IMPACT OF REWARDS AND RECOGNITION AS RETENTIONS STRATEGY ADOPTED BY SMES IN MUMBAI
Keywords:
Survival, retention, small scale industries, Business environmentAbstract
Effective retention strategies are always in demand whether it is for small scale industries or large scale industries irrespective of the field they are operating. As in the changing business environment every business has to deal with the problems coming their way. Every business aim is to adapt to the changing factors of the business and change their employees’ survival strategies and move forward and those who don’t change will never remain in the long run. The survival of the fittest trends are now changing for the small scale industries and so their people retention strategies.
The objective of this paper is to study and review the effective retention strategies adopted by the companies and to find out most favorable practices towards their employees of the companies studied.
Source of data collection would be a primary data. A pilot study has been carried out at Mumbai through a questionnaire survey involving 50 respondents who are working in the small scale industries in order to understand the policies implemented by the employers for its workers.
Favourable factors for the retention of employees would be measured and analysis would be done by using statistical tools. The research would enable us to find out that which are the most preferable and effective policies for the employees.
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