Knowledge management as a tool for talent retention in the pharmaceutical industry

Abstract

Orientation: The pharmaceutical environment in South Africa is highly competitive, and each player is striving for an increased share of the market. This competitive environment has evolved over the past few years from a sales-based to a serviceorientated environment. Clients now expect to be offered clinically based selling, which is complemented by sound medical research. Talent retention has become a problem in this environment with the organisation losing knowledge to its competitors. Research Purpose: The objective of the study was to assess whether knowledge management can be used as a tool for talent retention in the pharmaceutical environment. The organisation studied is referred to as Company X in this report. The aim of this work was to define knowledge management and talent retention clearly and then attempt to show an interrelation between these two concepts. Research Approach, design and method: A qualitative research approach was used in the study. Thus, constructivist grounded theory was used as a methodology of data analysis to assist the researcher to assess information from the participant’s perspective and to understand the depth of knowledge management and talent retention. A sample of key opinion leaders was selected within Company X using purposive sampling. The aim was to gain access to the knowledge that senior managers have and then to assess how they view the talent retention and knowledge attrition problem within that organisation. By applying an in-depth interviewing process and data analysis, codes and themes were developed which guided the study. Main Findings: This research found that the loss of knowledge workers to other organisations was a growing concern among the key opinion leaders in the organisation studied. Knowledge management was now viewed as an important aspect of talent retention. Subsequently, the researcher was able to formulate guidelines and recommendations that will assist participants and the organisation studied, Company X, to manage talent retention within that organisation.