What is employee retention?
Employee retention is the ability of a company or organization to retain, or keep, their employees. The objectives of employee retention is to decrease turnover and increase retention.
Employee turnover, or the loss of employees, is detrimental to a company. A high turnover rate is harmful to a companies productivity because if they keep losing skilled workers they are losing precious work time. The benefits of employee retention are that it reduces costs of training new workers, reduces loss of skilled workers, and decrease recruitment costs.
The companies with best employee retention are ones that have career development opportunities, regular feedback on how employees are doing, recognition for contributing to company, and flexible work schedules that balance life and work.
Employee retention project reports would say that employee retention is lowest in retail, hospitality, and food service jobs.
For more information about employee retention, you can search online for employee retention project reports, employee retention tools, and importance of employee retention.
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