We, as professionals, can give hundreds of ideas. However, certain decisions have to originate from your Management or find acceptance by them, of your proposals and ideas to retain talent. Will they listen to you and implement your ideas and suggestions which we share here. There is a saying " The bottleneck for the bottle is always at the top". So long as there is a bottleneck present in some form or the other, there wont be free flow and acceptance of ideas and suggestions. Even the retention strategy which you may implement today, may become stale in an year's time. People expectations keep changing all the time. It is like taking bath. You need to take bath every day ! Same way, you have to keep changing the strategy. Even in top IT companies like Infosys, CTS, TCS etc. the attrition rate is around 20 to 25%. You cannot wish way. That is what the younger generation is looking for - instant gratification, faster growth and quick burnout by the time they turn the age of 40. Therefore, if you need to retain, atleast try to control attrition by a fewer numbers, you can think of providing benefits what the employees are looking for. There is something called Organisational Climate Suirvey (OCS). Such a survey will help you identify areas where you can focus on to contain attrition. That could be the starting point for your oranisation to look inwardly. From the HR point of view, one person leaving the organisation is equivalent to 3 persons joining the organisation - in terms of lead time HR requires for onboarding a new candidate, so much work is involved in screening, identifying, interviewing, and accepting a new candidate ! It is, therefore, easier to retain an existing employee than recruiting a new one.
Best wishes