Why it's challenging to attract and retain employees?

As a VP of Finance and Administration, Mike Cleary oversees finance, IT, quality, and marketing, which allows him to keep an eye on both internal aspects of the company as well as customerfacing things with quality and marketing. He is an accomplished finance professional with a diverse background in CPG and manufacturing industries.

In light of your experience, what are the trends and challenges you’ve witnessed happening across every industry?

The biggest challenge that exists today across all industries is to win the talent war. Companies are rushing to attract and retain the best talent. Many large companies have the resources to offer their employees a broader benefits package, making it more challenging for others to compete for top talent. The perks small businesses are able to offer their employees may not be enough to compete with these larger organizations. As a result, these companies often run very lean, leading employees to get burnt out and they start looking for other opportunities. I believe employees are the backbone of any organization regardless of size, and offering them good benefits is an important part of the recipe for the success of every business.

What are some of the points of discussion that go on in your leadership panel to mitigate these challenges?

The first area we are focusing on is automation. In the past, businesses would use automation to save expenses, lay off employees, and have computers carry out tasks that historically required human labor. It's the opposite now. Businesses are using automation to complete tasks for which they lack the necessary human resources due to the talent war I mentioned earlier.

The second major topic of discussion is how to define and implement non-traditional benefit packages to increase our competitiveness in the labor market. Everyone generally provides paid time off, 401K matching, and health insurance. So how do you set yourself apart? To improve the work-life balance of employees, we must look outside the box. Things like changing the contribution match options to cover things such as a 529 plan, or student loan payments in as well as a 401(k) match. This would allow the employee to pay their student loans more quickly, or help their dependents pay for their education. The other significant benefit that we see offered by our competitors is childcare support. To alleviate employees' concerns about who will be watching their children on a regular basis while they are at work, they offer up to $500 a week toward child care at a licensed daycare or preschool. This helps employees to be more focused and efficient while on the job as they know their children are in a safe environment. I believe childcare has risen to the top of the household economic agenda in today's society because the cost of living has become too much to live on one income in most cases.

How do you see the evolution of Life Science Financial Services a few years from now with regard to some of its potential disruptions and transformations?

Automation and efficiency will be the key, particularly as the aging population departs the workforce and takes with them years of experience and expertise. That presents a new dilemma for businesses, which is how to maintain the interest of the younger generations.

It has become evident that the loyalty that we see from baby boomers or even Gen X will not be there in the future. The younger generations are keen to explore new opportunities and challenges; spend a few years, gain some experience, and take that experience to a new organization. This appears to be the new employment cycle that we are seeing across industries. So until we find out what it will take to keep this new generation of employees, turnover and retention will be a battle. I believe that in the next three to five years, organizations will have significant difficulty related to staff retention, turnover and training, which will all result in higher operating expenses.

What would be the single piece of advice that you could impart to a fellow or aspiring professional in your field?

Company and culture fit is just as important, if not more so than role fit. I believe that what you do is important but enjoying your job, your company and who you work with is just as important. It's good to have a job in which your skill set fits, but you should also find an atmosphere that recognizes the value of employees and runs the organization as such. Companies that are willing to invest in your knowledge growth and career progression offer you a path to greater job satisfaction by taking into account what is good for the employee as well as the organization. This leads to the loyalty you both are seeking, and can result in a successful career in the long run.