5. Culture is the Glue That Binds Businesses Together

Good bosses define opportunities for their workforces not only in the current year, but also one or two years out, Russell said.

Businesses that highlight what workers' long-term futures could look like at the company and how the organization can raise them up stand a much better chance of retaining talent, according to Cuthbert.

Companies should have a strong enough culture that employees have no reason to jump to a competitor of roughly the same size that offers roughly the same salary, Russell said.

"Your only hope is culture," Russell said. "You've got to get the person engaged."