The Research report submitted in partial fulfillment of the requirements for the Degree of Masters in Business Administration in Corporate Management (MBA-CM) of Mzumbe University.Rewarding staff is considered being one of the important human resources management strategies for promoting employees performance and retaining competent staff in an organization. However many organizations have not implemented reward and motivation in their organization. This study was conducted to assess the roles of reward system in retaining competent employees at Wiafrica Tanzania Limited. The study employed a case study design with both qualitative and quantitative research approaches in investigating for the problem. The targeted populations were 158 staff working at Wiafrica Tanzania Limited. The sample of 47 staff was selected by simple random sampling and purposive sampling techniques. The data were collected through questionnaire and interview. The data were analysed through descriptive statistics, regression analysis and content analysis. The study found that leave package, performance bonus, employees recognition, training and development and carrier development were the most of the reward system that are offered by Wiafrica Tanzania Limited to its staffs. The study found that leave package, performance bonus, employee’s recognition, training and development and carrier development are positively and statistically significant on contributing to retaining talented staff at Wiafrica Tanzania Limited because the p-value obtained from the study is less than 0.05. The study found that challenges related with implementation of reward and pay policy, business focus on profit maximization and supply of labour to the market are facing Wiafrica Tanzania Limited on promoting reward system that contribute toward retaining competent employees while financial performance of an organization is not a challenge facing Wiafrica Tanzania Limited on promoting reward system that contribute toward retaining competent employees This study recommend that Wiafrica Tanzania Limited should take important and active measures to ensure that talented staff are highly retained by promoting reward scheme and program.