Best Practices for Hiring and Retaining Employees
It costs a lot less to retain an employee than find and train a new hire, so employee retention keeps costs down, quality of service up, and business continuity running predictably. Employee retention rate is the percentage of people who stay during a specified time period, such as a quarter or year. Employee turnover rate is the percentage of people who must be replaced during that specified time. Planned reductions, such as with software that makes employees more productive, do not count toward turnover rate.