Retaining your best management talent is critical for the long-term success of any business. Before a replacement can be recruited and hired, the costs can easily exceed a year's salary. Additionally the lack of leadership within the departing manager's work group creates a sense of uncertainty and indecision. Things are kept waiting until the "new boss" arrives.

Although there are many areas that can help keep your best managers, listed below are three tips that a company can focus upon to reduce the attrition rate of its management team.

Provide Career Growth Opportunities

Managers are interested in understanding what career paths are available and how their present position will develop them for future promotions. Also discuss what lateral career moves he should consider and how it can make him more valuable within the company. It is vitally important to share the company's strategic vision with a manager.Let him know how his job fits in the big picture.

Offer Leadership Training

Most managers were first promoted due to their technical skills, however, to be an effective manager they need to develop leadership skills. This will enable them to lead their team or work group. Areas such as "motivating employees", "setting goals and objectives", and "performance feedback" are just some of the training that is necessary. Don't assume he will develop on his own.

Provide Leadership training opportunities to keep your best people.

Foster Work/Life Balance

At some companies, managers are the first to arrive and the last to leave the office. They spend extraordinary amounts of time away from their families. Many times missing important family events such as their children ball games, special occasions such as birthdays and anniversaries, or canceling vacation. Sometimes these can'tbe avoided .

Whatever the cause, the extra hours put a strain on their family relationships. However, there some things that a smart company can do to help balance work and life.

  • Use technology to substitute for physical presence. In this day of laptop computers, I-phones, and video conferencing, a lot of work can be done away from the office. I personally complete a lot of my work after my kids are tucked in at night.
  • Don't schedule important meetings close to the end of the day. Some companies have core hours for routine meetings that don't start too early and don't end too late. Sometimes it is unavoidable, but with effort is can be done.
  • Allow flexible schedules. Some companies use the popular 9-8-0 schedules where alternate Fridays are taken off. Others allow personnel to come in an hour later or leave an hour early without permission. After all, most managers are on salary so it does not cost any extra.
  • Encourage your managers to effectively delegate tasks that someone else can do. They should focus on the more strategic areas and trust their staff with the tactical ones.

In these tough economic times, retention of management talent is crucial for your business's success. Putting some effort towards implementing these tips are a good first step towards keeping your manager team's attrition rate low and your business profitable.