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Employee retention is the ability of an organization to retain its employees and ensure sustainability. Employee retention can be represented by a simple statistic (for example, a retention rate of 80% usually indicates that an organization kept 80% of its employees in a given period).
In 1993, Schmidt et al. proposed a bridge between the pre-existing concept of 'job satisfaction' and employee engagement with the definition: "an employee's involvement with, commitment to, and satisfaction with work. Employee engagement is a part of employee retention."
Here, motivation is seen as key to keeping employees highly productive. This includes employee benefits, performance appraisals, and rewards. Employee benefits, appraisals, and rewards are all encouragements to bring forward the best employees. Maintenance: involves keeping the employees' commitment and loyalty to the organization.
“You can’t do great work unless you’re taken care of,” Beth Schmidt, the network’s vice president of human resources, said. “I believe we do a great job of taking care of our employees.”
To determine the Best Workplaces in Retail, Great Place to Work analyzed surveys of more than 1.3 million employees.
High morale will cause employees to put in extra effort, find ways to work more efficiently, and do higher quality work. [6] An employer with a well-known track record of high morale among employees is also much more likely to attract and retain high talent employees. High morale provides a competitive edge in good times and bad.