Quick Answer: What Does A Retention Mean?

What is a retention charge?

Retention is a percentage (often 5%) of the amount certified as due to the contractor on an interim certificate, that is deducted from the amount due and retained by the client.

The purpose of retention is to ensure that the contractor properly completes the activities required of them under the contract..

What is the purpose of retention money?

Retentions are used in the construction industry as a means to secure obligations under a construction contract and ensure defects are remediated. Retentions represent an amount deducted and withheld from each progress payment made to a contractor or subcontractor.

What is retention policy?

A retention policy (also called a ‘schedule’) is a key part of the lifecycle of a record. It describes how long a business needs to keep a piece of information (record), where it’s stored and how to dispose of the record when its time.

What does retention mean in science?

retention. 1. The persistent keeping within the body of matters normally excreted.

What is another word for retention?

In this page you can discover 21 synonyms, antonyms, idiomatic expressions, and related words for retention, like: reservation, remembrance, withholding, holding, recall, maintenance, recognition, detention, recollection, custody and preservation.

Why customer retention is so important?

You spend a lot of time, effort and money acquiring new customers. Customer retention means keeping those customers you’ve already worked hard to acquire. It means creating repeat customers who will happily buy from you again and again.

What are the types of retention?

We came up with five different types of retention….Full retention. … Classic retention. … Rolling retention. … Return retention. … Bracket-dependent return retention.

How do you retain employees?

If your company is finding this situation challenging, here are ten tips we propose for how to retain employees:Make Day 60 as Important as Day One (Onboarding)Optimize Your Benefits.Give Your Employees Flexibility With Their Schedules.Recognize Your Employees’ Hard Work.Make Professional Development a Top Priority.More items…•

How do you retain customers?

Offer customer service “surprises” … Set customer expectations. … Build trust through relationships. … Use automation to re-engage customers. … Improve KPIs around customer service. … Leverage customer feedback surveys. … Develop a frequent communication calendar. … Overdeliver on your promise.More items…

What does the word retention mean?

noun. the act of retaining. the state of being retained. the power to retain; capacity for retaining. the act or power of remembering things; memory.

What is a good retention rate?

For most industries, average eight-week retention is below 20 percent. For products in the media or finance industry, an eight-week retention rate over 25 percent is considered elite. For the SaaS and e-commerce industries, over 35 percent retention is considered elite.

What does it mean to have a high retention rate?

A high retention rate signals that students are succeeding at the college…. The freshman retention rate is the percentage of freshman students who return to the same college for their sophomore year.

What does possible retention mean?

The term “retention” in regards to school means repeating an academic year of school. … Grade retention is the opposite of social promotion, in which children continue with their age peers regardless of academic performance.

What is retention power?

You can use retention to mean the ability to keep or hold. If you have extraordinary powers of retention, you remember everything you hear or learn.

What does retention mean in a job?

Employee retention refers to the ability of an organization to retain its employees. … However, many consider employee retention as relating to the efforts by which employers attempt to retain the employees in their workforce. In this sense, retention becomes the strategies rather than the outcome.

What is the difference between retain and retention?

In context|obsolete|lang=en terms the difference between retention and retain. is that retention is (obsolete) a place of custody or confinement while retain is (obsolete) to belong; to pertain.

What is the retention process?

The customer retention definition in marketing is the process of engaging existing customers to continue buying products or services from your business. It’s different from customer acquisition or lead generation because you’ve already converted the customer at least once.

What are the best retention strategies?

7 Great Employee Retention StrategiesSalary And Benefits Must Be Competitive. … Hire The Right Person At The Start. … Reduce Employee Pain. … Have Leaders, Not Bosses. … Keep An Eye On Your Managers. … Make Employee Engagement Possible. … Be A Brand They Can Be Proud Of.