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PARIDNYA- The MIBM Research Journal

Research Paper

Volume 3, Issue 1, September 2015

Role of Manager in cost saving through Retention of Medical Representatives in Pharmaceutical Industry

Published
2015-09-01

Abstract

Organizations do lots of planning for its budgets. Budget generally includes how much money organization will spend on which area. Also now a day's many organizations are implementing cost reduction or cost saving strategies. They are reducing or saving cost by reduction in number of employee, by reducing salaries of employees, by reducing allowances, by reducing maintenance cost, by reducing cost on training of employees, etc.

It has been observed in many industries that, when new employees are joining the organization, company has to provide them training to make them capable for handling their job roles and responsibilities. Among all the industries specifically in Pharmaceutical Industry when a new employee joins the organization, training is needed for them. Now, everyone knows that how much costly the training is? When it comes to provide training to medical representatives, it includes investment of huge cost for the same. Training may include cost related to the place where training will be takes place, food, accommodation, transportation, teaching aids, working days of employees, etc. Also when company wants to recruit new employees for an old or new vacancy they have to spend money for that. And when the same employees leave the organization company has to suffer from heavy losses.

Today's supervisors must manage the scarce commodity called talent to sustain their competitive edge. Talent management remains one of the supervisors' highest priorities. Employee turnover is the silent killer of organizational productivity. Like every business solution, answers come from reliable data and analysis and the desire to develop a strategy and tactics to address the problem. Hopefully you will take the necessary steps to protect your organization in the very real war for scarce talent and future success.

In Pharmaceutical Industry, medical representatives have to report manager, and manager plays an important role in retaining them. This paper is based on secondary data and tried to identify the role of manager in cost saving through retaining medical representatives.

Keywords

  • Employees Turnover
  • Retention of Employees
  • Pharmaceutical Industry
  • Cost Saving.

How to Cite

Laturkar, V., & Mohture, A. (2015). Role of Manager in cost saving through Retention of Medical Representatives in Pharmaceutical Industry. PARIDNYA- The MIBM Research Journal, 3(1), 64–72. Retrieved from http://www.mibmparidnya.in/index.php/PARIDNYA/article/view/99452

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