Some tools to increase employee retention include offering enhanced career opportunities, implementing superior employee training and development practices, providing competitive salaries with ample opportunities for promotion and creating a system where employees feel valued for their contributions. Flexibility in the work schedule is also valuable in combination with the above.
Enhanced career opportunities have as much to do with letting employees grow in their specific fields as with financial compensation. The latter is also important, however, in increasing retention, and such compensation includes not only salaries but a combination of all the benefit packages offered. Proper performance evaluations help employees know what is expected of them in relation to the development of their skills and their contributions, and it offers them a clear map of what kind of performance is required for promotion. Effective communication lets employees know how they are doing, and if it is transparent in regard to issues such as the well-being of the company, it also leads to increased trust and satisfaction.
Employees know that their contributions are valuable when they have a clear sense of their standing in the company and what the company's mission is. Employees are also most satisfied when they feel that they are supported by the company and have been given the proper resources and training to accomplish their duties.