Skills-confident employees display rising concern for ESG matters in China’s life sciences industry

Operating in an industry that is constantly changing and developing in new and exciting ways, it is imperative that life sciences professionals are not only furnished with the skillsets required to face any challenges in the immediacy, but also demands that may arise in the coming years. Fortunately, according to Hays’ Changing Face of Life Sciences report, employees in China are the most confident in Asia that they are equipped for whatever the future holds.

 

The Hays Changing Face of Life Sciences report is the result of a survey conducted with 168 working professionals from five key Asian markets and nine in-depth interviews with industry leaders. The report provides an enlightening insight into the current state of the industry, revealing what can be expected in the years to come in this ascendent industry.

One hundred per cent of those surveyed believe that their current hard skills will remain relevant in the next three-to-five years. However, that is not to say that they are resting on their laurels, as 67 per cent noted that, whilst they felt sufficiently endowed with the hard skills to succeed in their current role, those skills could also be improved.

 

Reflecting the current upsurge in digital transformation implementation in China’s healthcare sector, 56 per cent stated that their most sought-after developmental opportunity was in digital skills. Interestingly, the same proportion also highlighted change management as an important area of upskilling, offering insight into how the industry is shifting in new directions.

 

“Employees are aware that they must generate and improve upon skillsets to face the new challenges in the life sciences platform,” says Jessica Wang, Managing Director at Hays China. “Digitalisation is an area of growing importance, and we are seeing more organisations from all areas – including R&D, commercial and manufacturing – utilising cloud data for a wide array of processes such as sales management, marketing and efficiency when dealing with customers.

 

“Employers are analysing current skillsets, and 67 per cent are carrying out e-learning development schemes, whist 44 per cent are focusing on digital skills improvement so that their talent are equipped to operate in the ‘new normal’ workspace.”

 

Though there is a pronounced focus on technology and the opportunities that it brings, only 56 per cent of employees consider their organisation’s technological journey to be ‘important’ or ‘very important’, and just 33 per cent are aware of their company’s steps along that journey. Both figures are the lowest in Asia.

 

Conversely, employees are comparatively more conscious of their organisation’s environmental, social and corporate governance (ESG) journey, with the highest proportion in Asia ‘very aware’ (33 per cent), with also the highest percentage believing this ESG journey to be ‘very important’ (56 per cent). 

 

“We are currently witnessing a shift towards ESG reportage in China, as stricter regulation and investor demand encourages a greener way of thinking,” says Jessica. “Consequently, awareness is rising amongst employees, and they are becoming more focused on how their organisation fits in with this movement, whether due to a genuine belief in the principles behind ESG-led business practices or a practical concern over their employer being left behind the new trend.”

 

These greener concerns could also be a result of the pandemic, as industry leaders have pointed out that the role healthcare played in combatting COVID-19 has instilled a greater level of pride amongst talent. This in turn instils a greater notion of being a member of a collective corporate citizenry, evidenced by the fact that 57 per cent notice the impact of their work on society or the environment, with the same percentage stating its importance to them.

 

“As noted by our leaders, a sense of purpose and seeing the good they do for society is important to employees, and more employers are focusing on fostering an emotional culture. Furthermore, leaders also recognise that building relationships and implementing mentorships are key, with 71 per cent of talent saying that this has become important to them since the pandemic,” says Jessica.

 

“Through these relationships, employees can develop skills and improve their expertise whilst forging greater bonds with the company, developing core company principles. This is essential for employee retention, because with numerous opportunities in the market and a talent force that is so assured of its skillsets, it is critical that employers hold on to the best and brightest in order to forge ahead in this most flourishing of industries.”

 

An overview of other key insights that have been observed in China’s life sciences industry can be viewed below:

 

•    Twenty-nine per cent of employees stated that they could not confidently describe their organisation as ‘future ready’, the highest figure in Asia.
•    Employees suggested an openness to change (71 per cent), R&D (71 per cent) and hiring experienced talent (57 per cent) as resolutions to this perceived future-readiness concern.
•    Reflecting skills confidence, 71 per cent of employees stated that they have opportunity to use specialised skills that are unique to them, almost double that of the second highest country, Japan (39 per cent).
•    Industry leaders recognise the encouragement that the government has provided via regulatory affairs and policy shaping that has allowed the sector to prosper.