Re: Attrition in Pharma Industry ?
Indian pharma marketing is one of the fastest growing knowledge based industry. In the mean time, It suffers the higher rate of attrition particularly in the field of pharmaceutical marketing in comparison to the technical and R&D field of the same industry. Many Pharmaceutical sales representatives or Medical representatives leave company in a short while and this trend is more seen among the fresher and medium level manager level. HR personnel see this attrition as demand and supply rule where higher demand to meet the competitive sales is supplied by two sources : Educational institutions and market. At present the demand of experienced and qualified employee outstrips the supply. The consequences is large attrition of field force moving from one company to another in a blink of eyes. The money factor is one of the major causes for this high attrition. Inadequate salary or compensation packages is a prime factor for switching the organizations Immediate gain in lucrative salary packages makes the employees more prone to change the organizations.
Pharmaceutical sales representative are the driving force of any pharma industry for the sales achievement of their products. Pharmaceutical industries invest high amount of money on their recruitment and training. Thus it is imperative that pharma industry should retain their valuable assets. Thus attrition is a serious issue and puts pharma industries in a huge loss and thus its challenge for pharma industry to retain the employees. Human resource management team plays a vital role in retaining employee in pharma industry. Their role stats right from the selection of right candidates through stringent recruitment procedures , proper training to the employees and taking some anti-attrition measures or retention policies. Similarly conducive working environment, favorable organizational behavior to increase the confidence, self-esteem and morale of the medical representatives. , reward and recognitions of outstanding performers can reduce the higher attrition rate in the field of pharmaceutical marketing industries.
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