Paint an engaging company vision, and show employees how they benefit from that vision. It is very important that the employee's contribution and reward in relation to the overall vision of the organization are clear. Just having a clear company vision without showing the benefits of that vision to the employee is a fairly common mistake. Give regular feedback. Feedback and the recognition of excelling and growing talent are very powerful retention tools.
Data shows that regular dialogue on performance issues is a major contributor to employee retention.
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