Exploring the implication of reward strategies on talent attraction and retention in startup firms :the case of PanMedics -

Abstract

The purpose of this paper is to explore the implications of rewards strategies on talent attraction and retention within the context of startup firms in Lebanon. This project looks at PanMedics, a pharmaceutical startup company privately-owned, founded in 2013 in Lebanon, with operations across the Middle East. Given the challenges and constraints that PanMedics and other startup companies in the region face, this paper reveals the most salient factors shaping the design of a reward strategy in startup firms. In addition, it discusses the implications of reward strategies on talent attraction and retention, and in light of the research findings, proposes a roadmap to guide startup companies in designing their reward strategy in order to address the contemporary issue and predominant challenge of attracting and retaining the top talent needed for their successful business inception.