Whether you are staffing a brand new startup or working hard to meet a deadline, hiring the right people matters more than you know. But hiring those great workers is only the beginning of the process, and convincing them to stay is often an even bigger challenge.

From the smallest startups to the largest Fortune 500 companies, employee turnover is a costly problem, one that human resources departments, hiring managers and others must struggle to overcome. Replacing a hard worker is never an easy thing to do, and the costs of recruitment, resume review and interviewing can really add up. If you want to avoid those unnecessary expenses, start by using these easy steps designed to keep those great workers where they are.

Tip #1

Hire the right people. Any good employee retention program starts with hiring the right people. If you want the employees you bring onboard to stay, you need to ensure they are a good fit for the company culture, so fine tuning your recruitment and hiring processes should be the first course of action.

Tip #2

Cut your losses quickly if you make a hiring mistake. Even the best recruitment and hiring process will break down sometimes, and it’s important to address the situation as quickly as possible. Hiring someone who is a bad fit for your organization does not have to be a fatal blow, but the longer they stick around, the more damage they are likely to do.

Tip #3

Foster an environment of openness, teamwork and cooperation. Employees who feel like they are part of a team are far less likely to leave than their less engaged counterparts, so seek out ways to create a welcoming environment for all your new hires.

Tip #4

Invest in proper training. Throwing a new hire into an unfamiliar environment and expecting them to perform is a recipe for disaster – and for rapid turnover. If you want your employees to be successful for the long term, you need to invest in the right training regimen. It may be more expensive up front, but proper training will pay big dividends down the line by reducing costly turnover and improving employee retention rates.

Tip #5

Offer flexibility. A good work/life balance is an essential part of modern workplace culture, and building flexibility into your operations is a great way to keep the best workers onboard. Offering flexible working arrangements like telecommuting and job sharing will go a long way in reducing costly turnover.

Tip #6

Take your exit interviews seriously. When an employee decides to leave, it is easy to treat the exit interview as a mere formality, but this final meeting is a golden opportunity, one you cannot afford to pass up. Soon-to-be former employees may be more forthcoming on their way out the door, so listen to what they have to say and carry those lessons forward as you fine tune your hiring policies.

Tip #7

Recognize individual and group achievements. Everyone deserves to be rewarded for their efforts, and that recognition is good for morale and employee retention. Find small ways to recognize the achievements of your staff, from plaques and certificates to pizza parties and gift cards for local shops and restaurants.

Tip #8

Research compensation in your industry and make the necessary adjustments. Even if your pay and benefits packages were competitive a few years ago, that may no longer be the case. Do your homework to make sure what you are offering is still at or above the industry average.

Tip #9

Work to create a good corporate culture. Pay and benefits are not the only things prospective employees look at when choosing an employer. Workers also want to know that their efforts will be rewarded, and that the corporate culture fosters creativity, teamwork and individual efforts.

Tip #10

Create opportunities for growth. Giving employees a chance to advance their education and qualify for promotions is important, not only for the future of your business but for keeping your turnover rate low as well. Offering tuition reimbursement, giving workers time off to attend live and virtual classes, and discussing paths to promotion can all help you keep your superstars where they are.

Employee turnover costs businesses millions of dollars in increased hiring costs, lost productivity and more, and every firm needs to take these costs seriously. Whether your company employs 10 people, 100 people or many thousands, the tips listed above can help reduce costly turnover and enhance employee satisfaction.