Labor Day used to be a time when families gathered around to enjoy the last weekend of summer. Not anymore. Now days, Labor Day is the unofficial start of the year-end hiring frenzy. So what does this mean for employers? It means you better stop resting on your laurels or you may find a slew of resignation notices in your inbox.

Here's what you can do to retain your best people.

Look at your compensation packages and make adjustments accordingly. Who would have thought the day would come when you could make more money working at an amusement park, than working in a job where you are a professional? Well, that day is near. Disney recently announced they are bumping up hourly wages for their amusement park workers to $15 per hour.

Now's the time to look at your wages. Are they competitive? Or are you falling behind? Resist the temptation to increase wages by a few cents every six months and instead, go all in. This will help you retain those who are considering leaving for more money elsewhere.

Invest in your leadership team. People don't work for companies. They work for people. Crowning someone as leader, and then expecting them to know how to lead without proper training and support, will have predictable results.

Some companies send new leaders off to a one-day session on leadership that's held at their local Holiday Inn. While this may be a noble effort, it's simply not enough. New leaders greatly benefit from openly sharing their challenges and learning from one another. This is why I'm a huge proponent of group coaching. I've run these groups myself and can attest to their effectiveness. The investment required for this is significantly less than the cost of one placement fee to replace an employee, who left because of his boss.

Talk to your people. Here's an idea that won't cost you a dime. Talk to your employees. Ask them what their hopes and dreams were when they began working for your company. Follow up by asking if they still feel this way. If they say no, seek their input in terms of what you can do to change this. Then take action.

Of course, you could choose to sit back and enjoy the last days of summer. If you do, don't be surprised when an employee knocks on your office door, envelope in hand, and says, "Got a minute?"

© Matuson Consulting, 2018.

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