This study investigates aspects of job retention and business growth in small- and medium-sized enterprises (SMEs). It examines how employers think about retention policy in relation to business growth, in contrast to previous studies’ main focus on employee motivation, job retention, and turnover. Qualitative semi-structured interviews were conducted face-to-face with Chief Executive Officers (CEOs) of Engineering and Informational Technology SMEs in South Korea. The results show that an important factor influencing job retention policies of SMEs is the motivation of employees to make voluntary effort, rather than offering them additional financial rewards or using other Human Resource Management (HRM) practices to improve individual performances. Interviewees believed that job retention and business growth are closely related and they discussed various ways of eliciting emotional contributions from employees. Unlike research on larger firms, these suggestions did not involve financial rewards. How employers think about the roles played by employees strongly influences their firm’s productivity and competitiveness. The SME CEOs examined in this study considered this issue central to their firm’s survival and growth. This study suggests SME employers adjust their retention policy correspondingly.