Employee retention is an integral part of a successful business. It means that the company’s existing employees stay with the organization for longer periods of time, creating stability and consistency within the team. A high employee retention rate equates to lower costs of recruitment, better customer service outcomes and greater staff morale. Employee retention also allows companies to capitalize on the skills, knowledge, and experience that its workers bring to the workplace; leading to increased productivity and innovation. Simply put, it is essential for businesses to have great employee retention rates if they want to achieve their goals.