Navigating today’s world of work through relationships

Mark Smithyes offers advice on adjusting to new ways of working (1,238 words, 6 min)

ORIGINALLY POSTED ON: NPC Healthbiz Weekly
WRITTEN BY: Katherine Brenders and Cristela Tello Ruiz

The current skill set for work in Pharma, said Mark Smithyes, President of Life Sciences Consulting, includes “some old stuff, some new stuff, and some stuff that’s coming just around the corner.”

Speaking at the National Pharmaceutical Congress Summer Webinar, Smithyes (photo below) detailed key considerations for adapting to the current workplace.

According to Smithyes, the one thing that hasn’t changed is the need for human-centric leadership—it may be more critical than ever. “Relationships are fundamental,” he said, “and that hasn’t changed. They’re founded on trust, and trust is founded on two things: that you do what you say you will, and that you provide value on every interaction.”

He described how relationships are now mediated by “new tools, [such as] Zoom, social media, [and] YouTube.” Particularly in Pharma, he said, “most companies out there [now] have some form of digital virtual sales force.”

Smithyes cited a recent survey that found a majority of physicians now prefer virtual interactions with industry and do not expect to return to pre-pandemic communication habits. “Of course, what healthcare practitioners prefer and what has impact can be two separate things,” he said. “Face-to-face is still better, [because] you can build relationships—build trust—more easily and more effectively.”

“We’re going to have to figure out how to build those relationships and trust more effectively,” Smithyes said, as virtual interactions become an increased part of doing business.

The other big factor changing the world of work, according to Smithyes, is the talent shortage. “We knew this was coming, and [it’s] not temporary,” he said, citing a 2018 report by Korn Ferry that predicted a global shortage of skilled labour that would leave 85 million roles unfilled by 2030.

The shortage “means great opportunities for people early in their careers, as well as people interested in moving up the corporate ladder,” Smithyes said, “[but] an alarm bell for employers.” It is creating “an absolute need to attract employees, [and] it’s going to require [employers] to do the right thing,” he said.

“For the last decade or so, we’ve been talking about a social license to operate,” Smithyes said, which includes not only corporate social responsibility but also adherence to ESG [Environment, Social, and Governance] and DEI [Diversity, Equity, and Inclusion] principles. It’s also an essential part of company culture, which Smithyes emphasized is core to companies’ success.

“Most companies are behind in the attraction and retention building blocks, but that’s going to need to change,” he said. He recommends “the concept of servant leadership,” which aligns closely with human-centric leadership.

“Relationships and trust,” Smithyes said, “never go out of style.”