Retention Strategy

What is a Retention Strategy?

A retention strategy is a plan companies create and use to reduce employee turnover, increase employee retention and enhance employee engagement.

Building a retention strategy helps prevent voluntary turnover as much as possible and saves businesses time and money that will go into rehiring new employees. It is much easier and cheaper to train and develop existing employees than constantly hiring new ones.

Benefits of an Effective Retention Strategy?

The prime focus of the retention strategy is to retain employees. However, effective retention strategies have many more benefits attributed to them, such as:

  • Lower employee turnover
  • Lower time and cost of hiring new employees
  • Increases employee productivity
  • Stronger work relations
  • Less work-related stress
  • Decreases chances of employee burnout
  • Promotes work-life balance

What are Some of the Effective Retention Strategies?

Here are some strategies to help you retain your top talent;

  • Investing in employees’ professional development.
  • Establishing clear-cut goals, expectations and policies.
  • Offering benefits and perks.
  • Leverage TrackoField’s employee management software
  • Creating a culture of open communication.
  • Equal distribution of work among employees.
  • Recognising and awarding employees for their good work.