A Retention Strategy is a set of initiatives, such as competitive pay or career development, designed by HR to reduce employee turnover and maintain a skilled workforce.
- What is a retention strategy?
Answer: It is a set of initiatives to reduce employee turnover. - What are examples?
Answer: Examples include bonuses, training, and flexible work options. - What are the benefits?
Answer: It saves costs, preserves knowledge, and boosts morale. - What are the challenges?
Answer: Challenges include budget and tailoring to needs. - How does HR implement it?
Answer: HR designs programs and monitors effectiveness.
