Employee Retention Strategies Introduction


 

Employee Retention Strategies



Employee retention is described as an organization’s capacity to prevent employee turnover, or the amount of employees who quit their employment in a specific period, either freely or involuntarily. Employee retention directly affects corporate performance and success.

Modern human resource management initiatives must retain employees. They say it all: According to Bratton & Gold (2017), replacing employees who quit their positions willingly costs firms over $1 trillion annually. High turnover affects revenue, productivity, employee experience, and knowledge retention.

To flourish, companies must retain their finest personnel. Employee retention is the aim. Employee retention refers to an organization's strategies and processes for retaining key talent. In today's world, employee retention is a major issue for companies and HR.

 

 

Bratton, J. & Gold, J., 2017. Human Resource Management: Theory and Practice. London: Palgrave.

 

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