V2I8P23

Challenges and Strategies in Employee Retention within Pharmaceutical Companies: A Review of Literature

Ms. Sonali Bagul^1*, Dr. Supriya Patil²

Abstract

This paper offers a comprehensive review of the literature on employee retention and talent management within the pharmaceutical industry. It explores the critical challenges pharmaceutical companies face in retaining skilled employees, including high turnover rates, strong competition in the job market, and evolving workforce expectations. The study focuses on the importance of addressing these issues through tailored strategies, such as offering competitive compensation, promoting career development, and cultivating a positive organizational culture. The review also highlights the unique difficulties approaching pharmaceutical firms, including strict regulatory requirements, the demand for specialized skills, and the workforce disruptions caused by mergers and acquisitions. These factors increase retention challenges, making it crucial for companies to adopt effective and innovative solutions. The paper assesses the effectiveness of various retention strategies in overcoming these obstacles, providing valuable insights for industry collaborators. By combining existing research, this study points out the importance of aligning retention efforts with organizational goals to maintain a stable and motivated workforce. It serves as a resource for understanding the complexities of talent management in the pharmaceutical sector and offers actionable recommendations to enhance workforce stability in a competitive and rapidly evolving industry.

Keywords:

Pharmaceutical industry, Talent acquisition, Employee retention, Industry challenges, Retention strategies, Literature review