As the job market starts to improve, business owners can anticipate an uptick in employee turnover. With more job opportunities available, how can you not expect your employees to weigh the field?

While such a prospect bodes well for the wider economy, many companies, particularly small ones, will suffer the costly and talent-draining issue of high turnover. According to The Wall Street Journal, it can cost more than twice an employee's salary to find and train a replacement. So to preempt such a scenario, consider these pointers for building both retention rates and employee morale.

Be reasonable with compensation

Sure, payroll may be your most costly budget item, but never forget why that is. You should strive to understand the relationship between employee engagement and compensation, including salary, benefits and even workplace perks like free coffee.

"Work with human resources to get current data on industry pay packages, and get creative when necessary with benefits, flexible work schedules and bonus structures," the WSJ suggests.

Hire the right people from the start

Even if you're growing rapidly, you can't afford to be hasty with your recruiting and hiring practices. Implement an extensive interview process to gauge a candidate's various work habits, personality traits and social skills. As much as you may be able to develop talent in-house, there are certain characteristics - patience, amicability, creativity - which come ready packaged.

Encourage positivity wherever possible

Negativity is contagious, and it needs to be stomped out wherever possible. Managers should reinforce good work with recognition and address employee concerns directly. Awards, acknowledgement and praise are cost-effective ways to maintain a happy and productive workforce.

"Simple emails of praise at the completion of a project, monthly memos outlining achievements of your team to the wider division, and peer-recognition programs are all ways to inject some positive feedback into a workforce," the Journal adds. "Also, consider reporting accomplishments up the chain. A thank you note to the employee is good. Copying higher-ups makes that note even more effective."

Engage, engage, engage

Rewarding work is the key to maintaining and building employee engagement. Workers also need social interaction, as well as the respect and recognition of managers. A challenging position with room to grow is the cherry on top.