Retaining the Talented Employee of Pharmaceutical Industry through Talent Management Strategies

Abstract

The organizations success depends on human resource of that organization but the pharmaceutical Industries of India are facing the problem of retaining talented employee. The challenge for managers today is to maintain employee engagement and ensure that they retain in the organization for longer period of time which would be beneficial for both the employee and the employer. The manager of the pharmaceutical organization must be aware of the current recruitment & selection procedure and retention strategies of their organizations. The objective of this research paper is to identify whether there is any impact of talent management strategies on retaining talented employee in the pharmaceutical industry. In this research paper descriptive study was conducted within different pharmaceutical industry and in this study five companies were taken. Target population consisted of medical representative and executive. A structured questionnaire was distributed and primary data was collected by using simple random sampling method, analysis was done using the SPSS version 21.0 package. Different qualitative and quantitative factors were taken into consideration to influence in retaining the talented employee through descriptive statistics. The results were analyzed and tabulated in the frequency tables, to get the number of responses to a particular variable with each determination. In the study adopted correlation and regression analysis at the 5% significance level to determine the strength and relationship of different variables. From the total analysis it was clear that that talent acquisition had a positive and maximum influence (Pearson's correlation coefficient = 0.877) on retaining the talented employee and talent management, compensation strategies and succession planning are positively correlated with retaining the talented employee (.588, .705, .0424, respectively). From the findings of the study it is clear that HR management in pharmaceutical industries have very less concern on carrier panning and succession planning strategy adopted and most of the organization the employees are not willingness to stay with the organization for longer period of time. The study also recommends the pharmaceutical companies to conduct induction programs nicely and provide best knowledge to the newly appointed employee which helps in retaining the talented employee.