Retention strategy

Posted in Human Resources Terms, Total Reads: 1065

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.

Browse the definition and meaning of more terms similar to Retention strategy. The Management Dictionary covers over 7000 business concepts from 6 categories.

Search & Explore : Management Dictionary

Share this Page on: