What Is Employee Retention Rate?
Employee Retention is the ability of a company to retain its employees. Employee Retention Rate is the percentage of employees staying with any organization during a specific period. The higher the retention rate the better.
HR managers of big companies seek the best talent to fill their positions. Retaining these employees by satisfying them in their jobs is very important.
Regular checks on retention rate will help you take the necessary steps to retain(hold) the qualified and trained staff to your organization.
Formula:
Enter Data in the fields below to instantly Calculate Employee Retention Rate
No. of Employees at the beginning of the year
No. of Employees who joined at the beginning still working for the company
Yearly Retention Rate
Employee Retention Rate Calculator in Excel Can be downloaded here
Things To Increase Employee Retention
- Recognize the work of your employees. If he/she does something good appreciate them. A simple rule is applied what you give comes back. In return, your employees will respect you and encourage the employee to impress you more by providing good quality work.
- Being a boss is good but not all the time. Asking them about their weekend plans or how was their weekend was; about their holidays. Let them know you recognize that they too have a life outside the four walls of the office.
- Celebrating their birthdays, anniversaries or any important event of their life which you know or have been told about. Give them a treat or a card on those events, Giving them holiday cards or some presents makes them feel cared for and they think the workplace as their second family.
- Launch incentive schemes to encourage them. This will work as a boost to them and will give you great productivity.
- Keep your promises related to pay hikes, incentives or any such thing. Failing to do so might have adverse effects on your team.
- Be a good listener. Apart from work, when they come and talk to you about something, be patient and listen to them. Don’t act like listening and but listening. They know it well and will create an adverse effect.
- Include them into your important discussion. Sometimes, great things come from them too. Something that is of value but isn’t isn’t in your mind.