With the search for top talent becoming increasingly competitive, it’s no wonder many businesses are faced with the challenge of retaining employees. The climate has significantly changed, according to a Forbes article. Employees are no longer concerned about being stigmatized for showing a resume with stints at companies lasting only one or two years.

In fact, depending upon the industry, employees who stay at the same company for more than two years will likely earn less over their lifetime — by as much as 50 percent or more, according to the same article. This is tied directly to the typically low rate of annual raises they can earn, compared to the higher amount they can demand by moving to another position.

All this raises significant challenges for a business trying to avoid the high costs of employee turnover, which not only requires the expenses of recruiting and retraining a new employee. High employee turnover also can cause a ripple effect — leading to low morale among other employees.

Here are 3 tips to help you promote a work environment that encourages your employees to commit to a long-term relationship with your company.

1. A competitive salary and benefits package. At the end of the day, even the most loyal of employees will need to weigh his options against other opportunities to determine whether or not he will stay for the long haul. Always make sure you’re offering your employees, particularly those who are the most experienced, a rate that is competitive to those in other areas. You can determine this by such factors as supply and demand for the position, seniority, skills, and geographical location. While it’s not feasible to match salaries at locations such as Los Angeles, Chicago, and New York, you definitely should be comparing the salaries offered by nearby companies. It’s also important to factor in the cost of replacing an employee when making these types of decisions. If pay raises aren’t feasible, consider other benefits that may be of more interest to the employee than salary alone — including a generous paid vacation benefit.

2. Offer performance bonuses. Another clear way to make an employee feel valued is by implementing a performance review. It’s important to keep this process as uniform as possible — to avoid the perception that one manager is more generous in giving positive feedback than, perhaps, another manager. Performance review software that clearly outlines the metrics for determining employee performance is a critical tool to incorporate into your process.

3. Provide regular training. While you may not be able to provide a tuition benefit, it’s essential to convey to your employees that you’re interested in their continual development. By investing in their growth, you’re encouraging their interest in growing with the company. Seek out different opportunities to train employees, including inviting guest speakers onsite, and paying for online courses, seminars and conferences. Develop an individualized plan for each employee based on gaps in their performance reviews.

Retaining talented employees is key to the long-term vitality of a company. By providing them a challenging work environment and investing in their long-term development, you can minimize the high costs related to employee turnovers.