Retention rate or Employee retention rate is basically the ability of organizations to retain employees. When employee retention is measured, it is called employee retention rate. The employee retention rate is mostly indicated as a statistic; the percentage of employees that remain in an organization for a fixed period. The decision of an employee depends a lot on the employer and the strategies of the employer to retain employees.
Employee retention rate formula
Employee Retention Rate = Total number of employees – Total number of employees left / Total number of employees * 100
There are several employee retention strategies followed by organizations to make sure that employees stay happy and satisfied at work. The strategies involve company culture, policies, salary structure, benefits, bonuses, office perks, etc.