Knowing how to retain talent is just as important as knowing how to attract it. In today's competitive job market, companies wonder how to make their employees want to stay. While attractive pay and perks such as free snacks is important, these are rarely the only factors.

According to recent employee retention statistics, culture, work-life balance and career development are responsible for 69 % of departures. Let's take a look at some of the main considerations affecting whether workers stay with their companies or not.

The fundamentals of staff retention

Fair compensation and benefits may not be the only thing an employee considers when deciding whether to stay or leave, but let's face it, it's hard to keep staff who know they're being paid below market rates or getting inadequate benefits.

Another major factor is work-life balance. People want to be able to get their work done and also have enough time to enjoy other activities that make life worth living. Sending employees late night messages and constantly assigning tasks after hours and at weekends is a sure way of causing burnout - and ultimately losing staff. Employers wanting to improve work-life balance among their workers should offer flexible work arrangements and respect employees' time off. This not only reduces burnout, it also increases loyalty.

Employees stay where leaders recognise their contributions. Bonuses, 'Employee of the Month' awards and professional development rewards can go a long way in making workers feel valued. But sometimes a timely 'Well done! You nailed the project!' can motivate employees just as much as formal recognition.

Career development is another key reason for staying with a company. Without growth prospects, sooner or later employees will look elsewhere. Training and mentorship programmes, upskilling to help workers adapt to evolving industry demands, moves into new roles that broaden employees' skills, and clear career plans are all strategies demonstrating to employees that their professional growth is supported.

For many workers, the values a company upholds are much more important than salary. When their personal values align with their employer's goals, the pride and sense of belonging they feel can outweigh offers of higher compensation from other companies. But talk is cheap. To earn employee loyalty, these shared values have to be visible in the day-to-day running of the company.

A healthy work environment based on trust, respect, collaboration and inclusivity among peers can be a strong reason to stay. Employers can build a positive workplace culture by organising team-building activities, giving employees the opportunity to share their ideas and making sure every employee - no matter their gender, ethnicity or socioeconomic background - feels that they belong.

Ultimately, it's all about good leadership - communicating openly, recognising employees' contributions and showing that you genuinely care. Who wouldn't want to remain with a company where they are valued, respected and treated fairly?