One of the most valuable contributions a manager can make to a company is reducing the employee turnover. At one company, I cut the annual turnover by 75%. It saved the company millions of dollars, earned me a promotion, and got me the additional budget to lead the company into a new area that blew away most of our competitors.
You can reduce the cost of employee turnover by managing the employee life cycle. Read Hire, Inspire, Admire, Retire to learn what you need to do.