Others are already explaining this pretty well, so far be it from me to add anything.
Far be it, perhaps, but it be not far enough to save you people. So here I go.
Radioactive decay is a physical example of exponential decay, which is a lot like exponential growth, only in the opposite direction. That’s an important difference of course, but the point is that the two behaviors are exactly the same when you reverse the direction of time for either one of them.
I mention this because many people (I suspect) are more familiar with exponential growth than decay. A bank for example might offer savings accounts with a fixed compounding interest rate of 5%. This means that if you and I open up accounts there at the same time, regardless of the amounts we put in initially, after one year we’ll each have 5% more than we started with: the amounts will multiply by a factor of 1.05. And if we leave our money in there, after another year the two amounts will again multiply by a factor of 1.05. (This assumes we make no withdrawals or deposits.)
So the relative rate of growth is a constant: +5% per year. The absolute rate of growth varies with time, because it’s proportional to the amount present at a given moment, which keeps changing.
We don’t normally do this with savings accounts, but we could compute the doubling time of the customer’s money, analogous to the half-life of radioactive materials. For an interest rate of 5%, the doubling time is about 14.2 years. At a rival bank offering 6% rates, the doubling time would be only 11.9 years. Just like the interest rate, the doubling time is fixed; its value does not depend on the amount of money.
In principle, the decay rate of radioactive elements could also be expressed as a constant percentage per year — or per millennium, per eon, per second, or whatever unit was desired. Physicists find it more convenient to use half-lives, however. The equations are more suited to that form. (An e-folding time might be a tiny bit more convenient yet, but the half-life convention seems to have stuck.)