TALENT MANAGEMENT EFFICIENCY IN SUCCESSION PLANNING: A PROPOSED MODEL FOR PHARMACEUTICAL COMPANIES

Buying talent is always costlier than developing talent pool. Pharmaceutical companies struggle for retaining the best talent to make their succession plan successful. If right talent management strategies (TMS) are used to attract, develop, and retain the best talent, the talent pool can be created. Thus, the succession plan will become reality. This paper is based on the vast and extensive literature review about TMS and their use in attracting, developing, and retaining best talent. By developing a hypothetical model, the researcher has found the impact of TMS on succession planning. The article further suggests the scope of empirical study to test and prove the hypothetical model. Model suggests that the right Talent identification and development strategies lead to talent retention and that brings successful succession planning in place.