What is the story about?
What's Happening?
Biopharma companies are increasingly adopting blended workforces, combining permanent employees with external talent such as consultants and fractional workers, to meet evolving business needs. According to Eric Fink, co-CEO of Slone Partners, this approach allows companies to dynamically manage their talent portfolio, bringing in specific expertise as required. This strategy is particularly beneficial for smaller biopharmas that need to add expertise for critical projects while managing costs. Fractional workers, who fill specific roles or capability gaps, are becoming more popular than traditional consultants due to their direct experience in relevant roles.
Why It's Important?
The adoption of blended workforces provides biopharma companies with flexibility and cost savings, enabling them to quickly access necessary skills without the long-term commitment of full-time employment. This approach can reduce employment costs by 40% to 60% and allows companies to adjust staffing as project needs change. By leveraging external expertise, biopharmas can address specific challenges more effectively, potentially accelerating their development timelines and improving their competitive position in the market.
What's Next?
As the biopharma industry continues to evolve, the use of blended workforces is likely to become more prevalent. Companies may increasingly rely on search firms like Slone Partners to identify and integrate fractional talent into their operations. This trend could lead to a reevaluation of traditional staffing models, with more organizations adopting flexible workforce strategies to enhance their agility and responsiveness to market demands.
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