Bristol-Myers Squibb (NYSE: BMY), often referred to as BMS, is a pharmaceutical company, headquartered in New York City. The company was formed in 1989, following the merger of its predecessors Bristol-Myers and the Squibb Corporation. Squibb was founded in 1858 by Edward Robinson Squibb in Brooklyn, New York, while Bristol-Myers was founded in 1887 by William McLaren Bristol and John Ripley Myers in Clinton, New York (both were graduates of Hamilton College).
Lamberto Andreotti became the company's CEO on May 4, 2010. Former CEO James M. Cornelius remains chairman of the Board of Directors.
Bristol-Myers Squibb manufactures prescription pharmaceuticals in several therapeutic areas, including cancer, HIV/AIDS, cardiovascular disease, diabetes, hepatitis, rheumatoid arthritis and psychiatric disorders. Its mission is to "discover, develop and deliver innovative medicines that help patients prevail over serious diseases."
BMS' primary R&D sites are located in Princeton, New Jersey (formerly Squibb) and Wallingford, Connecticut (formerly Bristol-Myers), with other sites in Hopewell and New Brunswick, New Jersey, and in Braine-l'Alleud, Belgium, and Tokyo.
A major restructuring involves focusing on the pharmaceutical business and biologic products along with productivity initiatives and cost-cutting and streamlining business operations through a multi-year program of on-going layoffs. As another cost-cutting measure Bristol-Myers also reduced subsidies for health-care to retirees and plans to freeze their pension plan at the end of 2009.[citation needed]
In November 2009, Bristol-Myers Squibb announced that it was "splitting off" Mead Johnson Nutrition by offering BMY shareholders the opportunity to exchange their stock for shares in Mead Johnson. According to Bristol-Myers Squibb, this move is expected to further sharpen the company's focus on biopharmaceuticals.
In 1999, President Clinton awarded Bristol-Myers Squibb the National Medal of Technology, the nation's highest recognition for technological achievement, "for extending and enhancing human life through innovative pharmaceutical research and development and for redefining the science of clinical study through groundbreaking and hugely complex clinical trials that are recognized models in the industry." In 2005, BMS was among 53 entities that contributed the maximum of $250,000 to the second inauguration of President George W. Bush.[3]
BMS is a Fortune 500 Company (#114 in 2010 list). Newsweek's 2009 Green Ranking recognized Bristol-Myers Squibb as 8th among 500 of the largest U.S. corporations. Also, BMS was included in the 2009 Dow Jones Sustainability North America Index of leading sustainability-driven companies.
In August 2009, BMS acquired the biotechnology firm Medarex as part of the company's "String of Pearls" strategy of alliances, partnerships and acquisitions.[4] In October 2010, the company acquired ZymoGenetics, securing an existing product as well as pipeline assets in hepatitis C, cancer and other therapeutic areas.
Ross Blake, “The Employee Retention Manager,” trains employers, business owners, and HR professionals how to retain more of their new hires, good, and bestemployees, and reduce employee turnover costs by tens of thousands of dollars.
In 1982, Ross Blake Associates, Inc., started helping clients develop more effective supervisors, managers, and executives in team building, interpersonal communication, conflict resolution, and leadership skills, and conducted executive coaching.
The company completed hundreds of training and consulting assignments for manufacturers and service organizations, including several Fortune 500 companies: Bristol-Myers Squibb, Carrier Corporation, and Corning Incorporated.
Realizing that good organizations were losing good employees for many reasons that could be corrected by improved communication and retention skills, the company expanded its capabilities and services to focus on helping employers improve retention and reduce turnover.
Applying several decades of experience and skills developed in creating effective training seminars and materials, and drawing on his background as a manager, executive, and consultant, Ross now develops innovative employee retention strategies and products, and provides training and coaching services.
As a result, organizations implement the strategies best suited to solving their specific retention and turnover situations.
Ross has authored two employee retention manuals; written a number of articles about improving retention and reducing turnover; has spoken before a number of human relations and business groups; and was the keynote speaker at the annual meeting of an international talent management and consulting firm.
A graduate of Ohio University, he has served as a program development and membership officer in several training and HR organizations.
At Bristol-Myers Squibb, we are firmly focused on our Mission to discover, develop and deliver innovative medicines that help patients prevail over serious diseases. In addition, we are steadfast in our Commitment to economic, social and environmental sustainability.
Integrity is the foundation from which we operate. As a BioPharma leader, we take our responsibilities seriously, and always strive to do the right thing for the benefit of the patients we serve around the world, our company, our employees, our shareholders and our communities.
We know that all too often, patients worldwide face health disparities and barriers to health care. Certain populations – particularly the urban and rural poor, women, racial and ethnic minorities, and marginalized people – experience worse health outcomes compared with others. Through the Bristol-Myers Squibb Foundation, we seek to bridge gaps in health care in fighting HIV/AIDS in Africa, hepatitis in Asia, serious mental illness in the U.S., and cancer in central and eastern Europe. Most recently, we launched Together on Diabetes®, the largest corporate initiative in the U.S. to fight type 2 diabetes.
The model for these programs is Bristol-Myers Squibb’s groundbreaking SECURE THE FUTURE®. This $150 million program has funded more than 240 projects and now supports programs in 20 African countries, integrating clinic-based medical care with community-based health education and supportive care.
Through the Bristol-Myers Squibb Patient Assistance Foundation, we provide free medications to qualifying patients in the U.S. with financial hardship who generally have no private prescription drug insurance and are not enrolled in a prescription drug coverage plan through Medicaid or any other federal, state or local health program. In addition, the Bristol-Myers Squibb Foundation has provided funding support to international relief partners, to help enable timely responses with humanitarian aid to sudden natural disasters. It has also used its resources and relationships with international relief agencies to expand health care resources in developing countries.
Bristol-Myers Squibb strives to be a good neighbor, supporting the communities where we live and do business. We are particularly interested in helping to address unmet medical needs in the community through non-profit partners, improving science education and re-engaging students in local schools, and helping people in need through philanthropy and volunteerism.
As Bristol-Myers Squibb focuses on the future, our next generation of sustainability goals (through 2015), intensifies our commitment to sustainable, ethical and compliant global business practices. We have a long history of public reporting that increases transparency and enhances public trust. Since helping to pilot the first Global Reporting Initiative guidelines, we have used these updates to guide our external reporting on bms.com. I invite you to track our progress against our commitments.
Our employees are the foundation of our success. At Bristol-Myers Squibb, we foster a diverse workforce and an inclusive culture, with the recognition that with diversity comes strength. Our Employee Resource Groups and employee development opportunities help create such a culture. Bristol-Myers Squibb has been recognized year after year as one of the best companies for female executives and working parents. We have also been recognized by the Human Rights Campaign Foundation’s Corporate Equality Index.
Global health care challenges are daunting. We recognize that as we provide innovative medicines for patients in need we must work together with governments, payers, patients, health care providers and other stakeholders to develop workable and sustainable solutions. As part of our Mission to help patients prevail, this is what we do.
In the executive offices of high-tech companies across the globe, a new weapon is reemerging in the executive arsenal with powerful implications for driving business success: Retention Leadership.
Executives whose daily challenges in the 21st Century global environment are how to work with China and India, understand the MySpace Generation and get more free publicity while paying for less advertising, are familiar with initiatives to increase innovation, streamline business processes and motivate for higher individual productivity. However, these executives are now looking at the work of their organization through another dimension: leadership and the retention of employees.
According to the Harvard Business Review, not paying attention to the retention of employees puts the company in a position to lose people with talents they need, often inadvertently retaining people with outdated or ordinary skills.
In a brain-based economy in need of retention, people are your best assets, not empty chess pieces to be moved around by inexperienced managers. Top managers improve retention rates if they immerse themselves in creating an environment where the best, the brightest and the most creative are attracted, motivated and set free to produce.
Three critical leadership drivers bring high retention results:
Driver 1: Connect on a Human Level
Dealing with data, bytes, and scientific thinking in a high tech environment can obscure the fact that you are working with human beings with emotions and mortal needs. A good retention program starts with managers who know how to connect on a human level, not just be someone whose position on the organizational chart makes it possible for him/her to force compliance to rules and policies.
People will personally commit to certain individuals who on the organizational chart possess little authority, but instead possess pizzazz, drive, expertise, and genuine caring for teammates and products. Think of the power of having a position on the organizational chart as well as the personal charisma to inspire and lead.
These three things will make your formal title jump off the org chart, creating synergistic team work and expanding your influence:
Check the Ego. Never let your ego get so close to your position that it defines your position and eclipses everyone else in the department or on the team. In well-run organizations, titles are also pretty meaningless. At best, they advertise some authority, an official status conferring the ability to give orders and induce obedience. But titles mean little in terms of real power, which is the capacity to influence and inspire.
Flex your style. Blindly following strict managerial guidelines or the current management fad generates rigidity in thought and action and reduces your credibility. Learn to flex your style: Sometimes speed to market is more important than total quality. Sometimes an unapologetic directive is more appropriate than participatory discussion. Some situations require the leader to hover closely; others require long, loose leashes. The best leaders honor their core values, but are flexible in how they execute them. They understand that management techniques are not magic mantras but simply tools to be reached for at the right times.
Exhibit optimism. In a recent seminar, I met Bernard "Butch" Deuto who was a young man at NASA working on the ground crew during the Apollo 13 crises. He said that during the crisis, there was no doubt, no negativism, no whining, no pointing of fingers. There was only an optimistic attitude and a determination to succeed. Failure truly was not an option. Failure never entered their minds. In a similar fashion, when faced with tough competition, cost overruns, product defects and a myriad of other problems, a leader with determination and optimism focuses workers on solutions, not problems. Morale improves.
Employee Retention is a Critical Issue for Employers
"The US Department of Labor estimates that it costs a company one-third of it's new hire's annual salary to replace an employee." American Management Association, HR Focus
"Employee turnover can have a devastating effect on pretax income. Some experts feel it is a major contributor to lagging US productivity and the failure of US industries to compete effectively. In the US there is a 30% turnover in all front line jobs." Positive Directions, Inc.
Enhanced Benefit Programs Can Impact Employee Retention
"Another study on worker retention by Sibson and Co of New Jersey found that focused incentive programs aimed at core workers kept good people and improved productivity."
Business Psychology News
"To retain new hires, almost 30% of respondents say they offer additional employee benefits at the start of employment." Thomas Staffing, Employee Retention Survey Results 1999
Lamberto Andreotti became the company's CEO on May 4, 2010. Former CEO James M. Cornelius remains chairman of the Board of Directors.
Bristol-Myers Squibb manufactures prescription pharmaceuticals in several therapeutic areas, including cancer, HIV/AIDS, cardiovascular disease, diabetes, hepatitis, rheumatoid arthritis and psychiatric disorders. Its mission is to "discover, develop and deliver innovative medicines that help patients prevail over serious diseases."
BMS' primary R&D sites are located in Princeton, New Jersey (formerly Squibb) and Wallingford, Connecticut (formerly Bristol-Myers), with other sites in Hopewell and New Brunswick, New Jersey, and in Braine-l'Alleud, Belgium, and Tokyo.
A major restructuring involves focusing on the pharmaceutical business and biologic products along with productivity initiatives and cost-cutting and streamlining business operations through a multi-year program of on-going layoffs. As another cost-cutting measure Bristol-Myers also reduced subsidies for health-care to retirees and plans to freeze their pension plan at the end of 2009.[citation needed]
In November 2009, Bristol-Myers Squibb announced that it was "splitting off" Mead Johnson Nutrition by offering BMY shareholders the opportunity to exchange their stock for shares in Mead Johnson. According to Bristol-Myers Squibb, this move is expected to further sharpen the company's focus on biopharmaceuticals.
In 1999, President Clinton awarded Bristol-Myers Squibb the National Medal of Technology, the nation's highest recognition for technological achievement, "for extending and enhancing human life through innovative pharmaceutical research and development and for redefining the science of clinical study through groundbreaking and hugely complex clinical trials that are recognized models in the industry." In 2005, BMS was among 53 entities that contributed the maximum of $250,000 to the second inauguration of President George W. Bush.[3]
BMS is a Fortune 500 Company (#114 in 2010 list). Newsweek's 2009 Green Ranking recognized Bristol-Myers Squibb as 8th among 500 of the largest U.S. corporations. Also, BMS was included in the 2009 Dow Jones Sustainability North America Index of leading sustainability-driven companies.
In August 2009, BMS acquired the biotechnology firm Medarex as part of the company's "String of Pearls" strategy of alliances, partnerships and acquisitions.[4] In October 2010, the company acquired ZymoGenetics, securing an existing product as well as pipeline assets in hepatitis C, cancer and other therapeutic areas.
Ross Blake, “The Employee Retention Manager,” trains employers, business owners, and HR professionals how to retain more of their new hires, good, and bestemployees, and reduce employee turnover costs by tens of thousands of dollars.
In 1982, Ross Blake Associates, Inc., started helping clients develop more effective supervisors, managers, and executives in team building, interpersonal communication, conflict resolution, and leadership skills, and conducted executive coaching.
The company completed hundreds of training and consulting assignments for manufacturers and service organizations, including several Fortune 500 companies: Bristol-Myers Squibb, Carrier Corporation, and Corning Incorporated.
Realizing that good organizations were losing good employees for many reasons that could be corrected by improved communication and retention skills, the company expanded its capabilities and services to focus on helping employers improve retention and reduce turnover.
Applying several decades of experience and skills developed in creating effective training seminars and materials, and drawing on his background as a manager, executive, and consultant, Ross now develops innovative employee retention strategies and products, and provides training and coaching services.
As a result, organizations implement the strategies best suited to solving their specific retention and turnover situations.
Ross has authored two employee retention manuals; written a number of articles about improving retention and reducing turnover; has spoken before a number of human relations and business groups; and was the keynote speaker at the annual meeting of an international talent management and consulting firm.
A graduate of Ohio University, he has served as a program development and membership officer in several training and HR organizations.
At Bristol-Myers Squibb, we are firmly focused on our Mission to discover, develop and deliver innovative medicines that help patients prevail over serious diseases. In addition, we are steadfast in our Commitment to economic, social and environmental sustainability.
Integrity is the foundation from which we operate. As a BioPharma leader, we take our responsibilities seriously, and always strive to do the right thing for the benefit of the patients we serve around the world, our company, our employees, our shareholders and our communities.
We know that all too often, patients worldwide face health disparities and barriers to health care. Certain populations – particularly the urban and rural poor, women, racial and ethnic minorities, and marginalized people – experience worse health outcomes compared with others. Through the Bristol-Myers Squibb Foundation, we seek to bridge gaps in health care in fighting HIV/AIDS in Africa, hepatitis in Asia, serious mental illness in the U.S., and cancer in central and eastern Europe. Most recently, we launched Together on Diabetes®, the largest corporate initiative in the U.S. to fight type 2 diabetes.
The model for these programs is Bristol-Myers Squibb’s groundbreaking SECURE THE FUTURE®. This $150 million program has funded more than 240 projects and now supports programs in 20 African countries, integrating clinic-based medical care with community-based health education and supportive care.
Through the Bristol-Myers Squibb Patient Assistance Foundation, we provide free medications to qualifying patients in the U.S. with financial hardship who generally have no private prescription drug insurance and are not enrolled in a prescription drug coverage plan through Medicaid or any other federal, state or local health program. In addition, the Bristol-Myers Squibb Foundation has provided funding support to international relief partners, to help enable timely responses with humanitarian aid to sudden natural disasters. It has also used its resources and relationships with international relief agencies to expand health care resources in developing countries.
Bristol-Myers Squibb strives to be a good neighbor, supporting the communities where we live and do business. We are particularly interested in helping to address unmet medical needs in the community through non-profit partners, improving science education and re-engaging students in local schools, and helping people in need through philanthropy and volunteerism.
As Bristol-Myers Squibb focuses on the future, our next generation of sustainability goals (through 2015), intensifies our commitment to sustainable, ethical and compliant global business practices. We have a long history of public reporting that increases transparency and enhances public trust. Since helping to pilot the first Global Reporting Initiative guidelines, we have used these updates to guide our external reporting on bms.com. I invite you to track our progress against our commitments.
Our employees are the foundation of our success. At Bristol-Myers Squibb, we foster a diverse workforce and an inclusive culture, with the recognition that with diversity comes strength. Our Employee Resource Groups and employee development opportunities help create such a culture. Bristol-Myers Squibb has been recognized year after year as one of the best companies for female executives and working parents. We have also been recognized by the Human Rights Campaign Foundation’s Corporate Equality Index.
Global health care challenges are daunting. We recognize that as we provide innovative medicines for patients in need we must work together with governments, payers, patients, health care providers and other stakeholders to develop workable and sustainable solutions. As part of our Mission to help patients prevail, this is what we do.
In the executive offices of high-tech companies across the globe, a new weapon is reemerging in the executive arsenal with powerful implications for driving business success: Retention Leadership.
Executives whose daily challenges in the 21st Century global environment are how to work with China and India, understand the MySpace Generation and get more free publicity while paying for less advertising, are familiar with initiatives to increase innovation, streamline business processes and motivate for higher individual productivity. However, these executives are now looking at the work of their organization through another dimension: leadership and the retention of employees.
According to the Harvard Business Review, not paying attention to the retention of employees puts the company in a position to lose people with talents they need, often inadvertently retaining people with outdated or ordinary skills.
In a brain-based economy in need of retention, people are your best assets, not empty chess pieces to be moved around by inexperienced managers. Top managers improve retention rates if they immerse themselves in creating an environment where the best, the brightest and the most creative are attracted, motivated and set free to produce.
Three critical leadership drivers bring high retention results:
Driver 1: Connect on a Human Level
Dealing with data, bytes, and scientific thinking in a high tech environment can obscure the fact that you are working with human beings with emotions and mortal needs. A good retention program starts with managers who know how to connect on a human level, not just be someone whose position on the organizational chart makes it possible for him/her to force compliance to rules and policies.
People will personally commit to certain individuals who on the organizational chart possess little authority, but instead possess pizzazz, drive, expertise, and genuine caring for teammates and products. Think of the power of having a position on the organizational chart as well as the personal charisma to inspire and lead.
These three things will make your formal title jump off the org chart, creating synergistic team work and expanding your influence:
Check the Ego. Never let your ego get so close to your position that it defines your position and eclipses everyone else in the department or on the team. In well-run organizations, titles are also pretty meaningless. At best, they advertise some authority, an official status conferring the ability to give orders and induce obedience. But titles mean little in terms of real power, which is the capacity to influence and inspire.
Flex your style. Blindly following strict managerial guidelines or the current management fad generates rigidity in thought and action and reduces your credibility. Learn to flex your style: Sometimes speed to market is more important than total quality. Sometimes an unapologetic directive is more appropriate than participatory discussion. Some situations require the leader to hover closely; others require long, loose leashes. The best leaders honor their core values, but are flexible in how they execute them. They understand that management techniques are not magic mantras but simply tools to be reached for at the right times.
Exhibit optimism. In a recent seminar, I met Bernard "Butch" Deuto who was a young man at NASA working on the ground crew during the Apollo 13 crises. He said that during the crisis, there was no doubt, no negativism, no whining, no pointing of fingers. There was only an optimistic attitude and a determination to succeed. Failure truly was not an option. Failure never entered their minds. In a similar fashion, when faced with tough competition, cost overruns, product defects and a myriad of other problems, a leader with determination and optimism focuses workers on solutions, not problems. Morale improves.
Employee Retention is a Critical Issue for Employers
"The US Department of Labor estimates that it costs a company one-third of it's new hire's annual salary to replace an employee." American Management Association, HR Focus
"Employee turnover can have a devastating effect on pretax income. Some experts feel it is a major contributor to lagging US productivity and the failure of US industries to compete effectively. In the US there is a 30% turnover in all front line jobs." Positive Directions, Inc.
Enhanced Benefit Programs Can Impact Employee Retention
"Another study on worker retention by Sibson and Co of New Jersey found that focused incentive programs aimed at core workers kept good people and improved productivity."
Business Psychology News
"To retain new hires, almost 30% of respondents say they offer additional employee benefits at the start of employment." Thomas Staffing, Employee Retention Survey Results 1999
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