What Is Employee Retention?
Employee retention refers to a company's concentrated efforts to retain existing employees and keep their best employees on board for the company to succeed. It refers to the strategies that an organization develops to reduce employee turnover risks, as well as the processes that it implements to retain critical talent. It is a significant focus point for businesses. According to one study, 87% of human resource leaders rank employee retention as their top priority for the next few years.
It also helps in increasing productivity, ensures continuous business flows, and lowers the cost of rehiring. That is why most organizations prioritize retention. Employee retention rates of 90% or higher are considered good in general, and a company should aim for a turnover rate of 10% or less.
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