In once sense it's really simple, you value them as individuals, and treat them accordingly.

Too many businesses treat people poorly on a day to day basis ("it's just the way things are") and then try to compensate with badges, awards, vouchers, free lunch, promotion, pay, etc, etc.

All those things distract from the real issue. Value people as real people, not just bodies filling a role, and ask their opinion on things, involve them in decisions, challenge and support them to stretch and learn, achieve things together, celebrate successes, learn from problems, make work worth doing, make sure work makes a difference and they see that - that it's not just a set of habits people turn up to repeat every day.

It can be a pat on the back or getting mentioned on the intranet for good work done.
Don't take their efforts for granted and make sure people know how they can impact the performance of the business.

Communicate
Let them speak, listen to them and communicate with them. They feel they are working for the same goal as you are. 

Recognize
Recognization is very important. They should know they are being noticed what they do. 

Groom
Arrange training programs for them. Make them learn new things. 

Money
Everyone works for money. Always match the market standards. 

Reorganization and respect are very vital elements of retention. Training program that can help in employees' skills are also important.

Employees must feel that their employers respect them and will provide them with what they need to be successful in both their professional and personal lives. 

All the above answers are very good and are driving to the same overall point...which is that people want to know that the work they are doing "matters". That means that it matters to their superiors and peers on a personal level, and that it matters to the good of the company.

They also want to know that they are working for a company that stands for something and that has values that match those of the employee. So showing people how the company adds to the community or the world helps people feel part of something important and that makes them feel valued

Third, people are aiming for mastery. So helping people grow their skills shows that you think they are "worth investing in" and that makes them feel valued

Maslow's hierarchy of needs

Maslow's hierarchy of needs is a theory in psychology proposed by Abraham Maslow in his 1943 paper "A Theory of Human Motivation" in Psychological Review.

Maslow subsequently extended the idea to include his observations of humans' innate curiosity. His theories parallel many other theories of human developmental psychology, some of which focus on describing the stages of growth in humans.

Make them feel proud by recognizing their work and contribution. Also, its always good to recognize the employees in front of their family ( not only colleagues).
Also - Money. Pay them well :)

• Inspire, empower and challenge them.
• Set clear goals, hold them accountable and reward and recognize them.
• Coach, teach, train, develop and mentor them.
• Nurture, encourage and promote them.

= Serve them

First and foremost let them now how they play a part to the organizational goals.  Associates want to be a part of something and need to  know how they contribute.  Spend time with them letting them know how they are valued.

Here are a few things that have worked for me in the past when making employees feel valued:

1. Reward them in advance before taking on a new project knowing they will do a great job. An old boss of mine did this for me, something I have never forgotten.
2. Be intentional with communications. I’ve found that a big part of feeling valued occurs when employees are aware that they add value to the company that no one else can.
3. Provide learning and professional development opportunities. When you personally participate in your employees’ learning and professional growth, you show you believe in them and want to help prepare them for their future success even if this means they eventually leave your organization for another after they gain the new knowledge. You never know when you might be working for one of them.

Good staff communication is essential to business success.

At the most basic level, employees who don't know what's expected of them seldom perform to their potential. "You can tie back almost every employee issue -- attendance, morale, performance, and productivity -- to communication,"

Companies that communicate effectively are far more likely than companies that don't to report high levels of "employee engagement" and lower levels of turnover.

And yet, human nature being what it is, workplace communication is rarely adequate -- and could almost always be better. The good news is that you don't have to be an extrovert, or even particularly nurturing, to foster healthy communication at your company. You simply need the will to improve it.

Mostly, you need to be honest, show respect to employees, and work on building trust, without which employees tend to put up a filter and what you say doesn't matter.

Successful communication is a two-way street. If management is doing all the talking, employees tend to tune out. What's more, the people doing the real work of the company often have the best suggestions for improving it and are often the first to see danger approaching.

People are the most important tool in a Company's arsenal even above the product, if you can spot the potential in your people either an individual or a team then you can develop a positive result on your bottom line.