While many people may immediately associate employee retention with perks like nap lounges and massive bonuses – there’s much more to it than that.

As researchers define it, “Effective employee retention is a systematic effort by employers to create and foster an environment that encourages current employees to remain employed by having policies and practices in place that address their diverse needs. A strong retention strategy becomes a powerful recruitment tool. Retention of key employees is critical to the long-term health and success of any organization.