were experimenting with social media to retain talented employees.

Another potential use of social media is for pharmacovigilance and adverse events reporting. Companies with approved products on the market are required by FDA (and other regulatory agencies that approved their products) to set up post marketing surveillance programs for adverse events reporting. By law, companies that receive adverse events reports from consumers, physicians or other entities must report them to the regulatory agencies that approved the product. Regulatory agencies maintain adverse events databases for all approved drugs and devices to monitor drug safety.  If designed and implemented correctly, interactive social media platforms like Facebook and Twitter (which operates in real-time) would make excellent pharmacovigilance and adverse reporting tools. Quite coincidentally, John Mack, who runs the Pharma Marketing Blog, reported a partnership between UCB and PatientsLikeMe.com to create a pharmacovigilance reporting platform for UCB products.

Recruiting patients for participation in clinical trials (to assess efficacy and safety of prospective new drugs) has become extremely challenging over the past few years.Traditional patient recruitment strategies include print, television and radio ads and in some instances, websites. All of these recruitment methods are costly, labor intensive and limited in their effectiveness because they only reach small number of prospective clinical trial participants. I contend that Facebook with over 200 million users, LinkedIn with members in over 140 different countries and Twitter which is growing rapidly would be ideal for clinical trial recruitment and retention purposes. Others have also proposed this idea.

Finally, while the use of social media to promote approved drugs and devices may be difficult because of regulatory constraints, it can be utilized to keep the public informed about prospective new medicines and promote a company’s image or brand. There is no question that the public perception of the pharmaceutical industry has been severely tarnished over the last few years.  The industry’s continued lack of transparency and failure to adequately disclose potential safety risks about some approved products continues perpetuate a negative image. One way to restore public trust and confidence is to use social media to actively engage the public in conversation on wellness, addressing unmet medical needs and prospective new medicines and treatments that are being developed. Also, social media platforms could be employed to showcase community outreach programs and discuss educational initiatives to improve science education and training.

Social media is no longer a new phenomenon or technology. It is a legitimate form of communication which has become an integral part of the Web 2.0 experience. I suspect that the life sciences industry will have to make a decision about social media in the not so distant future—or possibly miss a potentially game-changing business opportunity. And, as Ken Kesey aptly said in Tom Wolfe’s ‘The Electric Kool-Aid Acid Test’—“You’re either on the bus…or off the bus.”

 Until next time...

 Good Luck and Good Job Hunting!!!!!!!!

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Cosmetic Surgery: A New Way to Retain Nurses and Other Hospital Employees?

There is a growing worldwide shortage of nurses and other typically female-dominated medical professionals. The acute shortage of nurses in Europe has induced at least one Czechoslovakian clinic to develop a novel—albeit somewhat controversial— approach to retain and recruit hospital personnel. According to an article in today’s New York Times (which was also reported on NPR several weeks ago) “When Petra Kalivodova, a 31-year-old Czechoslovakian nurse, was considering whether to renew her contract at a private health clinic special perks helped clinch the deal: free German lessons, five weeks of vacation, and a range of plastic-surgery options, including complimentary silicone-enhanced breasts.” She opted for cosmetic breast surgery (which normally cost about $3,500) and also had liposuction on her thighs and stomach citing that she her appearance is important to her and her patients.  Perhaps, more importantly, she could never have afforded to have the procedures done on her current salary which is lower than most bus drivers. Of the 50 nurses working at the clinic, 10 opted for plastic surgery, while several more were considering it. And, at least one male employee is seriously considering liposuction.

While offering plastic surgery as an inducement to recruit and retain hospital employees is somewhat controversial, it highlights the need to improve the salaries and benefits of nursing and other medical care professionals. In many places in Europe, nurses and other hospital employees make considerably less than bus, truck drivers and other non-technical workers. The same is true in the US which has also been experiencing ongoing nursing shortages. But, hospitals and clinics here have yet to offer plastic surgery options to recruit or retain medical and support staff personnel. Unlike Europe, where cosmetic surgery is booming, plastic surgery procedures have dropped about 9 per cent this year as compared with years past.

Like it or not, cosmetic surgery is an option in today’s world and, accordingly, people ought to have the right to choose whether or not it is right for them. However, it is important to remember that cosmetic surgery is invasive and potentially serious medical complications including infection, disfiguration and death can occur. The fact that 20 per cent of the Czech nurses chose cosmetic surgery over more vacation time or free German lessons may be indicative of the growing pressure placed on both women and men to look young, vibrant and remain sexy. Further, there are marketing and employment studies which suggest that younger more attractive people get hired more easily and advance their careers more rapidly than average, older-looking ones.

When Petra Kalivodova, the 31-year-old Czechoslovakian nurse who opted for breast augmentation and liposuction was asked about her choice she said “People of my mother’s generation look down on me for getting the surgery—“I see it in their eyes. But I don’t care. I did this because I wanted to and I didn’t ask anyone’s permission, including my boyfriend.” I think her comments reflect a changing and growing attitude among women 35 and under who believe that personal choice, feminine beauty and pursuing professional careers are no longer mutually exclusive.

Until next time.

Good Luck and Good Job Hunting!!!!

 

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Social Networks and Corporate Recruiting: Leveraging Employee Referrals to Find New Talent

The advent of social networking sites like MySpace, Facebook and Linked In have been a boon to recruiters and human resources (HR) professionals. Social networks represent a vast and easily-accessible source of job candidates whose professional credentials and personal information are readily available to determine whether or not they may be potential new hires. While the effectiveness of recruiters and HR professionals to source new talent is debatable, I contend that there is nobody more qualified than employees at a company to identify prospective new employees who may bring value to an organization. A number of forward-thinking companies have realized that the best way to find “right fit job candidates” is to mine the social networking contacts of their existing employees. To that end, Appirio and Jobvite, two San Francisco, CA-based start ups, developed software platforms that allow their clients to link employee social networks and candidate sourcing solutions to employee referral programs. 

A hiring company that uses Appirio’s application, ask its employees who belong to Facebook to add the application to their personal pages. When new jobs are available, Appirio’s matching engine searches the Facebook pages of an employee’s friends and uses job titles, geography and key words to determine which friends might be a good fit for the available positions. Once identified, a friend receives a referral from the employee inviting him/her to apply for the job (if interested). If the “friend” is ultimately hired, Appirio’s application allows the company to identify which employee found the match and offer a referral bonus. To address privacy concerns, the list of possible matches is available to only to friends/employees—not the hiring company or Appirio.

Jobvite offers a similar service but in addition to Facebook, it also searches and mines friend/contact information from Linked In and Twitter. And, anyone who receives a Jobvite referral can also search his/her own network to identify suitable job candidates and pass it along again. Jobvite recipients who are hired can be tracked to the original sender, so that the employee can receive a referral bonus—even if the Jobvite referral has been passed from one inbox to another up to six times.

Despite the explosion of job boards, social networking sites and social media tools like Twitter, employee referrals are still the most effective way for jobseekers to find new jobs. The Appirio and Jobvite solutions represent a novel way to leverage employee relationships to match jobseekers with prospective new employers. However, in this job market, I wouldn’t sit around and wait to receive an Appirio or Jobvite invitation from one of your social networking friends. Instead, I recommend that you put your social networking sites to good use and tell everyone you know that you are actively seeking employment.  Because at the end of the day finding a new job is all about networking!

Until next time...

Good luck and Good Job Hunting!!!!!!!!!!

 

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Where Have All the R&D Jobs Gone?

Over the past three years, more than 90,000 pharmaceutical employees have been layed off. While many of these former employees were drug reps, a majority who lost their jobs were R&D scientists. If drug makers have already jettisioned tens of thousands of R&D jobs, how is the next generation of medicines going to be discovered and developed? Like it or not, pharmaceutical and biotechnology R&D is beginning to be outsourced—much like information technology (IT) was in the late 1990s. And, like the IT industry much of R&D is being outsourced to countries like India and China. This should not be surprising because for the past 20 years or so, most of the people receiving PhDs in the life sciences were foreign nationals—many of whom were unable to stay in the US because of post-9/11 immigration policies and visa quotas. Without many options, many had no choice but to return to their home countries to seek employment and in some at contract research organizations (CROs) that specialize in pharmaceutical and biotechnology R&D.

According to a recent article written by J B Gupta Senior Vice President Collaborative Research GVK Biosciences Pvt. Ltd. India, for the last five years or so, Indian CROs like GVK Biosciences, Aurigene, Syngene, Advinus, Jubilant, Suven Life Sciences, Sai Lab, Accunova, iGate etc. have been positioning themselves as purveyors of R&D services to pharmaceutical and biotechnology companies. These efforts have apparently paid off! Companies like Merck, GlaxoSmithKline, Forrest Laboratories, Eli Lilly & Co, Johnson & Johnson, Merck Serono, Wyeth, Bristol Myers Squibb and others have entered into strategic R&D partnerships with many of India’s leading CROs. 

A recent study by the Kauffman Foundation suggests that India better positioned and ahead of China in R&D outsourcing. Further, the pace at which discovery collaborations are being established in India suggests that the western pharmaceutical industry is looking to Indian CROs not only to cut costs but to innovate as well.

Unfortunately, while this doesn’t bode well for American scientists, the US has nobody to blame but itself. Wrong-headed immigration policies coupled with inadequate training for life scientists who want to pursue industrial careers are largely responsible for the current R&D outsourcing activities. Like IT, I suspect that outsourcing will work for some companies but not others. Nevertheless, I think that outsourcing is here to stay and like it or not American life scientists will have no choice but to adapt to the “new normal.”

Until next time...

Good Luck and Good Job Hunting (try India or China)

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Layoffs: Another View

While I have never been layed off, I understand how awful and painful it must be. After all, unlike people who were fired for cause or otherwise, most people who are layed off are performing well but they simply became too expensive or expendable to remain with a company facing financial exigency.

Most of us feel for employees who have been layed off—anyone who has experienced a layoff will tell you that it can be a life altering or changing event. But, what about the people who are charged with delivering the bad news to the employees who will be layed off? How do you think they feel and what impact does it have on their lives? 

There was a poignant and heartfelt piece in this past Sunday’s New York Times that was written by a company executive who made the decision to layoff workers and then delivered the news to them himself. While his plight doesn’t compare with that of the employees who lost their jobs, it shows how difficult and disruptive layoffs can for companies that are forced to downsize.

Until next time…

Good Luck and Good Job Hunting!!!!!!

 

Is Pharma Done With Its Cost Cutting and Downsizing Initiatives?

According to a recent report from the consulting firm Ernst and Young, cost cutting and downsizing are no longer the primary objectives for most pharmaceutical companies. Instead, they are mulling over the new challenges that universal health care may bring and how to better reach consumers in emerging markets. 

In a recent interview, Carolyn Buck Luce, one of the paper’s co-authors said “in our previous report, cost containment was one of the most important initiatives. In this report we found more of a balanced approach where optimizing cost was [just] one the many objectives. Only 40 percent of the executives said optimizing costs was their most important initiative, compared to a similar study in 2007 where 92 percent of those surveyed ranked cost reduction as their main initiative. In the latest survey, 66 percent of executives said the most important strategic initiative was reinvigorating the R&D pipeline, while 40 percent said expanding into new markets and restructuring their marketing and sales programs to become more customer-centric were their main areas of focus. “

One of the most telling quotes in the piece is: “There was an awful lot of focus on costs a year ago, when companies realized there was a lot of fat in their companies and a lot of opportunity to cut costs.” Does that mean that pharma really didn’t have to lay off tens of thousands of employees over the past year? It kind of makes you wonder doesn’t it? And, if you believe that pharma is truly finished with downsizing--would you be interested in a great deal on some land in Florida?

Until next time…

 

Good Luck and Try to Hang On to Your Job!!!!!!!!

 

More Job Cuts and Plant Closures at Pharma Companies

Astra Zeneca announced today that it would cut 1400 jobs and close several manufacturing facilities worldwide. According to a post on the Pharmalot blog “about 600 full-time jobs will be lost in Sweden as packaging operations are expanded in Wuxi, China. The cuts will come on top of the 7,600 positions the drugmaker plans to eliminate by 2010. The plant closings will occur in Spain, Belgium and Sweden by 2013. Manufacturing jobs will also be trimmed in Sweden and the UK as production is shifted to lower-cost countries in emerging markets.”

On Tuesday Wyeth disclosed that it was eliminating 70 positions at its Pearl River, New York, facility (which employs 3,200 workers, 118 employees at its Rouses Point facility in upstate New York that employs 725 people work, and 124 jobs at its Sanford, North Carolina manufacturing facility. Ironically, as more and more US workers are laid off, many big pharma companies like Merck, Pfizer and GlaxoSmithKline are expanding operations at their research facilities in India. In fact, Merck is doubling its headcount from 800 to 1,600 employees at its research facility in India that was opened a little over a year ago.

Until next time…

Good Luck and Keep on Looking!!!!

 

Dealing with Corporate Lay Offs and Restructuring on Your Resume

 

Last month, 240,000 American workers lost their jobs. Many of these jobs were lost as a result of corporate lay offs and restructuring—things that are likely to continue as we attempt to navigate a course through these financially troubling times. Unlike being fired, lay offs and job losses that result from restructuring have little to do with individual job performances and everything to do with budget constraints and reductions. That said how should a person who is laid off from a job deal with it on a resume when looking for a new job? I found a well crafted article that provides some ideas and solutions to deal with this often vexing problem.

Read and learn!

Until next time…

Good Luck and Good Job Hunting!!!!!!!!!!

 

Genentech: A Company That Got it Right

As you all know by now, Roche, last month, rocked the biotechnology world by tendering an offer to purchase the remaining shares of Genentech that it doesn’t already own.  The first offer made by Roche was summarily rejected by Genentech because its board felt that the offer undervalued the company.  I have no doubt that Roche and Genentech will eventually agree on a purchase price. That said, when companies are purchased, employees of the purchased company are typically laid-off or re-organized out of jobs. In marked contrast, Genentech announced (as expected) that it would offer virtually all of its 10,700 employees retention bonuses to remain with the company if it is purchased by Roche. These bonuses could cost Genentech as much as $371 million.  It was reported that the retention bonuses will be paid whether or not the merger goes through, and are in lieu of 2008 stock option grants.

Even with the bonuses, keeping employees could be a challenge for Genentech. Many Genentech employees (especially those who have been with the company for many years) are expected to become much wealthier if Roche pays a high price for their stock, particularly if unvested stock options vest immediately. That might mean some employees would no longer have to work for a living or might start their own companies to compete with Genentech. Many small biotech startups in the Bay area were started by Genentech alums.

Regardless of the outcome, Genentech’s retention bonus offer is another example of why Genentech was able to seperate itself from the rest of the biotech pack.  It is evident that CEO Arthur Levinson (one of the company's founders) understands something that many CEOs don’t—that employees are a company’s greatest asset.

Roche’s eventual acquisition of Genentech will signal the end of an era for one of the biotechnology industry’s most successful pioneers. It will truly be a sad day in the biotech world when the deal is finally consummated.

Until next time…

Good Luck and Good Job Hunting (try Genentech next Fall—there will be a mass exodus)

Reverse Psychology: Takeda Offering Bonuses to Millennium Employees Who Stay With the Company

Millennium employees find themselves in an enviable position that most pharmaceutical and biotechnology employee would die for!  Shortly after Takeda announced that it would buy Cambridge MA-based Millennium Pharmaceuticals for $8.8 billion, it offered many Millennium employees retention bonuses to stay at the company for 12 to 24 months until the acquisition is completed. These bonuses will be in addition to cash that many of Millennium’s 1,000 employees will get by exercising their stock options (Takeda is paying a premium to purchase all of Millennium outstanding shares of stock).

While offering retention bonuses to employees of a company that is going to be acquired is unusual it is not unheard of.  Retaining key employees during an acquisition typically makes the transition a lot smoother.  Further, it signals to extant employees that management values their services and that their continued presence at the company is vital to its success.  Finally, it serves to reduce the stress and uncertainty felt by many employees when a company is sold.

In my opinion, offering Millennium employees retention bonuses is a very bold and smart move by Takeda.  Unlike other pharmaceutical companies who have acquired biotechnology companies for their approved drugs or investigational medicines in their pipelines, this is Takeda’s first foray into the biotechnology business. Put simply, Takeda executives lack the expertise and requisite skill sets necessary to successfully compete in the biotechnology arena.  Encouraging and retaining employees who helped to make Millennium a success is a brilliantly crafted strategy that will permit Takeda to quickly learn how to compete in the biotechnology space in a fiscally-responsible manner.

One of the biggest hurdles to overcome after an acquisition is merging the corporate cultures that existed at the two companies prior to acquisition. One possible solution to this problem is to restructure the acquired company and terminate many or all of its employees. Another solution is to determine (over time) which employees are or aren’t vital to operation of the company. Although this approach is not as draconian as the first option, it requires an inordinate amount time and money to implement. Ask any Pfizer executive about this the utility of this approach (I think that they are still trying to recover from the Warner Lambert and Pharmacia acquisitions that took place in the mid to late 1990s).  

I think the Japanese got this one right.   Maybe we Americans can learn a thing or two from them?

Until next time…

Good Luck and Good Job Hunting!!!!!!!!!!!