A study came up with this surprising finding early 2012 : If you're losing good people, look to their immediate supervisor. More than any other single reason, he is the reason people stay and thrive in an organization. And he's the reason why they quit, taking their knowledge, experience and contacts with them. Often, straight to the competition.
"People leave managers not companies," write the authors Marcus Buckingham and Curt Coffman. "So much money has been thrown at the challenge 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 of this depends directly on the immediate manager.