What is Employee Retention ?
‘Employee Retention’ refers to the steps taken by an organization to retain its employees. Companies generally have a set of policies and practices which help them retain employees for a longer period.
When an employee joins an organization, they train them to be at par with the best in their field of work. The employee becomes an asset to the organization. However, when they decide to leave the company, all the time and effort spent on training the employee goes to waste as the employee would apply the same in another company.
Hence, to reduce this kind of loss, the companies provide additional benefits, competitive compensation packages, etc. to keep the employee engaged and loyal to the company.