PHARMA ATTRITION RATE 2023?
Turnover is the loss of staff or employees within a company due to routine actions such as layoffs and layoffs. The main focus of this article is to introduce the high turnover rate in the pharmaceutical marketing industry, its causes, and strategies to control pharmaceutical sales force retention. Churn is a natural phenomenon in every industry, but the pharmaceutical marketing industry in India has been hit hardest. After IT and BPO, the pharmaceutical marketing industry has the highest employee turnover for various reasons. The turnover rate in pharmaceutical marketing in the world is 10-12% per year, while the employee turnover rate in India is 25-30%. The change is more pronounced for mid-career and lower managers.
Cause/Reason:
Pharmaceutical marketing in India is one of the fastest growing knowledge based industries. Meanwhile, the company suffers from high turnover, especially in pharmaceutical marketing compared to engineering and R&D in the same industry. Many salespeople and medical representatives at pharmaceutical companies leave the company after a short period of time, and this trend is often seen in new and mid-career management positions. The HR professional views this turnover as a law of supply and demand, where higher demand is met to meet competing sales from two sources, he said: educational institutions and the market. Demand for experienced and qualified employees currently outstrips supply. The result is high turnover among field workers, who move from one company to another very quickly. One of the main reasons for this turnover is the financial factor. Insufficient salaries and compensation packages are the main reason for organizational change. Getting a lucrative salary package right away makes your employees more vulnerable to organizational change.
Now, to respond to global competitiveness. Pharmaceutical companies have turned survival strategies into competitive strategies, resulting in tremendous pressure on medical personnel to achieve higher secondary sales success, which puts constant stress on frontline personnel. , eventually leading to unemployment. As a result, employees often change organizations. Similarly, poor management is also one of the main reasons for leaving an organization. There is a popular saying that "Employees don't leave the organization, they leave the boss." “Poor management includes lack of support for employees, lack of transparent career ladders, negative relationships between superiors and subordinates, and lack of.” The psychological relationship between employees is very important to maintain the loyalty of employees to a particular organization. Therefore, company culture also plays an important role in the long-term retention of pharmaceutical salespeople with the same company.
Final Conclusion : pharmaceutical salespeople are the driving force behind sales success in any pharmaceutical industry. The pharmaceutical industry invests a lot of money in recruitment and training. It is therefore imperative that the pharmaceutical industry retains its valuable assets. Therefore, employee retention is a challenge for the pharmaceutical industry as turnover is a serious problem and leads to huge losses for the pharmaceutical industry. Human resource management teams play a key role in retaining employees in the pharmaceutical industry. Your roles range from selecting the right candidates through rigorous recruitment procedures, to properly training staff, and enforcing turnover and retention policies. Equally friendly working environments and positive organizational behaviors enhance the confidence, self-esteem and morale of healthcare professionals. , rewards and recognition of top performers can reduce the high turnover rate in the pharmaceutical marketing industry.
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