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Derek makes a great point. The biggest gains in compensation come from moving up via promotions or upward reclassifications rather than from annual increases in the same job. People also greatly need to feel they are progressing steadily along their career trajectory; so since everyone wants to "move up", they will choose whether to seek it HERE or at some other employer.

Why lose talent to a competitive rival who benefits from your lost investment? Instead, use inexpensive but powerful recognition as a binding force. Public praise and more challenging assignments encourage your key contributors to remain on board where their potential is openly valued and thus likely to be rewarded. No temptation to roam if home is satisfying.

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