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Definition: Employee Retention is the ability of an organization to retain its employees (especially the best ones). For example an ER rate of 89% means that 89% of employees were kept in a period (year).
Usually, an organization will aim to reduce its employee turnover and all associated costs. By various ways of employee motivation, employers can increase their retention rate:
- Salary, benefits, perks
- Contests and incentives
- Motivational conversations, good communication
- Promoting from within
- Fostering employee and management development
- Participative leadership
- Employee ownership
- Compelling corporate purpose, mission statement
See also Two Factor Theory.