As we cruise into a bull candidate driven market, there is one big concern on employer’s minds: retention.

Big companies and small companies are starting to see how the market has turned. Statistically, Monster job boards reported that 82% of surveyed employees have updated their resumes this year and 59% said they are passively looking for another role.

While compensation is always a factor in retention, it isn’t the end all. Most of the people I interview are looking for career advancement and flexible work hours. Sometimes it’s just not practical to throw more money at employees and often that isn’t what’s bugging them anyway.

Some job seekers want more of a challenge and think they are topped out in their current role. Some start looking aggressively if they aren’t connecting with their manager. People leave jobs for a variety of reasons. Retention doesn’t start after the employee tells you they are leaving, either. Retention is an ongoing, preventative, risk management process that is done constantly.

Here’s what you can do to make them want to stay:

1) Get rid of hidden agendas
There is nothing more refreshing than a boss that gives a directive and tells you why. Employees want to understand how their job fit into the bigger picture or they lose motivation.

2) Formal Mentoring Programs
Many women in today’s workforce long to get into leadership, but need a solid mentor to help them out. Junior level employees benefit from having an on staff mentor to show them the ropes. Cost effective, mentors bring maximum ROI to organizations. While I know that this sounds like one more thing on the to-do list, it’s worth the effort.

3) Map Career Path
Many companies say they are growing, but they don’t promote from within. Before taking any new job ask, “When was the last time you promoted someone from within?” Pay attention to the level of position and how often a company promotes. If you want to retain, don’t have your employees guessing what the next step is because it’s likely they will find the next role someplace that recognizes their talent and scoops them up

4) Internal Recognition
As cheesy as this sounds, there is nothing like the top executives in an organization sending an email to a well-deserved employee in regards to their performance. It allows the person to know their job matters and that what they do each day really does matter.
Don’t let your best walk away because you weren’t paying attention.

Bio:

Elizabeth Lions is an Author, Speaker and Consultant. Her private practice is in Dallas, Texas and specializes in career transition and leadership development. She is the author of two books, with a third on the way on the topic of women’s leadership. For more about her work please visit www.elizabethlions.com