What is a Retention Strategy?
Retention strategy is a plan that organizations develop and execute to reduce employee turnover, increase employee retention, improve employee experience, and foster employee engagement. Building a retention strategy can help in preventing voluntary turnover which can save a lot of time and money.
Benefits of having a retention strategy
- Reduces turnover
- Lowers hiring costs
- Increases employee productivity
- Improves employee satisfaction
- Develops stronger work relationships
- Reduces work-related stress