Employee retention starts with providing fair compensation and benefits, but it doesn’t end there by any means. You can improve employee loyalty by concentrating on these four areas:

1. Performance objectives.

Employees want to do a good job, and they want to know how they need to improve. Don’t keep them in the dark. Let them know how they’re doing, how their contributions affect the organization, and how their efforts can lead to advancement and career opportunities.

2. Communication.

Talk to your people as much as possible. Listen to their ideas and opinions. Conduct surveys to solicit their feedback—and act on what they tell you. Remember that the goal of communication isn’t to listen passively but to let employees know you value their contributions.

3. Loyalty.

You show your loyalty to employees by standing up for their interests. Be sure to provide the resources they need to do their jobs. Find out what they need to know from your upper management. Share information, even if it’s bad news, to show you trust their judgment and professionalism.

4. Competitive advantage.

Everyone wants to work for a winner. The better your organization is at achieving its goals, the better your employees will feel about working for you. Just remember that maintaining a good reputation in your industry and community can be as important to your workforce as financial success.