EFFECT OF SUCCESSION PLANNING ON EMPLOYEE RETENTION IN PHARMACEUTICAL INDUSTRY IN KARACHI

Abstract

Purpose: The purpose of this research was to find the impact of succession planning on employee retention in the Pharmaceutical Industry of Karachi. Different dimension of succession planning such as skill development, career growth opportunities and career recognition were considered to investigate the effect of succession planning on the employee retention. Methodology/sample: This research was explanatory causal and quantitative in nature. The method used to collect data was questionnaire based on likert scale; data was collected from 384 employees working in the pharmaceutical Industry of Karachi. The Correlation and Regression test were performed using SPSS to analyze the data Findings: The findings of the research were if an organization does effective succession planning it can increase the retention of employees. Managers need to work on the skill development of the employees, provide them with career growth opportunities and provide them career recognition plan with a time line; this will help in making employees grow they will feel loyal and will stay with organization for a longer period of time. Practical Implications: This research can be helpful for the Managers of Pharmaceutical Industry in Karachi how succession planning can effectively be used to tackle the problem of employee retention. They need to answer the career growth needs of employees this will help in retaining them. This research can also be helpful for the organizations operating in other cities and for the scholars who want to study different dimensions of succession planning separately.