Turnover is a symptom, not a problem. Change your mantra from “attract and retain the best employees” to “attract and re-recruit the best employees.” By re-recruiting employees you build their commitment. Retention will follow, when appropriate. Focusing on turnover can be counterproductive, focusing managers on the wrong things.
We split a cohort of managers of a large business organization, and later a large government agency, in half. Half the managers were asked to identify the steps they would take to retain a valued worker. The other half were asked to identify the steps they would take to elicit commitment from a valued worker. The two groups came back with very different action steps.
The managers who were asked to identify ways to retain workers came back with action steps like “increase salary” and “change his or her title.” These are small changes, with little payoff. They may keep an employee in a company for a couple of months, but they will not hold an employee for long, and little productivity will be gained. The managers we asked to identify ways to elicit commitment proposed deeper and more individualized action steps, like “find out what challenges make him or her tick” and “provide opportunities for learning on the job.”