What’s worse is that many organizations aren’t acting fast enough to stop talented employees from leaving. Despite the high cost of employee turnover, many employers simply accept that “it is what it is” instead of working to better understand their employees—and the evidence is clear.

In the most competitive market in a generation, you must start to consider employee career development as a serious initiative. The longer you wait to take charge of and invest in your employees’ growth, the more your company suffers—not only from increased turnover costs, but also from a less skilled workforce and the inability to attract top talent to the company.