Another key factor was opportunities for development coupled with career counseling, mentoring, on site workshops, voluntary transfers and tuition reimbursement. This was coupled with performance management systems that balanced financial and non-financial measures such as quality, customer satisfaction, and innovation.

So it would seem that pay (in all its forms) is important to all of us, but the rest of the equation are the things that generate a sense of purpose, challenge and involvement - the main ingredient is "engagement"- the level of alignment that can be generated in the workplace. Significantly, a piecemeal approach will not be successful. What is required is an integrated or holistic approach based on the particular needs and strategies of the organisation and its people that are congruent and consistent.

In an age when attracting the best and brightest, where for some organisations their greatest asset is brainpower, the strategies discussed here are going to become increasingly critical for competitive advantage. While none of this is new and much of it common sense, implementing a retention strategy based on the principles outlined is easier said than done. We at AECorganisational consulting can assist you to become the "employer of choice" for your existing and potential employees.