FACTORS INFLUENCING EMPLOYEE RETENTION AND EMPLOYEE TURNOVER INTENTION IN MULTINATIONAL PHARMACEUTICAL INDUSTRY IN THAILAND: EMPLOYEE PERSPECTIVE

Abstract

The pharmaceutical sector is considered as one of the most powerful industries globally. The employment in the multinational pharmaceutical business operating in Thailand has been unstable and highly competitive which led to higher turnover rate, and its costs are significantly higher. It is challenging for top management team to set employee retention strategy nowadays, causing this thematic paper to focus on studying factors influencing employee retention and employee turnover intention in multinational pharmaceutical industry in Thailand in employee perspective. It emphasizes the corporate perspective to know the key factors to improve retention goal and setting right strategies in their organizations. This research used the qualitative method via in-depth interviews with 10 people from different organizations and various position from medical affair, clinical research, sale, marketing, and People & Organization department. In terms of the data analysis, the findings suggested that all employees fulfilled in physiological needs and other needs were not fulfilled some employees depends on the work conditions for safety needs and other needs including belongingness and love needs, self-esteem, and self-actualization. This study also found alignment between the fulfillment of Maslow’s Hierarchy of Needs and the employee’s extrinsic and intrinsic motivational factors which led to job satisfaction for each employee.