There is no one-button solution to the retention problem. But there are several buttons you can push to increase your retention rate. The followings are the eight secrets of retention:
Keep your employees well informed about what is going on within your organization, both the good news and the bad.
Provide your employees the opportunities to improve themselves and their skills.
Reward your employees fairly at market competitive rates. Do not try to hire at the lowest rate possible. There are no secrets in compensation anymore, so don't pretend there are.
Provide good leadership with managers who care and willingly share their vision for the organization.
Be a part of the family, listen to and respond to the special needs and requests of your employees.
Promote when ready, rather than by a dictated schedule. Reward instantly, rather than once a year.
Provide developmental supports, but get rid of non-performers quickly. It will boost the morale of the rest of the team.
Make everyone a part of both the big and the little wins of your organization. Celebrations can create a sense of contribution and belonging, both critical aspects of a retention program.