What is retention strategy?
A retention strategy is developed by every company, regardless of the turnover rate or the condition of the team. This is necessary because the concept of "retention" includes not only extreme measures used when an employee leaves, such as trying to increase their salary, give additional bonuses, citing improvements in the future etc. The strategy is a more complex scheme which allows HR specialists to work through all possible options to improve the employee's life path, so that the employee does not think about leaving in the first place.
The employee retention strategy focuses on the period from hiring to leaving, and serves the purpose of making that departure only voluntary, remaining in mutual favor between employer and employee. This includes financial issues such as wage reviews, cash benefits, bonuses and other compensation, insurance issues, intangible benefits and flexible policies regarding working conditions and maintaining a balance between the workplace and personal affairs.