Employee retention

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Employee Retention

Employee retention (pronunciation: /ɪmˈplɔɪ.iː riːˈten.ʃən/) refers to the ability of an organization or company to retain its employees. Employee retention strategies are critical to the management of an organization because they help maintain a stable workforce and reduce turnover costs.

Etymology

The term "employee retention" is derived from the English words "employee" (a person employed for wages or salary) and "retention" (the continued possession, use, or control of something). The concept has been in use since the industrial revolution when businesses started to focus on keeping their skilled workers.

Related Terms

  • Turnover: This is the opposite of employee retention. It refers to the number or percentage of workers who leave an organization and are replaced by new employees.
  • Job satisfaction: This is a key factor in employee retention. It refers to the level of contentment an employee feels towards their job.
  • Employee engagement: This is a measure of an employee's emotional commitment and involvement in their work, which significantly impacts employee retention.
  • Employee loyalty: This refers to an employee's devoted attachment to their organization. High employee loyalty often leads to better employee retention.
  • Work-life balance: This is the balance that an individual needs between time allocated for work and other aspects of life. It is a crucial factor in employee retention.

Strategies for Employee Retention

There are several strategies that organizations can employ to improve their employee retention rates. These include:

External links

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