In fact, retaining an employee is a far cheaper alternative than hiring a new one. One CAP study found the average costs for hiring a new employee range from 16-20% of the position’s annual salary. For instance, to replace a $40,000/year manager, it would cost a company $8,000 more than simply keeping the original employee.

So, how can you combat employee turnover? By making sure workers feel valued from the beginning. Whether you’re a CEO, manager or low-level business professional, employee retention matters. Here are five ways you can appreciate employees better.

1. Check in with them.

One of the best ways to show employees you care is simply by checking in with them. Employees are more likely to feel valued when you recognize they bring something unique to the table, rather than the old homage “everyone is replaceable.” Practice having intentional conversations with employees through regular check-in opportunities. For instance, set up a monthly meeting with a team member to ask how things are going. When employees believe you genuinely see their efforts, they will feel truly appreciated.

2. Give company recognition.

Everyone loves being recognized after a hard day of work. While an “Employee of the Month” might seem old-fashioned, the practice can hold a lot of weight in making employees feel valued. Add your own spin onto an employee of the month for a more creative, company-culture recognition system. Give out a prize for the recognized employee, share a personalized note or let the employees choose the winner themselves. When it comes down to it, a little recognition goes a long way toward making employees feel valued.

3. Share public appreciation.

Similar to company recognition—but with its own unique spin— is public appreciation. This is a great opportunity not only to make employees feel valued, but also connect with customers and show the “inside” of the company. Share a public post on social media, via email or direct mail highlighting a worker’s accomplishments and thanking them for their efforts. For example, do a video series with a few different employees through Facebook Live, sharing about the work they do, asking them why they love their job and thanking them.

4. Challenge their growth.

Every job can get a little boring at times. In those moments, employees can feel overqualified and underutilized. Show employees you see potential in them by giving them challenging projects and opportunities which will help them grow their skill sets. Be aware of your employees’ unique skills and consider which projects you can assign that will help develop these talents. By giving an employee a challenging task, you tell them, “I value your work, and I trust you to do a good job with this project.”

5. Ask for feedback.

Finally, the best way to make your employees feel appreciated is by truly respecting their feedback in the company. Workers have a unique perspective in a business—a genuine insider’s look at what works well, what could be improved and what should be forgotten altogether. When meeting with employees, ask for their honest feedback on various initiatives within the company, and listen to what they have to say. If possible, implement their ideas. Then, employees will truly feel connected to the company.

When employees aren’t valued, companies can face a high turnover rate, which costs money and can leave the organization struggling. Instead, keep these tips in mind to better appreciate the employees around you, so you can establish a strong team and a growing business.