Talent Management/Development Programs

The use of the current Product Management System in the Canadian Pharmaceutical context is under scrutiny as a management process and as a system that adds long-term value to a company’s brands.  This is not surprising given that the median tenure of a Product Manager in the Canadian Pharmaceutical Industry is 2 years.  Further, as many Product Managers are promoted directly from the sales-force they seldom have acquired the necessary skills, competencies or aptitudes to be successful in the role.  Product Managers are expected to “sink or swim” and it is no surprise that many sink; leaving companies with either burnt-out employees or a major retention problem

Pangaea can develop a Talent Management Program that creates a pool of managers who are prepared to assume a Product Management position with the necessary skills, competencies and aptitudes to be successful in the role. When designed and implemented successfully the result is that product management positions are held longer by more experienced managers, and that key employees are retained within the corporation.

A development program for Product Managers should focus on the acquisition of three kinds of skills:

• Product Knowledge
  Product managers with focused product responsibilities need specific knowledge about the company's products, competitive offerings and customer expectations.
  
• Functional Ability
  They also require the functional skills of marketing research, competitive intelligence, environmental scanning, promotions planning, financial analysis including forecasting, new product development and strategic selling.
  
• Management Effectiveness
  Additionally, given the collaborative nature of the product management function, management skills are central to success in the role. Product managers need to learn to build a team, achieve consensus, negotiate agreements, measure performance, and manage external agency, stakeholder and personal relationships. They must also develop supplementary skills including time and stress management, presentation delivery and writing.
  

Product managers with focused product responsibilities need specific knowledge about the company’s products, competitive offerings and customer expectations.  They also require the functional skills of marketing research, competitive intelligence, environmental scanning, promotions planning, financial analysis including forecasting, new product development and strategic selling. Additionally, given the collaborative nature of the product management function, management skills are central to success in the role.  Product managers need to learn to build a team, achieve consensus, negotiate agreements, measure performance, and manage external agency, stakeholder and personal relationships. They must also develop supplementary skills including time and stress management, presentation delivery and writing.

Pangaea will work with you to customize a Talent Management Program based upon your company’s internal processes and expectations for your Product Managers.