The Relationship between performance management and retention of millennials in startups in Kenya

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dc.contributor.authorWanda, S.
dc.date.accessioned2024-03-21T08:55:13Z
dc.date.available2024-03-21T08:55:13Z
dc.date.issued2023
dc.descriptionFull - text thesis
dc.description.abstractPerformance management and employee retention have attracted interest among scholars. Research reveals that companies that do not employ retention strategies when managing their human resources face challenges with employee turnover. In order to sustain competitive advantage in the private sector, startups need to take on key aspects of performance management. This research aimed at determining the relationship between performance management and retention of millennials in startups in Kenya. The specific objectives were to determine the relationship between performance appraisal and retention of millennials, to establish the relationship between rewards and retention of millennials, and lastly; to establish the relationship between training and retention of millennials. The researcher focused on startups because they are growing at a fast rate and are technology-based entities making them a good fit for millennials who are tech-savvy. To underpin the study, the researcher adopted the organizational justice theory and Herzberg’s two-factor theory. The research design was correlational in nature. Study participants were selected using simple random sampling focusing on millennials employed in startups in Nairobi. The study’s sample was 134 startup companies. Data was collected through a questionnaire in Google Forms and 127 responses were received. Statistical Packages for Social Sciences was employed to analyze the data collected while applying simple and hierarchical regression models, and Spearman’s correlation coefficient to establish the relationships and associations among the study variables. Before data collection, the researcher obtained Strathmore University’s Ethical Clearance and a research license from NACOSTI. The findings from the correlation results established a positive and significant association between each of the four variables. Results from the simple regression model depicted a significant relationship between the independent variables and the dependent variable. However, the hierarchical regression results established that only rewards had an actual significant influence on retention of millennials in the presence of the other two variables of performance appraisal and training. Therefore, although high retention is observed in circumstances of high improvements in the identified performance management aspects, it is only rewards that keep millennials on the job. Hence, the researcher recommends startups consider increasing rewards whether financial, non-financial or social rewards in order to retain their millennial employees. Also, startups should conduct detailed focused research on why performance appraisal and training have little influence on retaining millennials when the variables are all combined. Further areas proposed for study are exploration of specific types of rewards; whether, financial, non-financial or social rewards and to ascertain which is significant in motivating millennials and increasing their retention. Keywords: Performance management, performance appraisal, rewards, training, employee retention, startup.
dc.identifier.citationWanda, S. (2023). The Relationship between performance management and retention of millennials in startups in Kenya [Strathmore Univesity]. http://hdl.handle.net/11071/15394
dc.identifier.urihttp://hdl.handle.net/11071/15394
dc.language.isoen
dc.publisherStrathmore Univesity
dc.titleThe Relationship between performance management and retention of millennials in startups in Kenya
dc.typeThesis
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MCOM Theses and Dissertations (2023)