Glossary of Employee Recognition, Total Rewards, and Company Culture Terms
Employee retention refers to a company's ability to keep its employees from leaving their jobs. It is a critical factor in maintaining a stable workforce and avoiding the high costs associated with turnover. Retaining talented and engaged employees is essential to achieving long-term business success.
Total rewards can be intimidating—but Awardco makes it easy to build culture, drive behavior, and recognize the good around you. Learn more about how we help enhance your total rewards today.Get a Demo
A few key factors influence employee retention and turnover:
Companies that focus on these aspects will see their retention numbers rise, while those who only do the bare minimum will struggle with turnover.
To increase employee retention, companies need to create a workplace where employees want to be. Consider these best practices:
By following these best practices and leveraging a platform like Awardco, companies can increase employee retention and build a more engaged and loyal workforce.