A comparative analysis of knowledge retention strategies at selected banks in South Africa

Abstract

The purpose of this study was to analyse knowledge retention strategies at selected banks in South Africa. A comparative analysis of knowledge retention strategies at two leading South African banks underpinned the focus of this study. The importance of retaining organizational knowledge assets is highlighted in this study. A survey research design was used to collect quantitative data from middle-level managers at selected banks. All usable quantitative data were collected from middle-level managers through the use of Survey Monkey and Zoomerang – an online survey platform. The quantitative data were analysed through the use of Microsoft Excel 2010. One of the shortcomings of using the quantitative research methodology was failure to ask probing questions where questionnaires were used. The study established that selected banks did not have formal knowledge retention strategies. From the findings, there was no specific knowledge management (KM) policy guideline to inform selected banks on how to retain organizational knowledge; however, there is was an acknowledgement of the presence of communities of practice, mentoring and apprenticeship, subject matter experts, leveraging retirees, knowledge portals and storytelling. In this study, originality was premised on setting down a major piece of new information utilizing the General Knowledge Model premised on four KM practices, namely, CREATION, SHARING, TRANSFER and RETENTION. These four KM practices should be recognized as fundamental pillars of KM.