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English definition of “retention”

retention

noun
 
 
/rɪˈtenʃən/
[U] HR, WORKPLACE the ability of a company to keep its employees and stop them from going to work somewhere else: The study found that mentoring programs have a positive impact on teachers and their retention. Health benefits are an important recruitment and retention tool. Both these organizations have improved staff retention by paying great attention to office design. Employee retention is one of the major issues confronting business today.
COMMERCE the ability of a company to keep its customers, rather than losing them to competitors: Revenue growth, in turn, is achieved by pursuing growing market segments, by finding new customers, and by improving the retention of existing customers.customer/client retention Customer retention is the key to profitable growth. The unit has a client retention rate of 85%.
[C] ACCOUNTING an amount of money that is owed to someone for doing work but that is not paid until the work has been completed in a satisfactory way: If a withheld retention is disputed, the contractor is generally entitled to adjudication.
[U] the continued use or possession of something or someone: The city has traditionally favoured the retention of space for business and employment uses, but some residences are now being built. The company denied that there were any problems with its document retention procedures.
(Definition of retention from the Cambridge Business English Dictionary © Cambridge University Press)
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