Title: Innovation and employee turnover in biotechnology companies: rethinking the role of strategic human resource management
Authors: Sahiba Sharma; Kavita Singh; Vikas Arya
Addresses: SRM University, Sonipat, Haryana, India ' SRM University, Sonipat, Haryana, India ' Rajalakshmi School of Business, Chennai, Tamil Nadu, India
Abstract: Biotechnology sector, a sunrise sector in India has now 2% global market share. The much needed push to the bioentrepreneurs in India has been given by Indian government recent initiatives. However, top management teams have been ignorant of the consequences of promoting scientists as managers with no managerial skills or of handling the Human Resource (HR) responsibilities to administrative or finance officer. The organisations have been moving on the path of encouraging a negative organisational culture that leads to the technically sound workforce with people management issues. Hence, the industry is facing low innovation and high employee turnover challenges. This study reviews and addresses the role of strategic human resource management in biotechnology companies by taking a dig in the existing common business models and discuss strategic HR role. The article sheds light on the importance of HR function in the changing biotech business scenario.
Keywords: strategic human resource management; biotechnology companies; science based firms; biotech business models; top management teams; turnover; innovation.
World Review of Entrepreneurship, Management and Sustainable Development, 2021 Vol.17 No.2/3, pp.291 - 305
Received: 18 Sep 2019
Accepted: 24 Jan 2020
Published online: 15 Apr 2021 *