Employee retention is the organizational goal of keeping talented employees and reducing turnover by fostering a positive work atmosphere to promote engagement, showing appreciation to employees, and providing competitive pay and benefits and healthy worklife balance. Where accountbased marketing fits in the customer retention. Global journal of management and business research. Retention strategies is a complete howto book to help you implement a sound retention strategy for todays workplace. You can complete the definition of information retention given by the english definition dictionary with other english dictionaries. General retention is the right to withhold or detain the property of another, in respect of any debt which happens to be due by the proprietor to the person who has the custody. The term is from jerry b harveys book the abilene paradox and other. Retention definition illustrated guide to business terms. Please note that this table should only be used as a guide. Books knowledge management matters strategic databased wisdom social roots. Retention payment means an amount equal to the retention factor, multiplied by the sum of. According to the business dictionary, employee retention refers to an effort by a business to. This approach involves data classification, architecture for appropriate tiered storage, and solutions related to business. In the modern business world, the companies can succeed or fail almost over night.
Retention of talented workforce is the most crucial issue business sectors are faced with today as a result of brain drain. He emphasized the importance of language output in incidental learning. Managing retention by engaging employees in a case. Retention definition of retention by oxford dictionary. Effective employee retention is a systematic effort by employers to create and foster an environment that encourages current employees to remain employed by having policies and practices in place that address their diverse needs. Retention form definition of retention form by the free. Retention of clients or money is the process of ensuring that a policyholder remains a customer of the insurer or that money to be paid out remains in the insurers accounts. We use cookies to enhance your experience on our website, including to provide targeted advertising and track usage. Bachelor thesis within business administration 15 hp. Many researchers approached employee retention using a group of individual factors such as employee motivation 4, job satisfaction 1, and organizational culture 5. You should consult with your attorney and insurance carrier when establishing a record retention policy. Microsoft word a definition of business retention and expansion author. However, the study analyzed retention on the basis of individual factors basis. Pdf the impact of recognition on retention of good.
Talent has become the driving force for business success. Sample record retention periods are included herein. Links to this dictionary or to single translations are very welcome. Employee retention refers to all those practices which let the employees stick to an organization for a longer time. Customer retention is not only a cost effective a nd pr ofitable strategy, bu t i n todays business world it is necessar y. Dictionary of business and management oxford reference. Every company and industry has a varying retention rate, which indicates the percentage of employees who remained with the organization during a fixed period. Dictionary of computer and internet terms words r us computer. English part, where he will find a definition, whenever it was practicable, or. Learning document retention and data management definition. Retention is, in fact, a winwin deal for both parties the employer and the employee. Business registration the requirement of each person or business providing.
The act of retaining or the condition of being retained. For example, if your business mails people new pens every month for a yearly fee and you currently have 100 customers. Several 2019 reports highlighted that retention is becoming a significant concern for u. The goal of customer retention programs is to help companies retain as many customers as possible, often through customer loyalty and brand loyalty initiatives. Endurance of behaviors which have been learned or acquired when the behavior is not being utilized. Pdf documents the length of time that a pdf file should be retained should be based upon the content of the file and the category under the various sections of. You can also see the customer retention meaning in tamil. Increasing the insurance companys product range increases client loyalty and client retention. A prototype of an instrument to be employed in a legal transaction or a judicial proceeding that includes the primary essential matters, the appropriate technical phrases or terms, and any additional material required to render it officially accurate, arranged in suitable and systematic order, and conducive to adaptation to the circumstances of the particular case. Retentional meaning best 2 definitions of retentional. More information contains translations by tu chemnitz and mr honeys business dictionary germanenglish. From wikipedia, the free encyclopedia customer retention refers to the ability of a company or product to retain its customers over some specified period. Technically, business analytics is a compound noun and one would expect its meaning to be anchored in the two independent concepts of. State government 2015, employee retention is a systematic effort to create and foster an environment that encourages employees to remain employed by having.
Search information retention and thousands of other words in english definition and synonym dictionary from reverso. The acquisition of knowledge, its retention, and measurable learning will all be greatly enhanced through careful and thoughtful utilization of true experiential learning concepts. You can complete the list of synonyms of information retention given by the english thesaurus dictionary with other english dictionaries. Dictionary form in decoding, encoding and retention. The acquisition of knowledge, its retention, and measurable learning will all be greatly enhanced through careful and thoughtful utilization of. The practice of requiring a student to repeat a class or a year of school because of insufficient educational progress to advance. Customer retention refers to the ability of a company or product to retain its customers over some specified period. However, more than three decades ago, alexander astin identified the dropout concept as a problem in his book predicting academic performance in college 1971. Special retention is the right of withholding or retaining property of goods which are in ones possession under a contract, till indemnified for the labor or money expended on them. A companys main intent when planning those strategies is to minimize employee turnover, in other words, the number of employees that leave a company during a certain period. Pdf documents the length of time that a pdf file should be retained should be based upon the content of the file and the category under the various sections of this policy.
Late middle english denoting the power to retain something. Employee retention is the overall strategy or ability of an organisation to retain its best employees and hence maintain a lower turnover. Retention definition of retention by merriamwebster. Definition of retention written for english language learners from the merriamwebster learners dictionary with audio pronunciations, usage examples, and countnoncount noun labels. Join william joseph for an indepth discussion in this video, definition of document retention, part of learning document retention and data management. Selective retention occurs when an individual remembers only those aspects of the message perceived as being necessary to the receiver.
Retention definition and meaning collins english dictionary. Defining the world of work now is not type of challenging means. Retention is an extremely important concept in business and covers a wide range of subjects. Glossary of terminology and definitions for business and management. Human resources, employee retention, job satisfaction, literature. Shaun sutner, news director employee retention is the organizational goal of keeping talented employees and reducing turnover by fostering a positive work atmosphere to promote engagement, showing appreciation to employees, and providing competitive pay and benefits and healthy worklife balance.
Retention definition of retention by the free dictionary. The three biggest factors affected by retention are. High customer retention means customers of the product or business tend to return to, continue to buy or in some other way not defect to another product or business, or to nonuse entirely. May 15, 2020 employee retention is the overall strategy or ability of an organisation to retain its best employees and hence maintain a lower turnover. Employee retention strategies are practices an organization follows to retain its staff e. Meaning, pronunciation, picture, example sentences, grammar, usage notes, synonyms and more. Definition, factors, importance, statistics, and examples. Definition of retention noun in oxford advanced learners dictionary. Records retention guidelines 7 years following disposition,termination, or pay off please note that this table should only be used as a guide.
Aggregate the dollar amount of reinsurance coverage during one specified period, usually 12 months, for all reinsurance losses sustained under a treaty during such period. The right of retention is of two kinds, namely, special or general. Why employee retention should be on your radar in 2020. Retention definition for englishlanguage learners from.
This is the concept of keeping an existing customer continuing to use your service or purchase your product. Knowledge management km definitions john girard, ph. A high level of customer retention means the business is doing well. A strong retention strategy becomes a powerful recruitment tool. Retention definition in the cambridge english dictionary. Employee retention means efforts of business organizations to maintain a working environment which supports current staff in remaining with the company. Employee retention is ranked as the second most important business priority, right after recruiting highly skilled talent. However, unlike in study 1, dictionary form proved to have no significant effect on reception, production or the retention of meaning and. Pdf the impact of recognition on retention of good talent. Stock exchange chiefly to replace manual systems with electronic processes. Two influential senators have argued for the retention of the unpopular tax. Apr 11, 2021 it will help to demystify terms such as bear hugs, whitegrey knights, cashcows and churning strongly recommendedtesthis wideranging and authoritative dictionary contains 7,000 entries covering all areas of business and management, including marketing, organizational behaviour, business strategy, law, and taxation. Englishgerman online dictionary developed to help you share your knowledge with others. Wikipedia, lexilogos, oxford, cambridge, chambers harrap, wordreference, collins lexibase dictionaries, merriam webster.
Retention legal definition of retention legal dictionary. This is especially t rue when you re m ember that 80% of sales co me. For example, if your business mails people new pens every month for a. Many employee retention policies are aimed at addressing the various needs of the employees to enhance their job satisfaction and reduce the costs involved in hiring and training new staff. For many years i resisted offering a definition for knowledge management. An organisation is able to achieve this by adopting various employee retention programs. Jun 25, 2015 a definition of customer retention customer retention refers to the activities and actions companies and organizations take to reduce the number of customer defections. Employee retention strategies an empirical research. Employee retention techniques go a long way in motivating the employees for them to enjoy their work and avoid changing jobs frequently. The right which the possessor of a movable has, of holding the same until he shall be satisfied for his claim either against such movable or the owner of it. Contains translations by tu chemnitz and mr honeys business dictionary germanenglish.
Retention meaning in the cambridge english dictionary. The dictionary covers terminology relating to crime and the criminal justice. Verbs for retention include retain, retained, retainest, retaineth, retaining and retains. Employee retention is and should be one of the main focus areas of the human resources department in any organization. Download our employee retention ebook to learn how to keep your most valued. It seems simplistic that retention and dropout are just purely opposites. Mar 11, 2021 retention countable and uncountable, plural retentions the act of retaining or something retained. Getting the books the ultimate business dictionary. The number of learners or students who progress from one part of an educational program to the next. Retention definition of retention by oxford dictionary on. May 27, 2020 retention is defined as the process by which a company ensures that its employees dont quit their jobs. A sound retention strategy results in lower staff turnover rates, which means. Definition negligent retention a type of employmentrelated claim in which a plaintiff asserts that an employer failed to discharge an employee who management knew, or should have known, had a propensity toward violence, sexual harassment, or dishonesty. Reduced costs to the company, higher revenues and profitability, more productive staff and increased work morale.
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