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C h a i n D r u g s t o r e D a i l y M o n d a y, A u g u s t 8 , 2 0 1 6 7 0 MILLENNIALS ARE TRANSFORMING TALENT STRATEGY An interview with Julie B. Kampf, Chief Executive Officer and Chief Possibilities Officer, JBK Associates International. CDD: How will millennials affect the way employers find and keep talent? JBK: The shifting demographics change everything, yet most employers have yet to adapt. While many businesses have focused on millennials as consumers, few fully appreciate their seismic impact on the workforce. Millennials now make up the largest generation in the labor force. Their rise, combined with the retirement of the baby boomers and the dearth of experienced Gen X leaders, means that traditional talent strategies are fast becoming obsolete. CDD: What should companies do to attract talent now? JBK: Become an employer of choice, which means improving workplace cul- ture. New research from Deloitte shows that millennials believe businesses should put employees first, and now that the recession has ended, candidates across generations are also holding out for employers with talent-friendly cultures. CDD: How do companies create that kind of culture? JBK: Start by asking yourself some sim- ple questions about your workplace envi- ronment and how it might improve. For example, 'How am I currently showing respect and appreciation for my employ- ees?' There is a short list of questions together with a fuller discussion of cul- ture in my book, "From My Bad to My Best: How Individuals and Companies Can Differentiate Themselves in the Age of Mediocrity." CDD: How should retention strategies change? JBK: Millennials think that busi- nesses are not doing enough to create a new generation of lead- ers, according to Deloitte, so development is crucial. Of partic- ular urgency are the gaps created every day as 10,000 baby boomers reach retirement age. Just 15 percent of organi- zations currently have a strong bench, and less than half of critical positions can be filled immediately, on average, according to research from The Conference Board and DDI. Companies without strong succession plans put themselves at serious risk. CDD: How do companies fill senior positions while developing future millen- nial leaders? JBK: Companies need to look seriously at non-traditional candidates, hiring more for potential than for experience and con- sidering candidates from different indus- tries, backgrounds, processes, countries or cultures. It is possible to find and keep diverse talent, but you have to make an effort. You've got to integrate multi-generational work styles, building loyalty from the people who will work every minute they're awake to the talented executives who demand flexibility, while still maintaining engagement and over- sight. CDD: How does JBK Associates International help? JBK: We serve as a management con- sulting company for anything that has to do with talent – recruiting, developing, nurturing, engaging and making the most of the people who are so critical for suc- cess in today's business climate. Anybody can put bodies in chairs, but that's not what we're about. Our full- service talent management business team develops a deep understanding of each client's culture, industry and workforce to deliver future leaders who will succeed in that environment. For more information, go to www.jbk associates.net, call 201.567.9070 or email info@jbkassociates.net. MEDIMPACT: ENGAGING WITH HEALTH CONSUMERS An interview with Dave Halter, Senior Vice President Strategic Finance Operations, MedImpact Health Care System, Inc. CDD: What trends do you see affecting the PBM/pharmacy relationship? DH: It is the age of the consumer. Customers across industries want to be in charge of what, where, when and how they receive information and purchase products. The healthcare consumer is no exception. The rise in consumerism is driving the growing retail-orientation in the healthcare industry with a focus on personalized sales and marketing. CDD: How do you think the industry should adjust to growing consumer desires? DH: I believe industry stakeholders must evolve their traditional business-to-busi- ness models by becoming more con- sumer centric. We must meet the chang- ing market with new and innovative solu- tions, focused on building long-term con- nections through multi-channel engage- ment solutions. CDD: How does MedImpact approach this growing shift? DH: Our business model is unique; we avoid conflicts by not owning fulfillment pharmacies, and we don't compete with retail chains for prescription dispensing. Typically, PBMs that own dispensing work toward shifting marketshare to their owned pharmacies including retail, mail and specialty pharmacies. As a PBM, we must provide options for retail, mail order and specialty, but the way we do it is different. In addition to optimizing patient access via our retail dispensing network, we offer an integrated network solu- tion for specialty and mail. We can also work with our pharmacy net- work to offer personalized, acces- sible content through patient-centric, multi-channel engagement. Through proactive, personalized engagement, our solutions are designed to help patients stay healthy or manage chronic condi- tions. CDD: How do you balance the patient need for personalization with the increas- ing rise of specialty drugs that require complex dispensing? DH: By 2019, 50 percent of drug spend is forecast to be in specialty. Our goal is to keep things simple for the growing popu- lation of patients using specialty medica- tions. MedImpact focuses on controlling costs and utilization for specialty medica- tions at the prescription level. This prescription-level utilization man- agement for specialty drugs centers on payer and patient alignment, ensuring these high-cost prescrip- tions balance plan guidelines and patient requirements. This past year, we've seen a rise in the application of utilization manage- ment tools for high-cost medications. As a PBM, our collaboration with retail phar- macies is essential to deploying these tools for better care. We work with our plan sponsors to develop formulary and utiliza- tion management strategies to achieve their unique goals, and we rely on our pharmacy network to help manage the dis- pensing per specified guidelines. We also provide clinically focused programs to improve adherence and overall medication therapy, including refill reminders, clinical surveillance and adherence programs – leading to personalized, patient-focused interventions. We work closely with our network to ensure patients have access to the medications and services they need. SHEAMOISTURE DEFINES COMMUNITY COMMERCE Sundial Brands' SheaMoisture story is steeped in family history, as well as the spirit of giving back and empowering women. SheaMoisture is first and fore- most a family brand, and the legacy of a grandmother, Sofi Tucker. Grandma Sofi was widowed at 19, and to support her family, made and sold her handcrafted shea butter soaps and other creations in Sierra Leone. Sofi became known as a healer who shared the power of shea and African black soap with families throughout the countryside, and her prod- ucts were sought after. She handed down her recipes to grandson Richelieu Dennis, Sundial Brands Founder and Chief Executive Officer, who incorporat- ed four generations of her wisdom into his hair and skin care. SheaMoisture's collections continue to be made in cultur- ally authentic ways, to preserve the effi- cacy, benefits and rich history. Since shea butter is central to Sundial Brands and SheaMoisture's products, the company has proudly pio- neered its purpose-driven Community Commerce Program business model and ethically sources its certified organic shea butter from 13 women's co-ops in Northern Ghana, supporting women-lead business. When the brand invests in women's shea butter cooperatives, it doesn't just buy the women's products – Sundial helps them develop self-sustain- ing businesses. An ethical wage premium is paid to these enterprising women, and the brand aids in monitoring practices to ensure that the efficiency, health, prof- itability and quality of life is elevated for members of the co- ops. The women in Ghana become the company's partners, not just suppliers, and with their rise in income, experience greater health, access to educa- tion and the benefits of financial freedom. Sundial is also working to create a safer, cleaner and more efficient work space that allows workers at the co-ops to perfect the age-old art of producing tradi- tional hand-crafted shea butter, while modernizing aspects of the process by being energy efficient and reducing emis- sions. Energy-saving ideas help create a high quality butter while lowering the cost of production. This means women in the co-ops get to take home a wage that is two to three times higher than the aver- age minimum wage in Ghana. SheaMoisture is expanding its Community Commerce, and unveiled its new Peace Rose Oil Complex Community Commerce collection to soothe and intensely mois- turize sensitive, dull, and dry skin and hair. The new well- ness solution, which includes facial, body and haircare, features a propri- etary blend of Alpine, Damask and Musk Rose Oils, Date Palm and Camellia Leaf Extracts, as well as certified organic shea butter. Proceeds from the Peace Rose Community Commerce collection are donated to the brand's partner coopera- tives that supply rose oil in Turkey and Bulgaria. These donations help expand their businesses by investing in equip- ment and facilities that will boost their production capacity, provide assistance to migrant workers who pick the petals, offer employment opportunities for refugees, and give support to schools.