To be successful in business, keeping top performing employees must be the top priority. Nowadays, Employee Retention Plan is developed by smart companies in order to increase their Employee Retention Rate that will help to develop organizations with high performance. Though companies may improve in many ways but they must understand that having Employee Retention plan is a very important project; the same rules apply whether a small businesses or large corporations. On the other hand, it is easy for those companies to deliver above-average business results or beyond that if their workforce is composed of talented and experienced employees. Moreover, when developing an Employee Rate Plan, it must start with identifying one's motivation for morale, loyalty and satisfaction. On the other hand, Employee Retention Rate has many factors including overall company environment, company policies, company culture, work environment, employee development, etc. In order to have a successful Retention plan, the priority should be in formulating High Retention Workforce and on how to retain employees.
Then, create a stress-free work environment, understand employees' drives and improve their morale through giving relevant rewards, and proper recognition system in your workforce in order to motivate the top performers or even those who are not, to work hard, and opt to stay in the company. Since stressful work environment will not motivate them even if there are cash incentives given, it is not healthy for the employees and to the company as well. There are more than money. With that, surveys or Employee Satisfaction Surveys are very good tools for determining factors or issues of your employees. This will be a great help in order to identify what will satisfy them and to develop career paths for them, what are their issues and concerns and how to address them properly.
Furthermore, everyone likes to be appreciated, to have sense of belongingness and to see their contributions in the organization or company, so having achievements and recognitions are essential as well for their satisfaction. In the contrary, developing Employee Retention plan that utilizes an employee retention software must consider employees' concerns, skills, goals and interests. There should be rewards and recognition systems. In addition, training such as in- house and on the job training must be done as well for them to improvement their skills and efficiency that can help to achieve a successful business result. Do not copy others retention plan, device your own through understanding the different needs of your employee and with that, survey is the best tool to identify those in order for your plan to work perfectly in your employees.
Here is a related article you can read at https://en.wikipedia.org/wiki/Retention_Management .