Retention strategy

Posted in Human Resource Terms, Total Reads: 930

Definition: Retention strategy

Retention strategy is a strategy involved in retaining an employee at work and often denotes his/her loyalty. While companies incur huge costs in hiring employees, they often incur more on retaining/ losing them.

Hence, it becomes crucial to adopt policies to retain the workforce to maintain productivity.

Eg:  Offering customized benefits package that matches the employee’s requirements, small incentives for crossing milestones, employee connect/development etc often provide means to retain employee motivation and dedication to firm.

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