A study came up with the surprising finding: If you're loosing good people, look to their immediate supervisors. More than any other single reason, he is the reason people stay and thrive in organization. And he's the reason why they quit, talking their knowledge, experience and contacts with them. Often, straight to the competition.
"People leave managers not companies" write the authors Marcus Buckinggham and Curt Coffman " So much money has been thrown at the challenges of keeping good people-in the form of better pay, better perks and better training-when in the end, turnover is mostly a manager issue."
If you have a turnover problem, look first to your managers and supervisors.
Beyond a point, an employee's primary need has less to do with money, and more to do with how he's treated and how valued he feels. Much depends directly on the immediate manager.