A new year always brings exciting new goals, opportunities and challenges for manging workforce and talent. The best names in the industries always bank on happy and experienced employees. That's why they implement high impact and cost-effective strategies to retain their employees. Employee turnover has negative impact on an organisation in terms of financial and industrial competitiveness. The reason behind that is recruitment, hiring and training a replacement employee coupled with overtime in which teams had to work to compensate for the loss is much costlier than retaining one individual in long term.As high paying jobs are hard to come by this year, we've looked into 5 critical factors that can impact employee retention and how to minimize turnover.

This popular perk has been gradually speeding in the wake of improving work-life balance. Employees these days need more time to spend with their families, friends and or just to relax. Flexible work offerings such as telecommuting, flexible scheduling and even breaks during work hours has been found to result in increased productivity and performance. By giving employees the power to take greater control over their work-life balances, companies can make employees happier and come to work a fresh mind every.

These interconnectedfactors are considered as one of the key elements to employee longevity at the company. Every employee at an organisation should have their efforts recognised irrespective of age and type of work. This leads to greater self identification within the organisation and promotes commitment to work. Recognition and rewards can be given in variety of ways by managers and peers to acknowledge and appreciate efforts and achievement of colleagues. Non-monetary forms of appreciation from team members and work acknowledgement from managers can help make employees understand that their efforts were fruitful and enjoy their jobs.