INVESTIGATING EPLOYEE RETENTION STRATEGIES USED BY MANAGERS OF SMALL MEDIUM ENTERPRISES AT KATAMANTO

ABSTRACT The study assesses the strategies that SME owners have instituted to retain their employees in Kantamanto in the Greater Accra Region of Ghana. Purposive and randomly sampling technique was used to select the respondents. In all ten respondents were selected for the study. Qualitative approach was employed which was underpinned by inductive logical reasoning. Interview guide was used as an instrument for the study. Conclusions from relevant related literature were captured along to authenticate the findings of the study. It can be concluded from the study that, even though most of the SME managers interviewed had a set of strategies in place to retain their employees, almost all of these strategies were sentenced on rewards, money (salaries/wages), communication, company culture and working conditions. Other strategies were not used or given less attention in generalizing the strategies used or adopted by the various SME that were included in the studies, the researcher realized that the most strategy used by the SMEs to retain their employees is good salaries and wages. The barriers hindering the retaining of employees in the institution or enterprise are how to have a cordial relationship with every worker, loosing trained and dependent staff to other companies, high salary demand from workers. It was therefore recommended that retention strategies such as good salaries and wages, effective communication and socialization should be given the needed attention. Also it is suggested that feedbacks should be given to the management of the various SMEs to help them improve upon their measures in retaining employees