Attrition in Pharma Industry Essay

Insights of scrape rate of Medical reppresentatives in pharmaceutical all in alliance companies and innovative ways to improve them.OverviewAttrition refers to the reduction in mental faculty and employees of company by normal means. The primary focus is to present the mettlesome corrasion rate seen in the pharmaceutical market industry, its causes and controlling dodge for retention of Pharma gross gross sales representatives. Though attrition is a congenital phenomena in all industries, Indian Pharma marketing industries is worst plagued by it. After IT and BPO, Pharma marketing industries experience the greatest rate of employee leave the company for various reasons.While global Pharma marketing attrition rate is 10-12% per annum, the rate of employees who leave the organization in India is 25 -30 %. The attrition is more prevalent in the middle and junior management level, receivable to which majority of the companies gift understood the criticality of talent managem ent. Retention is forever and a day a big scrap for any organization in instantlys time frame. Indian Pharma companies have started paying attention towards the retainment and management of the Medical Representatives to gain key and valuable employees back into the company. broad(prenominal) attrition rate of MR happens due to following reasons1) External factors The demand of y exposehful talent is more. The companies argon looking for fresh talent to incorporate innovative ideas but the supply is very less, career view point of umpteen young people to join as MR is just to prevent the chase away Gap in their career path. The demand-supply imbalance leads to significant efforts to retain and deplumate a skilled Medical Representative. This has led to higher(prenominal) salary hikes in the Pharma sector than most other sectors .This is clearly a challenge in an industry which is very knowledge and relationship driven. 2) Internal factors It has been sight that many MR leave their job during the first 3 months itself due to the reasons worry they were not serious slightly their job, They were allplacequalified and lost interest in their job, They office even be under-qualified and felt bogged down by the challenges of the job, They need motivation, musical note less egression in career path, Monotonous work, limited learning and development opportunities, working environment as s healthy salary and salary becomes an important issue in some cases etc.Now to support the global competitiveness Pharma companies have transformed their survival system to competitive strategy as a result there is Brobdingnagian pressures on the shoulder of medical representatives for higher secondary sales operation and thereby constantly poking the field force which eventually leads to attrition. So the people change organizations frequently. Similarly poor management is withal whizz of the key factors responsible for leaving the organizations. There is a popular formula employee leaves the boss not the organizations. Poor management includes lack of support to the employee, lack of transparent career growth ladder, adverse relation between the boss and subordinates, lack of motivation. Psychological relationship between leaders and employee is very polar for sticking of employee in a particular organization. therefore, Organization culture also plays a significant role in sticking of Pharma sales representative in the same company for long run. Retention of the quick-witted employees is always the most important agenda for any company to grow. sometimes pecuniary benefits can help as by recent cartoon 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 impertinently methods for attracting, mot ivate and retaining them becomes very important.Being the first commercial enterprise manager few suggestions to wither attrition rate 1. Treat employees as you like to be inuredTreating and handling the employee with appreciation and care is most necessary. While addressing or pointing out their problems they shouldnt be criticized and rather should be explained in a decent manner. The sales representative undergoes a lot of pressures and tensions regarding the achievement of natesed 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 monthly travelling passes, movie tickets, etc. can be given.2. Ask employees for their opinions and implement the good ideas Having equal component 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 get hold ofing to the highest degree certain freshly ideas to increase the sales level should be implemented, this shall bring close a flow of innovative ideas and also execution of those ideas depart bring to the highest degree a sense of dignity among employee.3. Reward those that go above 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. maneuver very good care of your star performers or someone else will Taking good care of star performers is very essential. Their qualities maybe crotchety and selling strategies might be very effective. Interacting and making them comfortable about their job shall retain the employee in the company and chances of him leaving the company for another(prenominal) might reduce to some extent. If they are performing really well incentives like foreign trips, etc. can be given.5. Communicate with your facultySales peoples sometimes feel that the company doesnt care overflowing for them. So, the higher level executives can make a point to act 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 for each one employee and have discussion regarding all the sales meet and problems related to those the sales rep mightve had.6. Hold skip level meetings to make sure that youre Managers/Directorsare treating their staff correctly Skip level meetings by higher ups can bring about more peachy feeling in the employee they might feel the concern and guardianship from top executives. This shall provided consecrate 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- tailor made courses as well as sponsoring its education consequently 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 matt 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 the m feel like family particleThe employees of the company should be treated as the assets and they must be treated like a family fragment. 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 respectively 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 upscale 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 steps play a crucial role in m ake and keeping him attracted towards his job.