It’s not just about the money. Certainly, your employees want to be well compensated for what they do. But a good salary can only go so far. Instilling passion and encouraging deep loyalty are sometimes equally important. Keeping employees engaged is the best way to avoid costly turn-over and help your bottom line.

Dr. Lillian Eby, an associate professor of psychology at a major American university says mentoring can be a powerful tool in employee retention. She adds, ““A key benefit of mentoring is retention. Turnover costs can be staggering. That’s one reason why organizations include mentoring programs as part of their business objectives.” A happy employee means better business! (For more of Dr. Eby’s insights, check out this article)

Here are ten great ways to retain employees and mentor them at the same time.

1. Keep them informed. Sharing as much information as you can helps employees feel valued and gives them a vested interest in the success of the company.

2. Whenever you can, include your employees in the decisions you make. They may understand an issue better than the boss. Use their ideas and share credit generously.

3. Give employees everything they need to do their jobs. Just as the marketplace can change, so can your employees’ needs. Ask them directly, what do you need to better do your job? Once they have told you, make sure you make it happen.

4. Encourage employees to learn new skills and take on new challenges. No one likes to sit still for too long. Growth and cross-training are vital elements of worker loyalty.

5. Acknowledge success. Take time to celebrate when an employee performs particularly well. This encourages others to work toward a higher standard.