Knowledge retention strategy: a study on quantity surveying firms

Abstract

Knowledge is increasingly recognised as an important asset in the construction industry. It has been critically important as the drivers for success for a knowledge driven business such as quantity surveying (QS) practices. However, the recent turnover trends among the QS employee is quite alarming and that the ‘culture’ will lead to loss to the QS firm in terms of manpower investments and loss of tacit knowledge. Thus, this research was carried out to determine the perception of the QS practices’ employers on the importance of their knowledgeable employees and also to identify the strategies adopted by them in retaining their employees’ knowledge. Semi structured interview was conducted among the QS firms’ employers and their answers were recorded and transcribed. The findings revealed that the employers of the QS practices do regard their employees’ knowledge as very important to them. In return, to retain their knowledgeable employees, several approaches have been taken namely in the development of company intranet, career development opportunities and establish recognition and reward system. Other approaches taken to enhance their employees’ knowledge are done by sending out for training and conferences. The findings also revealed how the firm retains their knowledgeable staff through establishment of mentor-protégé relationship, cultivating an open communication environment, holding organisation meetings and conducting an exit interview should their employees wish to terminate their appointment. Based on the findings, the respondents have managed to set up well-planned knowledge retention strategies to overcome the high labour turnover as well as ensuring continuity of tacit knowledge within the firm.