Talent management of employees in pharmaceutical industry
Dr. Ch Mohan Babu
Talent management is putative fruition of human resource and also sequence of business process. It is neither product nor solution to be procured and interleaved into business organization. Organizations are focused on different elements, driven by their maturity and imperative business problem being handled by different administrations. Few recognized organizations handle their essential problems vigilantly and successfully; other few focus on several key elements and develop their own cohesive approach, while understanding their problems. Talent management is forward looking function, where it improves with flexibility and performance. Talent management requires integration and communication between human resource and leadership development functions. India is one of the beneficiary in view of world class Talent employees and companies of repute recognized at global level. India could stay in global market due to low cost of manufacturing and patent facilities of formulations and process work. Indian medicines are recognized in developed and developing countries in view of low cost and safe manufacturing practices. Various developed countries are providing outsourcing facilities to India. In spite of various prospects and opportunities, India is facing serious attrition problem with present rate of attrition of about 30 percent highest in the world average attrition rate of 8 to 10 percent. Companies are making sincere efforts to retain their talent employees through various measures, but the attrition problem is uncontrolled due to requirement of Talent persons outside country and new pharma industries. This paper primarily emphases on talent management strategies and retention strategies of pharmaceuticals industries in India. Companies are making sincere efforts to retain their employees through performance accompanying benefits and better prospects to talent persons.