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.
