As per Robert Half Technologies survey of CIO's (from June 1, 2008, CIO Magazine), here are the couple of key tools for employee retention. Increased Compensation (27%), Training & Professional development (21%), Flexible Schedules (18%), Extra Paid Time Off( 6%), Telecommuting(7%). The rest is comprised of "other", stock options etc...
In my experience, there is another important one that kind of falls in professional development (but inexpensive in terms of direct $$$ spent) which always worked for me: I make sure each of my team members works on at least one project in parallel to what is expected of their normal responsibilities. This project should be of more interest to him\her but at the same time should also help the organization to move forward by at least an inch and often will have a relaxed schedule. It is kind of a Google model but made to fit within the walls of a smaller organization.
This strategy has helped me in more than one occasion to keep things interesting among team members and thus increasing retention and loyalty.
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GigiJK, A Techie for life.
http://gigijk.com/.
http://www.linkedin.com/in/gigijk
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