It refers to the ability of the company to retain a specific employee. When an employee measures the retention status of an employee, it is called a retention rate. It refers to the percentage of the employee that stays in the company for a fixed time gap. Here’s the specific formula for calculating the retention rate.
Employee retention rate: Total number of employees – total number of workforce left / total number of employees * 100
By using various employee retention strategies, the company can ensure employee satisfaction higher rate of retention. Strategies like innovativeness, positive work environment, flexible working policies, efficient salary structure, bonuses and benefits.
