Here’s another term that indicates a fundamental aspect of the location of each company: retention

What is retention ?

Literally, retention means “conservation”, “maintenance”. This term can have a double meaning: one related to company-consumer, the other reported that between the company and its employees. Let’s see then the two meanings.

First meaning : Customer retention

The customer retention is the set of practices through which a company ensures that its clients stay with it, in other words, it is the maintenance of constant exchange relationships with them over the long term to retain the client. A good strategy for customer retention begins with the fact that the organization establishes first contact with the customer and continues throughout the duration of the relationship.

The key point of the ability to attract and retain customers is not only the validity of its core business , ie the products or services offered by the company – which must of course be satisfactory – but also in the reputation of the ‘ organization within the market.

The customer retention means much more than give customers what they expect: it is rather to exceed their expectations, so they become loyal brand advocates.

The key to succeeding in this is to offer customers a high standard of customer service, offering them such a great service telemarketing.  It proved that customer retention has a direct impact on profit: loyal customers generate 1.7 times more gain compared to ordinary customers ( Research by John Fleming and Jim Asplund ).

Second meaning: Employee retention

Another key issue for companies is to attract, retain and encourage the presence of talent within its staff. What’s in fact more valuable than a good team, motivated and satisfied?

The quality of the projects assigned, the possibilities for advancement, incentives (not only at the level of pay), the serenity of the business climate, the quality of relationships between employees, the alignment between corporate culture and personal example become key factors for ability to retain talent and resources.

The indicators to be used to monitor the presence of retention in a company might be:

• Role of the individual within the company (in terms of the degree of authority, perception of esteem, career opportunities, membership of common objectives)
• Corporate culture (spirit of cooperation, the level of corporate communication)
• Relationship with superiors (in terms of the degree of fairness and respect, support level)
• Training program
• Benefits (in terms of wages, rewards, intangible benefits,)
• Work environment and job characteristics (in terms of adequacy of the workplace, stress level and variety of the job)

According to Michael Page Global HR Barometer 2013, important research in human resources,retention is at the heart of corporate strategies: 93% of companies surveyed are looking for methods of retention for its employees (focusing on training, balance between work and private life and economic benefits). Here you will find an interesting infographic summary of the research.

Ultimately, you have to give space to the value of human resources.