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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 noun from the Cambridge Business English Dictionary © Cambridge University Press)
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