Stagnant Engagement & Plummeting Productivity
Engaged employees are more effective and productive and are good ambassadors for your business. However, a 2013 Gallup report on the State of the American Workplace identified that 70% of American workers are not engaged in their work and many experts agree that this figure has remained stagnant. Last year The Guardian reported that Britain’s productivity is plummeting despite working hours being at an all time high. So how much is lack of engagement and productivity costing your company?
Costs to Clinical Research Organizations
Staff engagement is a huge issue for the clinical research industry with many organizations reporting staff turnover in the region of 20% – 25% per annum. Whilst some turnover is inevitable, and indeed healthy, when not managed strategically it is immensely costly to organizations and the clinical research industry as a whole.
Each and every member of your clinical research team (whether employed by you or provided by a supplier) that is not fully engaged is causing inefficiencies that contribute to trial delays and potential quality issues. The cost of replacing a staff member is estimated to be in the region of $75K – $85K. Add to this the impact on customer acquisition and retention and it becomes easy to see that this issue is costing the clinical research industry (and potentially your company) millions each year.
Raising Industry Standards to Bring New Treatments to Market Quicker
Those of you that have followed us since our inception in 2011 will know IAOCR as the organization at the forefront of the Campaign for Competence. There is now a growing realization that over-reliance on experience is a high-risk strategy that can lead to quality issues and costly delays. However, a competence-based approach to talent development is only part of the solution because investing in talent development is a costly business if good staff decide to move on.
In 2015 IAOCR launched the Clinical Research Workforce Quality Accreditation (awarded at the organizational level) to recognize organizations that have robust people practices related to:
- Staff competence (essential to effectiveness and efficiency)
- Staff engagement (essential to reducing staff turnover and improving performance)
Our overall aim is to help raise standards across the industry in order to help companies bring new treatments to market quicker.
So in 2017 we’re going to be taking our Campaign for Competence to the next level (watch this space!) whilst also calling on the industry to Get Engaged!
Your Invitation : Let’s Get Engaged!
Throughout 2017, on the third Thursday of every month we’ll be sharing some practical strategies for improving staff engagement as well as inviting participating organizations to share some of the great things they are doing to make their company a fantastic place to work.
Email us to find out how your company can get involved in the IAOCR Year of Engagement or join the IAOCR LinkedIn Group.
For more information about how Clinical Research Workforce Quality Accreditation can benefit your company request your WQA Information pack.