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Introduction
Human resource management is one of the key components of modern organizations work. It can be defined as the strategic approach to nurturing, supporting, and managing employees and establishing a favorable workplace environment (Noe et al., 2020). An effective human resource manager helps employees to continue their personal and professional development and demonstrate high performance. The primary functions of human resource management include talent management, compensation, and employee benefits, training and development, workplace safety, and compliance (Noe et al., 2020). An HR department can provide and improve an organizational structure, help the company accomplish current goals, and generate a competitive advantage (Noe et al., 2020). In such a way, people management acquires the top priority as the way to help organizations to survive.
Human Resource Management in Pharmaceutical Industry
The importance of human resource management is evidenced by its increased applicability and practical use. For instance, it is possible to improve organizational performance within the pharmaceutical industry using effective HR strategies. First of all, better results can be attained by providing additional training for individuals engaged in the work of the sphere (Noe et al., 2020). An enhanced understanding of the current tasks is central to improving performance and minimizing mistakes rate (Noe et al., 2020). Moreover, effective people management can improve employee motivation, which is central to higher engagement levels and the ability to attain success. In such a way, effective HR practices benefit the pharmaceutical industry.
Key Challenges
Another factor explaining the critical importance of HR in the pharmaceutical industry is its fast evolution. New technologies and drugs emerge annually, meaning it is vital to ensure employees possess a better vision of their roles and the recent advances in the field. For instance, the scarcity of talent is one of the issues peculiar to the Egyptian pharmaceutical industry (El Hennawy, 2021). At the same time, from the international perspective, employee retention and motivation are serious challenges to HR departments (Becher, 2021). It is vital to ensure specialists are ready to cooperate with the company and contribute to its development. Otherwise, there is a high risk of their recruitment by the closest competitors.
Strategies to Overcome Challenges
The successful resolution of these challenges is key to the further development of the pharmaceutical industry. Thus, the example of successful international companies can be used to select practical approaches. For instance, Pfizer, one of the leading pharmaceutical corporations, devotes much attention to the talent market and retains employees due to its high flexibility levels (Becher, 2021). The ability to adapt to potential employees demands is crucial for their retention. Companies should be ready to train their workers and meet their basic needs to ensure they are satisfied with the working conditions and will not look for other companies offerings. As a result, all actors involved in the process will be satisfied and benefit from the aligned cooperation.
Conclusion
Altogether, human resource management is one of the central factors vital for the effective work of different organizations. For the pharmaceutical industry, practical HR strategies are necessary for the further development of companies. The current challenges include difficulties with talent discovery, training, and retention. Using the methods employed by global companies, such as Pfizer, it is possible to overcome these barriers. The increased flexibility when working with employees, their training, and motivation are essential for attaining higher performance levels and guaranteeing their desire to continue cooperation with the company and contribute to its further development.
References
Becher, P. (2021). At Pfizer, we want to unleash the power of our people. The Wall Street Journal.
El Hennawy, N. (2021). Most of Egypts leading companies deplore lack of talent as key recruitment hurdle. Zawya.
Noe, R., Hollenbeck, J., Gerhart, B., & Wright, P. (2020). Human resource management (12th ed.). McGraw Hill.
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