The challenge in today's workplace comes in keeping young professionals motivated to stay in one place. This generation is becoming known for their ability to job-hop every two years to three years. With competitive job offers for a young employee, it is not only important, but also very cost effective for your company to have strategies for retaining your talented employees.

Here are 10 tips to retain talent in your business:

1. Engage your employees

-“The more engaged, the more likely they will stay,” says Molly Foley, lead consultant for Next Generation Consulting (NGC), a market research firm that helps companies become great working environments for the next generation.

- Clearly communicate what is expected and how to be successful. Repeating expectations is a good thing and lets employees see their potential and value in your company.

2.   Don't just recruit talent … retain talent

-Foley says, “Put as many resources in retaining talent as you do in recruiting talent.”

-You put in a lot of time, energy and resources when it comes to recruiting your employees, but don't drop the pursuit once you seal the deal. Continue to invest in your employees.

3.   Develop an internal employee brand

- Foley says it is important to “develop an ‘employee brand' your talent can buy into.”

This is a new trend hitting businesses across the country. As your employees buy into the company message, so will your customers. Not only is it cost-effective, but can also improve the motivation of your employees to make your business more successful.

4.   Encourage development

- Your employees have a desire to develop in their field, so help them. Create opportunities for them to advance and grow, reaching new levels in your company.

-Motivational opportunities to excel may be in the form of a new or better position, increased pay rate and bonus.

-If employees do not see their skills developed, don't expect them to stick around in the long run.

5.   Three P's—Pay, Perks and Pats on the Back

-“It's not all about the salary," Foley says. Retaining your employee's talent for the long haul means implementing the other two Ps:

-Perks are a great way to attract an employee and keep them motivated. Perks can be set up as goals, giving employees opportunities to excel and develop.

- Pats on the back mean celebrate. One of the easiest ways for employees to lose motivation is when they feel their work is going unnoticed. A simple “Thank you for your good work on …” can go a long way. Do not be afraid to publically congratulate an employee. Not only will public recognition encourage and motivate the employee, but it will also entice others to do good work as well.

6.   Be a strong manager

- “NGC research shows the No. 1 reason people leave jobs is due to bad management,” Foley says.

 -Strong management is the backbone of a strong company. Don't take your employees for granted, but share your vision with them. Lead by example with the qualities you want to see in your employees. For example, integrity breeds integrity.

7.   Be intentional about relationships

- Be personal. Your employees need to have a sense of belonging. An employee is less likely to leave if they have developed a personal relationship with you and fellow workers. Are you initiating conversations with your employees that go beyond their current assignment?

- Develop trust with your employees and be in the know. Are you aware what your employees consider valuable in working for you? What are their contributing factors to stay with you?

8.   Consider your employees in decision-making

- Do not be afraid to bring in an employee for opinion. They need to know you value what they think. Not only will employee satisfaction be higher, but also you will gain insight for later decisions.

- “The biggest mistakes business leaders make is assuming that because their actions make sense to them, those actions will also make sense to everyone else in their organization,” says Rebecca Ryan, founder of NGC. “Most often, leaders need to communicate a lot more than they do about decisions that impact people's work.”

-Ryan says it is “extra credit” if:

“You create a staff advisory board of young employees whom you meet with regularly, to help you think through key decisions, ID opportunities for greater employee engagement, etc.”

“You talk with your high potential, younger employees about their careers, and tell them how much you value them. Also ask, ‘What would get you to leave our company?' That way, you're opening the conversation to what they need. Most often, it's not monetary.”

9.   Reduce Stress

-Do you have a stressful work environment? One of the top reasons employees leave is due to stress between managing work and home life. To avoid burnout, keep listening and adapting as needed. How can you accommodate your workers? Are you giving them an adequate break time in their day? Are you approachable if someone has a problem?

10.   Have an exit plan

- In the case an employee does leave your business, conduct an exit interview. They may be open to discuss ways to improve or change your workplace. It is important to get feedback, because in return you may be able to prevent another valued employee from leaving. After all, it will cost you more to fill their spot. Not only in pay, but also in time invested.

As you are intentional about implementing these tips into your workplace, your company morale will go up as your bottom line goes down. “The cost of hiring and training a new employee can vary from 25 percent to 200 percent of annual compensation,” says the American Management Association. So, keep your employees and improve your business from the inside out.

Rebecca Ryan is the founder of NGC and author of Live First, Work Second. Molly Foley is a lead consultant and oversees NGC's Next Leaders services. For more information, visit http://nextgenerationconsulting.com.