Date of Conferral
2021
Degree
Doctor of Business Administration (D.B.A.)
School
Business Administration
Advisor
Mohamad S. Hammoud
Abstract
High voluntary turnover negatively affects business profitability because of additional recruitment, training, and overtime expenses and the risk of low productivity of newly hired employees. Business leaders of small and medium-sized enterprises (SMEs) who fail to retain talented and skilled employees witness an increase in their organizations’ costs and employees’ performance reduction. Grounded in McClelland’s three needs theory, the purpose of this qualitative multiple case study was to explore strategies business leaders of SMEs use to retain employees. Participants were five business leaders from SMEs in Islamabad, Pakistan, who successfully used strategies to retain employees. Data were collected via semistructured interviews and reviews of company documents. Five themes emerged after using Yin’s five-step data analysis process: leadership role in terms of fostering a sense of open and transparent communication; positive and friendly working environment; provision of monetary and nonmonetary benefits; talent management by structured hiring, developing, and retaining high potential employees; and investment in people development. A key recommendation for SMEs is to create a culture of trust, respect, and cooperation across organizations by fair and transparent communication. Implications for positive social change include the potential to generate more taxes from sustainable businesses and stable jobs to fund local community public infrastructure and welfare projects.
Recommended Citation
Tarar, Arshad Rasheed, "Employee Retention Strategies in Small and Medium Sized Companies" (2021). Walden Dissertations and Doctoral Studies. 11233.
https://scholarworks.waldenu.edu/dissertations/11233
