Right Mix A Must Or Top Minds - recruiting scientists in Australia - Brief Article - Column

Business Asia, June, 2001 by Cliff Stoneman

Scientists, like top management, need to be rewarded for their skills and abilities. CLIFF STONEMAN(*) looks at how attracting these top minds can help Australia develop a world-class industry.

SINGAPORE KNOWS IT, Korea knows it, Hong Kong knows it, China knows it, Australia knows it and so does the rest of Asia.

What do these countries know?

They understand the key to success in a burgeoning technology industry is a total commitment to it. First, you need an environment that fosters success, then you need to attract the best people, and then find the right incentives and funding to get the best out of those people.

Unfortunately, Australia continues to build a reputation for excellence, but an equal reputation for its lack of real broad-based commitment. The race is on, and Australia has many first-class vehicles, but lacks fuel to be a real contender in the Asian scientific race.

Leading edge scientists need to be rewarded for their skills and abilities. However, financial rewards have never been enough on their own. The key is a balance of individual incentives, R and D commitment from the employer, and a government structure that promotes and secures broad-based investors.

Both Singapore and Korea are great examples of getting the mix right.

Singapore recently announced a five-year, $7 billion investment in biotechnology. Korea has established a $200 million program to support biotech scientists over the next seven years at a rate of $1 million per individual. These countries recognise what success in the development of a strong position in biotechnology means to their country's economies. Countries that do not take an aggressive position in the scientific race will come last.

So what is the recipe the Asian region is using for success?

It's simple -- add the following and mix thoroughly:

* Competitive base salary;

* Strong benefits -- super, living allowance/relocation fees, travel and shares;

* A highly competitive tax system and/or relevant tax breaks;

* An R and D budget that supports full use of skills and market opportunities;

* A genuine and ongoing government commitment to both infrastructure and investment; and

* An understanding and focus in the target markets -- quality vs quantity.

I have mentioned in previous columns that the global market is short of the skills needed to meet the requirements of both government and corporate sectors. Never has this been more the case than now, in the biotechnology race. I have also mentioned previously that whether it's a career move across town or across an ocean, skilled individuals are seeking out exotic environments with the best recipe for their personal success.

Appropriately skilled biotechnology practitioners, or those seeking to enter the field, have a wide range of countries and companies to select from. My advice is to watch out for unbalanced packages as they guarantee failure. There are plenty of opportunities, so take your time, do your research and speak to a career advisor or recruitment consultant.

(*) Cliff Stoneman is the managing director, ragingmedia, and a director of Dunhill Recruitment (Vic). E-mail cstoneman@ragingmedia.com.au.