Pathways for retaining human capital in academic departments of a South African university

Abstract

Literature has revealed that in the knowledge-driven economy, knowledge is regarded as a strategic, valuable and competitive asset that enables organisations to foster innovation and improve effiiency, effectiveness, productivity and competitiveness (Alstete 2003; Desouza & Awazu 2004; Drucker 2001; Hira 2011; Horwitz, Heng & Quazi 2003). This is based on the notion that knowledge is deemed to be central not only to power, but also to wealth. Knowledge is embodied in a person or carried, created, augmented, improved, applied, taught and passed on, used or misused by a person; which means that the person is at the centre (Castro 2008; Choo & Bontis 2002; Drucker 2001; Nelson & McCann 2010). Unlike during the industrial age where physicality was of primary importance, in the knowledge economy it is the brains rather than the brawn of the workforce that will add value to intelligent organisations or learning organisations (Alvin Tofflr, cited in Desouza & Awazu 2004). Thus, it is knowledge, the intellectual capital of astute workers, which is the fundamental resource for economic development. The inherent value of knowledge means that the leverage of knowledge assets is i