Attrition Advantages And Disadvantages
Abstract:
Attrition is the lessening in numbers of employees and staff members in a company by normal means, such as resignation or retiring. The focus of this assignment is to present the high rate of attrition seen in India Pharma Sales force, its primary causes and the controlling strategies that can be employed for retention of pharmaceutical sales representatives. The Indian Pharma industry suffers from a really high attrition rate in its sales force, which is only topped by attrition rates in IT and BPO. The global average for attrition rates in Pharma industry is 10-12% but the attrition rates in Indian Pharma industry is an astounding 30-35%. High attrition is prevalent in junior and middle management levels.
Introduction:
Pharma industry
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Companies remain aware of the disadvantages of attrition on production, productivity and financial status of the respective companies. Departure of even one talented employee is a great loss to the company and selection and training of a new employee is quite costly. Moreover the new employee will take a long time to attain perfection in the task he or she is going to perform.
Attrition has become an uncontrolled problem, which can be controlled by reducing attrition or improving employee retention.
It is vital for the pharmaceutical industry to understand the high attrition rate prevalent in Indian Pharma sales force, the causes of the attrition and the strategies they can employ to improve employee retention or reduce attrition.
Causes:
A recent survey by Interlink Marketing Consultancy states that the the high rate of attrition in pharma other than due to natural reason is due to poaching, burnout, high stress at work and under paid
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Shrinking profitability because of rising market competition and lessening of new drug discovery means that pharma companies are in no position to offer benefits and higher salaries.
Pharma industry lost its position as a glamorous job destination after emergence of new generation service sectors like IT, which had more lucrative offers for the MR’s and the front line managers.
Another industry specific issue is the ethical practice or selling of drugs. Pharma companies have to comply with requirements for quality assurance, which includes Good Manufacturing Practices ( GMP ), voluntary codes of marketing practices, and Good Laboratory Practices (GLP).
Studies show that a large number of people, the old generation workforce in particular, find it difficult to adhere to the ethical standards and hence leave.
Solutions:
The solution to these issues is reducing attrition rates and increasing employee retention, something many of the companies tend to ignore while they focus on reducing the attrition
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