A Study on the role of Work-Life Balance Practices on Employee Retention in Pharma Sector – An Empirical Study

Work life balance is an important concept. Every person wants to maintain equilibrium between the work and the family life. This is the reason why employees prefer companies that offer exclusive and attractive work life balance policies. The purpose of this paper is to study and examine the role of work-life balance issues in the retention of employees and the role that work-life balance (WLB) issues have in an employee's decision to stay or leave an organization. The paper begins with a brief overview of the seminal material in the more generic management literature and then tailors the discussion to the pharma industry. Therefore, many organizations adopted Work-Life Balance practices in order to attract better applicants and reduce work-life conflict among existing employees in order to enhance organizational performance. This paper studies the impact of Work-Life Balance practices on employee retention and how they enhance organizational performance. The findings show that work-life balance is not a quandary to be determined once but a constant concern to be managed. For organization goals to be achieved through the people employed, work-life balance concerns must become a crucial feature of human resource policy and strategy. We suggest organizations need to improve their practices in order to improve organizational performance, including enhanced social exchange processes, increased cost savings, improved productivity and reduced turnover. The sample selection was done by random sampling method. The study was conducted in Hyderabad region with a sample of 300 employees taken from 10 pharma Industrial units. The data were collected with the help of a structured questionnaire. The study has revealed that the work-life balance practices have direct influence on employee's retention and organizational performance.