Employee turnover is costly and counterproductive. In order to remain
competitive, companies must make every effort to retain their top talent. It is
important to remember that nothing can get done without first-rate employees,
and that a company’s staff should be viewed as its most important asset. So how
can companies retain top talent and ensure success? The answer is deceptively
simple—managers must empower their employees. First and foremost, this means
they must be compensated fairly. High-quality workers will quickly seek
employment elsewhere if they feel they are not valued. Next, it is critical to
provide staff with an effective working environment, meaning that they must
have the resources they need to pursue their ambitions, including higher levels
of training. This way, employees can feel a sense of ownership in a company’s
overall success and remain attached to and engaged with their various projects.
Empowerment from a management perspective also means making a real effort to
respect the personal lives of employees. Practices such as offering flex time, work-from-home days, and readily available personal time are all becoming
increasingly important in retaining high-level employees.