A study of employee retention strategies in start up ventures

Abstract

Employee retention is a universal problem in every individual organization. Reasonably it is less challenging in bigger and older organizations, but an exaggerated one in smaller and newly established ones. Factors are one to many that makes the process more cumbersome and demanding. Thus, present research was undertaken to study the retention strategies in startup ventures. A thorough literature review, in search for relevant information s related to the topic was done. On the role it was reflected that retention strategies in startups in India was rarely worked upon. Thus, an exploratory and descriptive study was done through primary data collection. Objective of the research was to study the retention strategies of startup ventures, study role of employers in the same, to evaluate satisfaction level of the employees and to find out recommendations for improving retention rate of the employees. Questionnaire was prepared on mixed approach to understand various HR practices to improve retention rate of the employees in the startup ventures. Startups established between 2010 and 2019 were taken for research purpose and were selected with the help of Purposive sampling. Responses were collected from more than 350 respondents from different startup ventures irrespective of domain. Data analysis was done with the help of descriptive statistics on excel, thematic analysis for open ended questions, and interview data interpretation was used to analyze the responses of employers. Graphical representation was done for the initial analysis on the basis of gender of the respondents and nature of the startups. The prime focus of this study was to elaborate the present scenario of various natures of startups in context of their retention strategies. This study attempts to reflect on the contribution of startup employers to boost motivation and satisfaction level of the employees and increase retention rate. To interpret the analysis EEE Model was proposed which is framed after elongating from literature review by focusing