Designing And Delivering A Talent Accelerator Program At Bristol-Meyers Squibb
Bristol-Myers Squibb (BMS), is a large global biopharmaceutical company whose mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases. The constant innovation within their industry—in addition to the complex needs of their customers—requires BMS to create a diverse and robust leadership pipeline capable of accelerating the business.
The BMS Leadership Team recognizes the importance of talent, people strategy and diversity in thinking that is needed to spark innovation and prosper in dynamic environments. As such, their objectives for a Talent Accelerator Experience became clear:
- Demystify career paths.
- Equip diverse talent with the skills to navigate their career progression.
- Retain top talent.
YSC Consulting worked closely with BMS to help design a bespoke Talent Accelerator Program for diverse talent at senior levels of the organization. The program brought together YSC’s expertise in leadership assessment, coaching and development, alongside ongoing advocacy by the BMS Leadership Team and cross-functional visibility at BMS.
Over a 12-month period, the participants took part in one-to-one coaching, with expert coaches carefully selected by YSC to ensure sensitivity and understanding of the unique experiences faced by minority groups. Combined with regular one-on-one meetings with their paired Leadership Team advocates, the participants were able to gain individual career support, while building visibility with key stakeholders in the organisation.
Towards the end of the pilot cohort, the CEO of BMS, who was a strong supporter of the program, reached out to meet with each participant personally to offer support and recognition and solicit feedback.
By intrinsically linking a focus on a diverse leadership pipeline to the business strategy for enhanced innovation, BMS was well positioned for results. Key to success was the strong commitment from the CEO and Executive Leadership team together with an investment of their time in coaching for top talent.
The Talent Accelerator Experience led to:
- Participant retention rate of 92%.
- 91% of participants experienced career progression (4 Promotions, 4 Lateral moves and 3 expanded responsibilities) in the past 18 months.
- 86% of participants experienced accelerated growth through targeted development.
- 100% of participants rated their coaching relationship favourably for providing action.
Following the success of the piloted cohort, BMS continues to partner with YSC, launching further cohorts in 2018 and 2019.