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Employee Retention
Employee retention is a process in a company where the employer makes sure that employees do not quit their jobs and they stay in the current company. Every organization has a varying retention rate that indicates the percentage of employees who remained with the organization during a fixed period. It is a popular practice followed by organizations to retain the employees through bonuses, compensations, perks, benefits, etc. The opposite of employee retention is employee turnover. Employee turnover is the number of employees who leave a company in a specific period. A company’s focus is to minimize employee turnover rate and maximize employee retention rate.
