Turnover is real, and it’s more common than ever. Today’s average employee has been at their job just over four years, so it’s safe to say that your grandfather’s day, when an employee would park at one company until retirement, is gone. And it’s safe to say your company can expect some turnover.

Last year, 19.3 percent of workers left a job—most of them voluntarily. So that makes the 2018 retention rate across all industries 80.7 percent: barely a B- average. How much turnover each industry can expect is different, with Utilities running higher than average retention rates, and Hospitality running lower than average. But is a low retention rate bad, and is a high retention rate good? It’s not as clear as you might think.

Low retention rates mean lots of costly turnover. It costs serious time and money to recruit a new employee and get them up to speed. But not all turnover is bad! Turnover happens naturally through retirements, promotions, and other means. So you might be “turning over” employees who are moving on to higher roles, or you might be bringing in new perspectives that keep your business fresh.

High retention rates means employees are sticking around longer. They know the company and they’re used to their jobs. But they might also be stuck in their roles. Too little turnover can lead to stagnation or employees who should have moved on long ago. Not every retained employee is an engaged or successful employee.

Either way, retention is about finding a happy balance between turnover and costs. So how can your company strike an ideal retention rate? These best practices will keep your key players on board:

• Competitive salary and benefits. Don’t just set a pay scale and walk! Salaries and benefits need to be consistently re-evaluated to ensure they are competitive, even more so in expanding industries or geographic regions. Make sure you’re paying your employees a fair market rate, and that your benefits programs are appropriate. And if you need help aligning your compensation strategy with your company’s goals, the YES! team can help you do that.
• Well-trained managers. People don’t leave jobs, they leave bosses—we have all been there. It helps to hire managers everyone can’t help but love, but beyond that, train your managers in skills like conflict management and communication. Hire managers with amazing soft skills, but also make sure they are versed in employment law so they cover all their bases.
• Growth opportunities. Some people are happy camping in the same job for decades, but most employees worth their salt will want to grow their professional influence and move up the ladder. It’s better when they are able to move up the ladder at your company! So provide the professional development, training, and mentoring employees need to meet their career goals. Offer opportunities to promote from within, or to transfer to another role or department. Once you have a great employee, you’ll want to hang on to them.
• Employee feedback implementation. If you listen closely, your employees will tell you what they need. They will always give you suggestions for improvement. And when they share problems and concerns with you, they expect you to address them. So don’t expect positive results if you ignore them! Respond to all employee grievances promptly, involving your HR and legal teams as appropriate. If you ignore employee cries for help over bullying or harassment, you can be sure that employee will quit to escape, and you might be getting your company in hot water.

Your business benefits when you know your employee retention rate and how it compares to your industry and region. If you’re below average and your company is hemorrhaging money on new hires, the above strategies can shore things up and keep key players on board. Your employees and your bottom line will thank you!