One of the most expensive costs companies have to face is employee turnover. Not only is it expensive to replace a departing employee, but it also affects the morale of the rest of the team. These are seven ways you can keep your employees happy.
Understand It’s Not Just About Money
Money is an important factor; you can’t pay someone 50% of their market value and expect them to be happy. But, money is not everything. People want to learn, be part of something bigger than themselves and they want recognition. If your employees are unhappy and you think paying them more will solve the problem, think again.

Learn to Say “Thank You”
A simple “thank you” can go a long way. Call your best employees and thank them for being so good at what they do. Show them how their work has contributed to the company achievements and thank them for it.

Use Positive Talk
Instead of saying, “This report is wrong”, try saying, “Thank you for finishing this report so fast. Let me show you how you can make it better next time.” Do you see the difference? You’re focusing on how it can be done better, not how wrong it is now.

Make Congratulations Public and Reprimands Private
Have you ever been recognized by your boss in a room full of people and everyone started applauding your performance? It feels great, doesn’t it? Do the same thing for your employees.
If they screw up, call them into your office, tell them what they did wrong and how they can do it better next time. There’s no need to embarrass them in front of others.

Pay Attention
Get out of your own little world and pay attention to the people around you. If someone looks depressed, ask her what’s going on and how you can help. Care about your people and they’ll care about you.

Be Flexible
If someone is more productive working from their home, let them. If someone wants to come in and leave an hour later, let them. Different people achieve their maximum potential in different conditions.

Make Them Feel Part of Your Project
Share your company goals with your team. Explain to them how what they do fits into the plan. Show them how their work impacts the bottom line. Someone who has to fill out spreadsheets eight hours a day for four months will be a lot more motivated if he can see that those spreadsheets are part of a presentation that will get the company a few million dollars in external financing.

Allow Yourself to Be Vulnerable
Some bosses feel that they need to yell all the time and be mean so other people respect them. They feel that if they show themselves as vulnerable, they’ll lose the respect of their subordinates. This isn’t true. When you’re going through a tough moment, talk to your employees and let them know what’s happening. They’ll be able to support you, they might even help you and they’ll appreciate your honesty.

Lead with the Example
Do you ask your employees not to abuse the company credit card and that’s exactly what you do? Do you ask them not to be late and you’re late yourself? Your employees are always watching you; show them that you’re a great leader and put your actions where your mouth is.
Help Them
Most managers think, “What can my employees do for me?” I encourage you to think, “What can I do for my employees?” Take them out for lunch and ask them about their goals. Maybe they want to learn a business skill and you can mentor them. Maybe they’re trying to get into school and you can write a recommendation letter for them. Ask, listen and help.