An Empirical Study on Factors Affecting Faculty Retention in Indian Business Schools

Abstract

Today, the biggest challenge being faced by the academic leaders is retaining the talented and competitive faculty members. On the one hand, higher education is facing the unwanted heat of faculty voluntary turnover, and on the other hand, technical education institutions are dealing with the acute shortage of talented faculty that is directly hampering the quality of the education system of an economy. Keeping the same concern pertaining to the quality and development of management education, the study is conducted to identify the relationship between the factors influencing the faculty members of the business schools of India towards retention which will help in designing faculty retention strategies. The sample size for the exploratory research is 300 faculty members from the accredited business schools of northern India using the questionnaire as research instrument for data collection undergoing a non-probability technique of sampling for the study. Factor analysis is adopted for analyzing data using SPSS. Career planning and development, FDPs and training programs, job enrichment, cooperation from the work teams, and job security like other factors are found to be the most possible variables influencing faculty members towards retention. The study can help business schools in the formulation of effective HR policies that will help in retaining their employees. The study will help in designing the faculty retention model in higher education.