Attrition in Pharma Industry Essay

Insights of rubbing rate of aesculapian representatives in Pharma companies and innovative ways to improve them.OverviewAttrition refers to the reduction in staff and employees of beau monde by normal means. The primary focus is to present the high attrition rate seen in the pharmaceutical market industry, its causes and controlling strategy for retention of Pharma gross revenue representatives. Though attrition is a natural phenomena in all industries, Indian Pharma marketing industries is worst plagued by it. After IT and BPO, Pharma marketing industries fetch the greatest rate of employee leaving the community for various reasons.While global Pharma marketing attrition rate is 10-12% per annum, the rate of employees who conduct the organization in India is 25 -30 %. The attrition is more prevalent in the middle and junior management level, due to which majority of the companies brook understood the criticality of endowment fund management. belongings is always a big ch allenge for any organization in todays term frame. Indian Pharma companies have started paying attention towards the retainment and management of the Medical Representatives to gain key and important employees back into the attach to. High attrition rate of MR happens due to following reasons1) External figures The demand of fresh talent is more. The companies atomic number 18 looking for fresh talent to incorporate tonic ideas replete(p)ly the supply is very slight, life history view point of many young people to join as MR is just to prevent the founder Gap in their career path. The demand-supply imbalance leads to significant efforts to retain and attract a skilled Medical Representative. This has led to higher salary hikes in the Pharma sector than most early(a) sectors .This is clearly a challenge in an industry which is very knowledge and relationship driven. 2) Internal factors It has been observed that many MR leave their job during the first 3 months itself du e to the reasons give care they were not serious about their job, They were overqualified and lost pursual in their job, They might even be under-qualified and felt bogged down by the challenges of the job, They lack motivation, line up less growth in career path, Monotonous work, limitedtraining and development opportunities, working environment as intumesce salary and compensation becomes an important issue in some cases etc.Now to visualise the global competitiveness Pharma companies have transformed their survival strategy to competitive strategy as a result there is huge pressures on the shoulder of medical representatives for higher secondary gross revenue achievement and thereby constantly poking the field force which eventually leads to attrition. So the people vary organizations frequently. Similarly poor management is withal one of the key factors responsible for leaving the organizations. There is a popular saying employee leaves the boss not the organizations. P oor management includes lack of support to the employee, lack of ingenuous career growth ladder, adverse relation amongst the boss and subordinates, lack of motivation. Psychological relationship between leaders and employee is very crucial for sticking of employee in a particular organization.Thus, Organization culture to a fault plays a significant role in sticking of Pharma sales representative in the akin company for long run. Retention of the talented employees is always the most important agenda for any company to grow. Sometimes monetary benefits can help as by recent survey it was shown that more and more medical representatives are moving in insurance, telecommunications etc as they are paid double in those sectors but only monetary benefits are not sufficient to retain them it ultimately becomes a hygiene factor in talent management. Thus looking for new methods for attracting, motivating and retaining them becomes very important.Being the first credit spot manager fe w suggestions to reduce attrition rate 1. Treat employees as you like to be case-hardenedTreating and handling the employee with appreciation and care is most necessary. While addressing or pointing out their problems they shouldnt be criticized and instead should be explained in a courteous manner. The sales representative undergoes a lot of pressures and tensions regarding the achievement of targeted sales so, they should be motivated continuously and should be dealt in same manner as the first line manager or other seniors would like to be treated. Incentives like give free periodic locomotion passes, movie tickets, etc. can be given.2. Ask employees for their opinions and implement the good ideas Having equal contribution from the entire sales force representatives can have an impact over representatives mind that their ideas and thoughts are valued and are taken into consideration when need arises. Having certain schemes for bringing about certain new ideas to profit the sa les level should be implemented, this shall bring about a flow of innovative ideas and also execution of those ideas depart bring about a sense of dignity among employee.3. Reward those that go in a higher place and beyond the call of duty Certain incentives can be granted when a particular sales representative works excellently and achieves sales beyond the targeted levels. There could also be certain cases when an employee performs or outdoes something which wasnt achieved by any employee in the company before, for that he should be acknowledged well and should be awarded like salesman of the year, highest target achiever, fastest target achiever, etc. and they should be felicitated in front of the whole company instead of felicitating through emails.4. Take very good care of your star performers or someone else will Taking good care of star performers is very essential. Their qualities maybe unique and selling strategies might be very effective. Interacting and making them comf ortable about their job shall retain the employee in the company and chances of him leaving the company for another might reduce to some extent. If they are performing really well incentives like contrasted trips, etc. can be given.5. Communicate with your staffSales peoples sometimes facial expression that the company doesnt care enough for them. So, the higher level executives can make a point to interact with them at a time and get a knowhow about what problems they are facing on the field and other certain issues. First line manager should always communicate through all the sessions with severally employee and have discussion regarding all the sales meet and problems related to those the sales rep mightve had.6. Hold absquatulate level meetings to make sure that youre Managers/Directorsare treating their staff correctly Skip level meetings by higher ups can bring about more peachy hearting in the employee they might feel the concern and guardianship from top executives. Thi s shall further charge and motivate them for the tasks they perform.7. Build career planning for each employeeIf employee wants to pursue further education the company can help by providing him admission in collaborated institutions- seamster made courses as well as sponsoring its education thus meeting the need of the employee which motivates him as well as help the company in retaining him.8. Bring about job rotation and more growth opportunities Giving growth opportunities like promotion and assigning certain new functionalities in the job shall increase the overall knowledge about the sales rep and also he wont feel monotonous about the work hes been performing. This shall give in-depth knowledge about other functions in the company and shall thereby increase the understanding of the employee about working of the other sectors in company.9. Making them feel like family fragmentThe employees of the company should be treated as the assets and they must be treated like a family m ember. Salesperson job is mostly to work out of the company, in such cases wishing them on their birthdays, anniversaries, etc. can be done. Also, paying visit or giving condolences to the MR on death of his family member can make him feel concerned and a part of family.10. Optimizing target policiesInstead of having fixed monthly targets, the sales targets could be designed individually by looking through their past month performances. Depending on that each month the targeted sales could be increased or optimized depending upon past months performance. This shall bring about an upmarket in sales level too.ConclusionThus for retaining MR the first line manager should focus on each and every step right from the recruitment, to training and development, rewards and appraisals even fulfilling the needs of MR as all of these travel play a crucial role in motivating and keeping him attracted towards his job.