What is retention?
Retention is the long-term possession of a thing. Necessarily broad, the retention definition may be used in a number of applications. In terms of workforce evaluation, retention refers to employees’ abilities to not only absorb and retain training or specialized skills, but to apply the learned skills to their job. The qualities of enduring knowledge and implementation of that knowledge define retention. A successful company’s employees typically have high levels of retention, meaning they are able to hold on to important information and use it to benefit their work.
The term may also refer to 1.) earning retention – what income a company retains after necessary payouts, or 2.) employee retention – the rate at which a company can keep consistent, long-term employees.
If you are interested in more information about retention, check out our five tips to get started to become a company that truly puts people first, based on our latest research from 500+ HR and People leaders.