RETENTION STRATEGY

Retention Strategy

The set of planned actions and initiatives designed to retain employees within an organization is called A retention strategy. The primary goal of a retention strategy is to minimize turnover and maintain a stable, committed workforce or customer base.

Why is it necessary to retain employees?

High turnover leads to increased costs as hiring and training new employees is expensive
New hires require time to learn and adjust, impacting overall productivity and efficiency.
When experienced employees leave, they take their valuable knowledge and expertise with them.
High turnover can create a sense of instability and anxiety among remaining employees, affecting morale and motivation.
A reputation for high turnover can lead to a damaged employer brand.