Faculty Retention Proves a Major Challenge for Management Institutes

In educational sector, finding talented people having them perform well and keeping them in the organization became difficult for management. Management institutes are trying to acquire teaching staff in place, but also to retain them from moving out of their educational institute. This research work seeks to empirically examine the process, in which the faculty members are hired, nurtured/trained and retained in management institutes and the factors affecting faculty shortage in management institutes. The methodology adopted in this study was qualitative research. The data was collected from the secondary data collection method. A major shortfall of faculty is the inability of management institutes to manage talent in acquiring, nurturing and in retaining faculty of high order. Retaining teaching staff pool is obviously a long-drawn task. Apart from remuneration packages, there is a need for ‘extra-economic incentives’ to attract and retain faculty. Setting aside more resources for research and publication activity could improve the situation in due course. Management institutes should also carve out a role for itself in this process by setting up legacies and other incentives. A great deal of flexibility regarding non-monetary and monetary incentives linked to additional deliverables would also be required for retaining teaching staff. This research paper discusses various factors affecting faculty retention strategies in management institutions, perception of youth towards teaching profession and also identifies the reasons of leaving teaching profession.