Chapter 15: Systematic Literature Review on Retention in Entrepreneurial Firms: A Step Towards Sustainable Development
Entrepreneurial firms, which include the new-age start-ups and an emerging era of Small and Medium Enterprises (SMEs), have a central role to play in the economic growth of a country. Moreover, they have a central role in the economy and are imperative for employment generation and boosting technological advancement. It is well established that the management of established large-sized firms is significantly different from the challenges faced in the management of the small-sized entrepreneurial firms. Also, out of the numerous factors that influence the growth of SMEs and start-ups, one of the key differentiating factors is the leadership and the team/people that drive organisational growth. It has been seen that attracting, hiring and retaining key employees has always been challenging for any organisation, but in the case of small-scale entrepreneurial firms, it is even more daunting. In the context of this, the objective of the present chapter is to develop a framework for understanding the factors that affect employee retention in entrepreneurial firms using a systematic literature review. This chapter is an effort to find evidence from the past that indicates the factors affecting the employee retention in entrepreneurial firms. The findings from this study suggested that the HR policies can play the major role in retention practices.