The trend of job-hopping has continued to grow as more millennials enter the workforce. In a recovering economy, changing jobs frequently no longer carries the stigma it once did. The problem is that the increased turnover of employees is costly for businesses. Based on a study, it costs about 21 percent of an employee’s salary to replace them when they leave. Today, it’s smart business to develop your own retention strategy. Here are some takeaways learned from six case studies with businesses who have seen success with their strategies.

Case Study #1 – Netflix

In the case of Netflix, the company learned more focus is needed on an applicant’s character during the hiring process, rather than skills and experience. Having skills with building a great team is more important as to whether a manager is a star performer within the company. Employees should be treated like adults; therefore, Netflix trusts them to do the right thing for their company.

Case Study #2 - Whole Foods

Companies like Whole Foods have excelled with their values-driven culture that is behind their impressive retention stats. Having a set of core values that resonate with employees helps retain them. When employees feel like they have a sense of purpose when they know their voices are heard. Empowering your workers in decision-making processes and doing away with bureaucratic hierarchies creates a culture of ownership. Instead of expecting employees to conform to what is expected to be the ideal professional self, encourage employees to be their actual selves.

Case Study #3 - Clif Bar & Company

Clif Bar & Company maintains a 97 percent retention rate thanks to its culture of ownership where employees are invested in the success of the company. Clif's set of core values referred to as the five aspirations include:

  1. Clif’s people
  2. Business
  3. Brands
  4. Community
  5. Planet

Clif realizes their people are your its most important asset. By investing in their personal development, they are making an investment in the future health of their company. Leadership sets the tone and employees are more willing to follow leaders who are willing to walk the walk with their employees.

Case Study #4 - Scopely

A study by the Harvard Business Review found that employees are most likely to quit as they approach the one-year mark at their job. Gaming studio Scopely celebrates and has fun with recognizing employee milestones to keep them engaged. They also know the importance of allowing employees to fail because of failure’s important role in their company’s growth process.

Case Study #5 – Big Spaceship

Big Spaceship has stripped away corporate norms and behaviors and takes a “humans are humans” approach to work. This company attracts top talent that sticks around for a long time. They believe that employee autonomy encourages not only productivity and efficiency but leads to their employees caring more about their work. And they don’t forget to have fun at work either.

Case Study #6 - Amazon

The study of Amazon despite their success, actually shows companies what they shouldn’t do when building a successful retention strategy. An article in the New York Times exposed the company’s viciously competitive culture, which was depicted as a factor in the company’s high employee churn rate. The takeaway from this case study is that a culture where fear and mistrust exist is a culture that will lead to a high rate of employee turnover. Instead, it is better to create a culture of cooperation where employees do not have to fear being sabotaged by coworkers.