Retention

What is Retention?

Retention is the ability of a company to keep its customers or employees over time, preventing them from leaving for competitors or seeking new opportunities. High retention rates indicate strong customer loyalty or employee satisfaction, while low retention can signal issues with the product, service, or workplace environment.

Ways to Improve Retention

• Enhance Customer Experience: Provide exceptional support and value to customers.
• Offer Competitive Compensation: Attract and retain employees with fair wages and benefits.
• Build a Positive Workplace Culture: Foster an environment where employees feel valued and engaged.

Related Terms and Concepts

Churn rate, customer loyalty, employee engagement, lifetime value (LTV)