A Study on Employee Retention Strategies in Pharmaceutical Companies in Bengaluru City

Abstract

Employee retention is indeed an important, yet often costly, concept in Human Resource Management (HRM), especially within industries like pharmaceuticals. The first objective of the study aims to provide a comprehensive overview of the demographic characteristics of employees, including factors such as age, gender, educational background, job titles, and work experience. Understanding the socio-economic profile of employees will help identify trends and patterns that may influence employee behavior, job satisfaction, and retention rates within the pharmaceutical sector and the second objective focused on his objective focuses on identifying and examining the various factors that contribute to employee retention. It includes evaluating aspects such as compensation and benefits, training and development opportunities, rewards and recognition, work environment, and management practices. By analyzing these factors, the study aims to highlight areas for improvement that can enhance employee satisfaction and loyalty, ultimately leading to a more stable and committed workforce in the pharmaceutical industry. Lastly the outcome of the study reveals that there exists a high level of inter-relationship amongst these factors which have significant impact on employee retention in pharmaceutical companies.