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With the unemployment rates rising and downsizing at every corner, preserving top talent should be the focus for several companies.  The question really comes down to how do you retain top talent?  We have taken a close look at several companies and based on our findings…it all starts with the foundation.  Here is the break down:

• New Hires and Orientations – bring new hires into your current environment is the beginning of retaining your top talent.   Why?  Because selecting the wrong person or someone that does not fit within your company culture creates turnover.   The other part of your hiring process is the orientation…this process helps to acclimate new employees into the work environment and develops a better understand of company culture.
• Improved Communications – Communications?  YES!  Making sure employees understand the chain of command and the process needed for conflict resolution is clearly an important step.  Too often employees feel that they do not have anyone to turn to for conflict resolution.  The result is employee frustration, diminishing morale, and low company loyalty. 
• Better Management – Being the boss does not always mean your right!  Sorry buddy but the truth hurts!  You may be the fearless leader, but true managers understand that listening to employee concerns and developing a strong line of communication improves production and retention.  Too many times, the line worker sees ways to improve the job or job function….but too many times they never get the opportunity to discuss this with their immediate managers.   So what happens?  The employee seeks employment with other companies that embrace employee communication and empowerment. 
• Better Accountability – So your company is experiencing turnover….from where and by whom?  In other words…what department has turnover?  What is the manager doing to improve the retention?  Nine times out of ten its usually the manager creating a difficult environment.   So who is accountable for the turnover?  What plans do you have in place to help reduce this issue?

These are some key points that we have discovered can and are effecting your turnover.  Remember that high turnover is a heavy cost for any company.  To lose one employee represents about 1 and 1/2 times this persons salary.  So multiple the number of employees you have lost in 12 months by 1.5 of their salary.   And the result…your losses.