What are attrition and retention?

Question

Accepted Answer

Attrition is the rate at which employees leave a company, while retention is the ability of a company to keep its employees.

Attrition refers to the natural turnover of employees in a company.
Retention is the ability of a company to retain its employees by providing a positive work environment, growth opportunities, and competitive benefits.
Attrition can be measured by calculating the percentage of employees who leave the company within a specific period.
Retention strategies include offering career development programs, competitive salaries, and a supportive company culture.
High attrition rates can lead to increased recruitment costs and loss of institutional knowledge.
Examples of attrition include employees leaving for better job opportunities or retirement, while retention efforts may involve implementing flexible work arrangements or recognition programs.

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