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:

Communicate

Keep your employees well informed about what is going on within your organization, both the good news and the bad.

Educate

Provide your employees the opportunities to improve themselves and their skills.

Compensate

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.

Motivate

Provide good leadership with managers who care and willingly share their vision for the organization.

Accommodate

Be a part of the family, listen to and respond to the special needs and requests of your employees.

Accelerates

Promote when ready, rather than by a dictated schedule. Reward instantly, rather than once a year.

Terminate

Provide developmental supports, but get rid of non-performers quickly. It will boost the morale of the rest of the team.

Celebrate

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.