After dedicating time and energy to hiring the best people for your team, you now need to keep that talent. Retaining hardworking, productive employees could very well be the critical component to the success of your business.

Quality employees do more than get tasks done quickly and efficiently. They also play a big part in customer satisfaction and increased revenues. Failing to retain a good employee creates a chain effect that can wreak havoc on your organization.

Additionally, losing skilled workers will cost you money. Millennial turnover costs a staggering $30.5 billion annually in the US. Think about that number carefully and consider that in every conversation we have, without fail, the “Great Eight,” as we like to call them, are critical to employee morale and retention.

1. Offer Fair Benefits

Competitive benefits that serve the needs of your employees can do wonders to make them stay. For example, companies can provide employees comprehensive health insurance as well as retirement and saving plans.

Additional benefits make employees feel special. For example, you can provide flexible working hours or allow people to work from home. You can also give employees other benefits such as free laundry pick-up and delivery, daycare, gym memberships to promote health and wellness. As inconsequential as they may seem, I can assure you they make a huge difference and ultimately increase company loyalty.

2. Define Their Job

To retain good employees, people need to understand their job descriptions fully. If changes have occurred, let them know as soon as possible. Be transparent, direct, and explain “the why.” Please do not, and I repeat, do not expect anyone to adapt without adequate instruction. Communication is essential to disperse important information. Remember, it is nearly impossible for employees to satisfy management if they do not know what is expected.

3. Be a Good Mentor

One of the most effective strategies to retain great workers is to establish a mentor program. Mentors can give employees a new perspective on dealing with tasks and issues and can be a conduit or outlet for championing company culture. Furthermore, an excellent mentoring program helps people feel like they belong to a closely-knit, cohesive group.

4. Pay Well

Companies must offer “competitive market conditions” compensation in today’s competitive employment market, including a robust paid time-off plan. But, frankly, times have changed. In every Retention Training class we conduct, we consistently hear that employees seek a much better work-life balance than ever before.

5. Recognize Their Efforts

Giving your employees special attention increases their self-worth and helps to make them feel valued. It also tells them that the organization appreciates their work.

Verbal praise is great, but it is often not enough. On the other hand, not paying attention to employees can create worker retention and team morale problems.

I suggest considering a reward system to incentivize workers. Programs like this do not have to be extravagant. Remember, people want to feel valued and appreciated. The key here is to be fair and consistent in how to earn rewards and how and when to celebrate.

6. Do Not Micromanage

Micromanaging is one of the worst things that a boss or leader can do. In my experience, one who exhibits the traits of a micromanager is usually either insecure in their abilities or is more interested in self-promotion than results. Take heed in sharing the spotlight. People follow leaders who create and foster environments of growth through independence. Ultimately, people want the opportunity to grow professionally and barking orders simply because you can do much more harm than good.

Your need for perfection might be driving you to micromanage. However, it would be best if you trusted that your employees could do their jobs effectively. All you need to do is set goals, monitor progress, and have clear conversations regarding accountability.

7. Provide Training

Employees want to improve their skills. As a leader, it is your job to make employees feel they are both learning and growing. Training is vital to satisfy the needs of employees and ensure a workforce that is prepared for tomorrow’s opportunities.

Although it might seem expensive and your employees might miss work time during sessions, ultimately, providing ongoing training is well worth the time and resources allocated. Employers who equip their workers with necessary training will notice improved performance because training provides workers with a better understanding of how to complete their tasks effectively. Additionally, this will also improve their confidence level and morale, as well as address their weaknesses.

8. Value Your Employees

Many employers become so busy hiring new and emerging talent that they overlook the brilliance of their present team. Keep in mind that your employees should be valued as people and not just as workers. A high employee turnover is every company’s nightmare. Not only does it require time and expense, but it also causes stress.

The demand for talented workers has never been higher, making retaining qualified workers as critical as ever.