In simple words, it is when a company can retain its employees. Hiring them is just the beginning you should keep them satisfied to avoid turnover costs.
People like to feel that they are succeeding and their efforts are shown in accomplishing the organization’ goals.
So Employers and HR department should set retention strategies that maintain Employees such as wage increases or package benefits (tangible & intangible).
So providing them a life insurance, health insurance, and a high retirement-savings plan is essential to make them feel secure. Also, they want to work in a good environment with fixable time which means that you are Appreciate their own life too.
Motivate workers by competition and incentives and rewards, these kind of motivation systems make them excited and focused on their roles, and promote them when it is possible, will make them have a clear view of career path.
Provide time for employees to learn new skills from manager, it’ll increase friendly environment in the organization, and make a 2 ways of communication between employees and management
And finally another idea will improve your effort extremely which is conducting a stay- interview instead of exit interview, this aim to know what will make your worker happy? What would he/she need to improve productivity? Why have you stayed? Or what would make you leave? Use all of these answers to improve your employee retention strategies.