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.
MBA Brief offers accurate and concise definitions of MBA concepts, frameworks, methods and models.
We love to keep things really short, but provide links to learn more about your subject and to similar concepts.
© 2022 MBA Brief - Last updated: 29-5-2022 - Privacy | Terms