Knowledge Retention: A Key Attribute in Organizational Growth

Abstract

We are living in a world of knowledge revolution today. Every organization and firm is now heading towards a specialized branch of management called knowledge management. Knowledge is something which is stored in the heads of individuals working with in an organization. Managing such knowledge is a difficult task. However, organizations are able to manage knowledge from their employees and are able to strategize this knowledge for enhancement of employee performance and in turn the organizational performance. One key aspect of knowledge management is knowledge retention. Retaining knowledge and knowledgeable employees in organizations is the need of the hour for every business firm. Biotechnology is an industry which is completely dependent on creation of new knowledge and applying the knowledge for betterment of mankind. To gain financial benefit of an invention or discovery, the companies have a tough competition to patent their invention first. This makes knowledge retention very important in the Biotechnology industry. The present study focusses on understanding the knowledge retention practices in Biotechnology industry with reference to Andhra Pradesh.

Keywords: Knowledge management, Knowledge creation, Knowledge sharing, Biotechnology, Andhra Pradesh

JEL Classification: I31,R1, R0, Z1