Talent retention in Pfizer SA-Biopharma.

Abstract

Businesses are currently operating in a fiercely competitive environment. Businesses must therefore employ strategies to differentiate themselves from their competitors. Thanks to modern technology, most businesses have access to efficient systems and equipment. However, the organisation’s people need to be developed to become highly valued assets. This dissertation examines talent retention as a business strategy. The main aim of the study is to uncover employee perceptions of talent retention. This will be a determinant of whether they believe the company has their best interests at heart and deserves their loyalty. From a total population of 320 employees at Pfizer SA-Biopharma, a non-probability sample of 231 employees was selected. A combination of purposive and simple random sampling was used. The sample was made up of 23% males and 76% females. The majority (46%) of the sample had less than five years’ tenure at the company. Each respondent had access to a computer and to the internet provided by the company. The researcher developed a web-based questionnaire to collect data. Statistical analysis revealed that a relationship exists between talent retention, talent management and an individual’s intention to leave the company. A salient feature of the study is that respondents are not entirely convinced of the existence or success of a talent retention programme but are in favour of it and want to be recognised for their efforts. The main recommendation/s of the study reveals that although management has a staff retention policy in place, the employees are either not aware of it or do not believe that it exists. This indicates that communication with employees is of utmost importance. The results reveal that Pfizer SA-Biopharma would definitely benefit from having a talent retention strategy in place and this would encourage people to remain loyal. Lower staff turnover means less expenditure in terms of the recruitment and training of replacement staff. The study can benefit the organisation as it will help it to realise that people represent an asset that can differentiate the company from its competitors.