How is the Life Sciences industry evolving? Aon’s Meaghan Piscitelli and Tanaz Moazami discuss the future of the industry, focusing on the transformative impact of AI and human capital management. They highlight the challenges of talent acquisition and retention and emphasize the importance of digital skills for the future life sciences workforce.
Key Takeaways:
- Life sciences companies face increased competition for talent, particularly in digital roles.
- AI is transforming the sector through medical breakthroughs, improved patient care and operational efficiencies.
- This transformation also presents risks related to data privacy, cyber security and potential misuse of new technologies.
- HR is a critical strategic partner in helping life sciences leaders properly recruit and retain talent, navigate the changes brought by AI and maintain a competitive edge.
Experts in this episode:
- Meaghan Piscitelli, Partner, Global Life Sciences Leader at Aon
- Tanaz Moazami, Human Capital Rewards Solutions Partner, Life Sciences Data at Aon North America
Additional Resources:
Soundbites from Guest Tanaz Moazami:
- It's a challenging time in the talent space, and you need to ensure that employee value proposition is articulated. When it comes to your AI strategy, are you building it or are you buying it? What kind of talent are you bringing in? And when you're bringing in the talent, are you looking at your cyber security? Are you looking at your data privacy? What kind of measurements are you putting in place?
- AI is already transforming the sector. So from medical breakthrough and patient care to the analytical efficiencies that can be realized through automation. But automation and process improvement has always been part of life sciences. I don't think that is new. But artificial intelligence is more about creating the efficiencies that comes with getting the product faster to the market.
- HR leaders should look at the impact of artificial intelligence in their own department. Research suggests that 24 % of roles are at risk of significant disruption due to artificial intelligence integration.
- When we look at the industry currently, it lags behind others when it comes to communicating and publishing salary ranges. So to gain a little bit of a ground, organizations should probably start offering training to their management, which probably will lead to more effective conversation about pay and also educating the employees about pay decisions and also career development.
