employee retention

Definition

An effort by a business to maintain a working environment which supports current staff in remaining with the company. Many employee retention policies are aimed at addressing the various needs of employees to enhance their job satisfaction and reduce the substantial costs involved in hiring and training new staff.

Use employee retention in a sentence

  • Fast food restaurants such as Burger King usually have a low employee retention rate because people are more often willing to leave low paying jobs than high ones.

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  • With the cost to recruit and train new employees growing year after year many companies are working on creative ways to increase employee retention to keep their most talent workers,

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  • You need to always keep a good working environment to ensure that you always have a high employee retention rate.

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Notable Quotes

  • How do you keep the help happy?
    "What's Google worth without its super-geeks? Goldman Sachs without its number crunchers (and their golden Rolodexes)? The local bar without old Jim manning the tap? Not much, which is why attracting and retaining talent is critical to so many businesses. For starters, that means crafting the right benefits package. Starbucks sets a fairly high standard: Health benefits are available to any Starbucks employee who works at least 20 hours a week and has been with the company for more than 90 days."
    - Brett Nelson

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