retention: a Strategy That Works!

Retention rate is the percentage of customers or users who continue to use a product or service over a set period of time. It's a key metric for businesses because it shows how well they retain customers, employees or users. Additionally, it shows how well they do at their business.

There are many types of retention rates. The one we will focus on is college retention rate. It measures the percentage of students who return to the same college term after term and year after year. 

One might ask why retention rates are important. The following are reasons why:

• They indicate how well a business retains customers or users.

• They can help identify opportunities to improve customer service.

• They can help businesses understand what keeps customers with them.

• They can help businesses increase profits.

• They can look at employee turnover rates

There are many factors that influence retention rates. Environment, inclusivity, campus safety, and student engagement are four key factors that can greatly influence campus involvement and boost student retention. A welcoming environment ensures students from different backgrounds feel valued and at home.

There are five ways to improve retention rates. The top five key areas that have the largest impact on retention are: academic support, institutional support, financial support, peer relations, and campus culture.

It’s imperative for higher education institutions to address these challenges head-on, develop strategies to increase retention, and provide solutions that empower students to persevere.

By fostering a positive campus culture and offering robust academic support, you can address student challenges, increase student satisfaction, boost retention and lower attrition rates, and foster greater student persistence.

According to recent data from the National Student Clearinghouse, the average student retention rate at colleges in the United States is around 68.2%. This means that roughly 68.2% of first-year students return to the same institution for their second year of study. Additionally, they don’t withdraw from the institution and return term after term.

We have a model that has increased retention rates as high as 95% to 98%. There are some key areas and strategies that a team must be aware of. Some key indicators are:

• Student inactivity and/or attendance.

• Outreach at different intervals.

• Pacing strategies and check points.

• Completion in courses/terms.

• Follow-up.

This model pulls all aspects of improving retention rates together. Although the steps seem easy, there are many levels, specific intervals, and people involved in helping increase retention rates at institutions, healthcare facilities and businesses.