IMPLEMENTATION OF TALENT MANAGEMENT IN PHARMACEUTICAL INDUSTRY OF PAKISTAN

Abstract

Purpose: Human resource management is considered to be one of the most priceless and pivotal asset by the pharma industry in Pakistan, and given importance by the other sectors. But when it comes to its practicality and implementation, there are rarely few organizations who follow the proper HRM function and have any strategy for its people or talented individuals. Pharma sector of Pakistan is really at its boom but their policies and procedures are lacking of talent management and development system. People for any organization are important in every aspect, because they are the key source of success and organizational growth irrespective of any industry they belong to. Methodology: The study involved use of questionnaires filled by 150 respondents and implementation talent management and development system in three pharmaceutical companies. The respondent individuals belonged to different age groups, manager level and non-manager level of a company. Data from three different pharmaceutical industries including two MNCs and one national company of Pakistan was also collected and implementation of core HR function are analyzed to determine its impact on individual and organizational performance and growth. Findings: The essential findings from this study are that organizational growth and success is solely dependent on the practice and execution of talent management and development system in the organization. It has been observed that the TMS and HRM require a special attention by the organization in order to have sustainable edge over the rivals and in the market. And it has also been also observed that people in the organization demand career and developmental plans so that they can be remained valuable. Practical Implications: The competition in pharmaceutical companies is very intense and increasing day by day throughout the world whether it’s local or foreign firm, which demands firms to educate its people, keep on training them, and let their people know about changing environment and systems happening inside the organization and outside the organization.