Retention (2024)

FAQs

What is a good retention? ›

What Is a Good Employee Retention Rate? Currently, employee retention rates in the U.S. average around 90 percent and vary by industry. Generally speaking, a good retention rate ranges 90 percent or higher.

Employee retention refers to the strategies organizations use to prevent employees from leaving. It's crucial to maintain a high retention rate, as high turnover can be costly and impact team morale. Effective retention involves competitive benefits, a positive work environment, and growth opportunities.

Although most educational and psychological research confirms that grade retention is rarely a positive intervention, there are some children that do better if they are retained. For these students, retention is both necessary and beneficial.

On average, a 40-20-10 profile is considered good retention ‒ 40% retention on Day 1, 20% retention on Day 7, and 10% retention on Day 30. But depending on the genre of the game, good retention rates may vary. According to Gameanalytics, the average Day 1 retention rate is 25%.

Industry Benchmarks

While the average hovers around 20% 90-day retention, it's best to aim for 25% or higher depending on your industry.

Your ideal CRR depends on your industry. However, as a general rule, 35% to 84% is considered a good retention rate.

By building an engagement strategy on the four pillars: well-being, company culture, training and development, and recognition, and powering it with modern technology, employers can improve their recruitment and retention rates.

What are the three R's of employee retention? ›

To address this challenge effectively, organizations need to focus on the 3 R's" of employee retention: Respect, Recognize, and Reward.

A retention strategy is a plan organizations create and use to reduce employee turnover, prevent attrition, increase retention, and foster employee engagement. While some turnover is inevitable, building a retention strategy to prevent as much voluntary turnover as possible can save an organization time and money.

High retention reduces lost knowledge, hiring expenses, and missed revenue opportunities. It amplifies workers' contributions, allowing you to make the most of the talent you have. And retention drives better performance and improved business outcomes over the long term while delighting your clients and customers.

This is written as a percentage of total customers who remained with the brand throughout the time period. For example, if your app starts the month with 100 users and ends the month with 80, your app's retention rate would be 80%.