While I agree with most of the statements on this thread, these problems are not unique to BMS. You could easily replace BMS with Amgen, Pfizer, Merck…. It’s a big pharma problem.
Big pharma is overstaffed and underproductive. Therefore:
1. You can’t innovate and have to buy smaller innovative companies for the assets only. Not the actual innovators.
2. People that are slackers can “get by” by staying below radar and not pissing people off. This hurts morale.
3. People stay for a LONG time, which creates a need to be political for safety and favor. Really performing well is less important than who you know. High performers that get stuck leave. Low performers stay and hide.
4. There are definitely committed doers in middle ranks (below VP) that are rewarded enough to carry the water and stay, HOPING for a promotion someday.
5. VPs + get promoted based on politics mostly. It’s not that they’re incompetent (some are), it’s just that politics is MORE important. They then want to build their empire or, these days, at least preserve it. No incentives to rock boat or drive performance. More resentment.
6. This ultimately culminates in stagnation and company sucking. Only a great (lucky) turn of event in R&D pipeline or acquisition fixes or helps this and injects energy into company. Otherwise, layoffs and increased stress or career stagnation result.
7. People that see this and have the skills take action and leave.
8. News flash: AI will likely accelerate negative affects for staff, especially slackers with administrative or repetitive jobs. You have no idea what is coming here.
Good luck.