Invest in employee growth opportunities

When it comes to the reasons people leave their professions, money is rarely the primary drive. According to Facebook's engagement survey results, people were leaving because of their jobs and roles. "Managers may play a big influence in developing inspiring, meaningful occupations," the authors wrote in a Harvard Business Review article. The best go out of their way to assist people in doing work they enjoy, even if it means rotating them out of roles where they thrive."

A lack of career progression chances is another major reason why individuals leave their jobs. "Obviously, professional progression needs to happen faster," Mulligan says, "since 68% of firms see their highest turnover sometime within a new employee's first 12 months on the job."

One employee retention approach for retaining ambitious employees is to provide more "in-role growth chances" so they may advance faster. Mulligan suggests, for example, dividing entry-level positions into six positions rather than two or three. Employees can progress by a level every six months instead of waiting two to three years. Salary hikes and new titles do not always accompany each role level.