Holding It All Together

The constant ups and downs of the biotech and pharmaceutical industries can make keeping an innovative and contented staff difficult. In the current recession, each and every manager has to make the tough decisions about who gets cut and who gets to stay. This overall sense of insecurity makes for some very difficult team-building issues.

In this issue’s column, I’ll address the subject of how a manager deals with the human resources matters that impact him or her during stressful economic times. Despite the difficulties, it is possible for a manager to keep a team together.

The Current Market

I recently asked a friend in a major bio/pharma marketplace what the trends look like for the next year. Mark D. Dibner, Ph.D., president of BioAbility, has always proven to me to be an excellent forecaster for the ups and downs of this industry. He describes the current atmosphere as guarded, with the potential for more layoffs, mergers and acquisitions.

Dr. Dibner’s company, a consulting firm that develops strategic business information about biotechnology, is headquartered in Research Triangle Park, NC — a location that has seen a fair amount of upheaval in what has historically been a very strong region.

“There is no doubt that the current economic climate will fuel additional layoffs, mergers and acquisitions,” he forecasts, “but unlike in the past, these will be fueled by the financial fragility of some companies and bargain hunting by others.”(For most of us, working in a small company that looks like a “bargain” is just as dangerous to one’s career as being in a big company that has announced layoffs.)

When asked about the consequences of this bargain hunting, Dr. Dibner indicated that more downsizing will result. He’s already seen a lot of really good employees on the street and says that this recession will lead to new opportunities — and challenges — for the manager who will be charged with strengthening the company’s ability to survive at the same time as doing good science.