Throughout the recession and continuing even today, many employers have found themselves doing more with less. Tough times led some of them to trim their staff back so far that only the very best employees remained. Retaining those valued workers took on heightened importance as they literally became the people who were keeping the company in business.

Compensating employees during – and immediately following – a recession can be challenging, as budgets make it difficult to pay the kind of wages that will keep top performers from jumping ship. While it’s certainly true that a generous salary can help make your company an employer of choice, it’s important to remember that compensation encompasses far more than just an employee’s salary. From health insurance and gym memberships to continuing education and opportunities to participate in corporate social responsibility activities, employees consider the whole picture when evaluating if an employer is giving them what they expect.

Employees who do not feel they are being fairly compensated are far more likely to be unmotivated and unengaged. They may grow hostile or they may simply jump ship. Either way, the consequences are undesirable. Thus, it’s important to ensure that your employees are receiving satisfactory compensation, through salary, perks, and opportunities.

The key lies in finding out what your employees value. Understanding what current and potential future staff members expect is crucial if your goal is to become an employer of choice. Your first step, therefore, is to ask them. This can be accomplished through a survey or in a series of departmental or town hall meetings.

When it comes to compensation, salary is always the first thing that comes to mind. Certainly, base pay is the centerpiece of any employee’s compensation. If they don’t feel they are receiving a decent salary, employees will always be looking for better opportunities. In today’s economy, however, it’s not always possible to “up the ante” for even the most top-notch employees. Still, it’s crucial to ensure that their pay is consistent with the market, so do your research and make sure you are offering competitive pay. 

Among the most popular components of compensation are opportunities for advancement. Few employees want to stay in the same position throughout their entire careers, so make sure you offer plenty of opportunities to move into new and exciting positions. Devise a system of career pathing so employees can easily see that they have a future with your company. Whenever possible, give employees access to continuing education, whether online, at company headquarters, or through a local college or university.

Studies have shown that employees place a high value on intangibles, oftentimes an even higher value than they place on base salary or benefits. These include interesting and challenging work; recognition and acknowledgement; a positive working environment; and a sense of job security. Remarkably, it is not hard to provide these factors to employees. Chances are you have already planted the necessary seeds. Now you simply need to tend to them and watch them grow.

When selecting a major, students would be wise to choose something they love. That way, the subject will hold their interest not only through their four years of study, but throughout their career. However, many individuals take earning potential and job security into consideration, especially in today’s tough economy. After all, who wants to emerge from college with a heavy student loan debt, but little chance of finding a decent-paying job?

According to the Los Angeles Times, the most sought-after degrees among today’s employers include anything business-related: management, marketing, and finance, for example. Popular career options for business majors include marketing manager or human resources professional. If a top-notch salary is your key motivator, you should look to highly technical fields – specifically, anything engineering-related.

Using data from Payscale.com, Money College compiled the following list of the highest-paying college degrees:

1. Engineering – From aerospace, chemical, and civil to computer, electrical, mechanical, industrial, and environmental, fields of study within the engineering discipline are seemingly endless. With an average first year salary of $59,000 and average mid-career earnings of $101,000, they are also quite lucrative.

2. Economics – Many students steer clear of economics because they are concerned they would be bored to tears with statistics and math. While econ majors spend a great deal of time studying those two subjects, they also learn about a wide range of subjects, including social science, psychology, political science, and history. Average starting salary stands at $50,000 with a mid-career salary rivaling that of engineers at $101,000.

3. Physics – Many students use physics as a “springboard major” into careers in science, engineering, or education. Career options include high school science teacher, lab technician, computer programmer, or meteorologist. Physics grads typically start out earning $51,000 with a mid-career potential of $98,800.

4. Computer Science – A degree in computer science puts a new grad in a great position to move into a high-paying IT career. Their options don’t end there, however. They can also work as software designers, start-up company partners, or freelance computer programmers. Average starting salary is $56,400 with mid-career earnings of $97,400.

5. Statistics – If crunching numbers and analyzing data is your forte, a degree in statistics may be ideal for you. Statisticians work on everything from business applications to marketing campaigns to political strategies. No need to analyze their paychecks. They are great, with entry-level positions averaging $48,600. They have the potential to earn $94,500 by mid-career.

6. Biochemistry – Work as lab technicians, analytical chemists, and research assistants awaits biochemistry grads. Some students choose to continue their students and earn medical degrees. Average starting salary is $41,700 with mid-career earnings of $94,200.

7. Mathematics – A degree in mathematics opens the door to a wide range of fields, such as banking, finance, computing services, insurance, industry, or education. First-year paychecks typically add up to $47,000 with a mid-career average of $93,600.

8. Construction Management – If you’ve always longer to oversee a construction project from beginning to end, a degree in construction management may be for you. You can expect to start out earning $53,400 and reach $89,600 by mid-career.

9. Information Systems – This major is perfect for those students who feel a connection to both business practices and the world of computer science. Your earning potential would be strong, starting at $51,400 and reaching $87,000 by mid-career.

10. Geology – Students of geology learn about the physical and chemical processes of the earth’s atmospheric, oceanic, and land systems. After graduation, they are well-positioned to help organizations and governments make smart environmental choices, while pocketing a respected salary: $45,000 to start and $84,200 at mid-career.

As the economy continues to recover, the threat of great employees jumping ship for other opportunities becomes all the more real. Increasingly, valued employees are no longer clinging for dear life to the jobs they’ve held throughout the recession. New opportunities beckon – and they are far more likely to answer the call. 

According to a recent survey by the Society for Human Resource Management (SHRM), 56 percent of HR professionals expect to see higher turnover rates as the economy grows stronger. Asked why they would begin searching for a new job, 53 percent of managerial and executive employees replied better compensation and benefits; 35 percent cited dissatisfaction with their potential career development in their current jobs; and 32 percent said they were simply ready for a new experience.

You can avoid a mass exodus of top talent by taking the necessary steps to retain and develop those people who have kept your business afloat these past few years. The secret lies in keeping them engaged, fulfilled, and confident in their ability to do the job.

Here are some strategies for retaining and developing top talent: 

• Offer a competitive salary.
• Offer a competitive benefits package, including life insurance, disability insurance, vacation, and holiday benefits.
• Listen to employees. Allow them ample opportunities to share their feedback and ideas. Pay attention and carefully consider what they are telling you.
• Provide frequent feedback. Praise outstanding performance and effort. If possible, link pay to performance.
• Always make sure employees have a thorough understanding with regard to goals, roles, and responsibilities. Communicate your expectations with them regularly and encourage them to ask questions if anything is unclear.
• Provide opportunities for people to share their knowledge with colleagues.
• Offer tuition reimbursement.
• Make work fun. Sponsor costume days at Halloween and decorate the workplace for Christmas, Valentine’s Day, and other holidays. Have Casual Fridays and cookouts in the summer.
• Provide opportunities for career advancement. Encourage people to participate in cross-training initiatives so they will be qualified for a number of openings within the company. Give them opportunities for challenging assignments designed to “stretch” them professionally.
• Encourage work/life balance. Allow for flexible work hours, when possible.
• Involve employees in decisions that affect their work life.
• Practice corporate social responsibility. Sponsor work days during which employees devote their time to worthy causes (on your dime).

The time to start employing these strategies is now, even if your retention numbers still look good. Don’t wait to take action until half your employees have jumped ship. Once that happens, chances are the other half is already open to other possibilities.

Forget everything you’ve heard about employees valuing raises above all else. It turns out most workers actually prize opportunities for advancement over greater compensation. 

A recent survey by Right Management, a subsidiary of ManPowerGroup, found that job seekers’ number one priority is the opportunity for advancement. When asked, “What is your highest priority in your next position?,” 27 percent of respondents cited a greater opportunity for advancement. Other responses included better management team (21 percent); more flexible work environment (21 percent); better compensation (17 percent); and less work pressure (14 percent). 

This is not a new trend. A survey conducted a decade ago byTMPWorldwide Inc. found that advancement opportunities were considered the greatest driver of employee satisfaction even then. From entry level to the management ranks, advancement opportunities trumped everything else. Interestingly, female respondents were more likely to cite advancement opportunities. (So much for men being more determined to climb the corporate ladder!) Men still considered a competitive salary to be a job’s most important attribute. 

Michael Haid, Right Management’s senior vice president for talent management, says his company’s findings mean that employees recognize that raises and bonuses may be few and far between in the current economy and that workers are willing to accept other recognition for their efforts. Afraid to jump ship, they feel trapped and cling to their current jobs, negatively impacting engagement. All the while, they long for opportunities, even within the same organization. 

Savvy employers will interpret the results as a signal that more attention should be paid to career pathing. It can also be beneficial to shuffle work teams, engage in cross-team training, and vary employees’ responsibilities. You may wish to use the annual review process to open a dialogue about growth and advancement opportunities. 

Whatever you do, endeavor to demonstrate a strong commitment to career development and counter the pervasive sense of career stagnation that can set in during economic tough times. Even as the economy remains shaky, those workers who don’t see a clear career path will be less likely to go above and beyond and give their all to the organization. 

As the recovery progresses and hiring picks up again, your best workers are more likely to jump ship if they don’t see opportunities to advance where they are currently. So take advantage of these findings and identify ways you can help your workers to advance within the organization. It won’t cost you much and it will go a lot further than raises in terms of engaging the workforce.

Internships are a proverbial win-win for students and employers alike. Students gain valuable work experience, while employers get to “try out” potential future employees while gaining some positive on-campus PR. Yet the question of whether interns should be paid has been pondered for decades. While more than half of companies offer some sort of salary or stipend for their interns, some believe that the experience, coupled with earned college credits, should be pay enough. Others argue that fairly compensating an intern results in a more positive experience for the student, a definite plus if the employer decides to pursue them as a potential future employee.

In recent years, the debate over intern compensation has heated up, thanks in part to a scathing BBC expose and editorials in prominent business magazines across multiple continents. Specifically, there is growing concern that expecting students to not only work for free, but to pay for the resulting college credits is unfair, particularly for students from lower-income families who may not be able to afford to pay for the privilege of interning.

Some industry associations have issued guidelines on the “ethical use of paid and unpaid interns.” Most importantly, the Obama administration announced its intentions to crack down on companies that don’t comply with the rules regarding unpaid internships, as laid out by the U.S. Department of Labor’s Wage and Hour Division under the Fair Labor Standards Act (FLSA).

Under the Act, employers are required to compensate all employees. The key lies in determining whether an intern is truly an intern or actually an unpaid employee. In order to be considered an internship (and thus not required to be compensated), a program must meet six specific criteria:

#1 Intern Receives Training Equivalent to a Vocational School – In other words, the intern could pay to receive essentially the same training somewhere else.

#2 Intern Benefits from the Experience – The intern should be getting the practical benefit of being on-the-job in a workplace environment.

#3 Intern Must Not Displace a Regular Employee – If an intern is providing an essential service that others are normally paid to do, it’s a red flag that they are actually an employee and entitled to payment for all hours worked, even they have been labeled an intern.

#4 No Immediate Advantage from the Intern’s Activities – Not only may the employer not derive any significant benefit, but there may actually be a hindrance of operations because of the amount of time necessary to train and supervise an intern.

#5 No Guarantee of a Job – Internship programs are often used as recruiting techniques, but the employer must inform the intern that they are not guaranteed a job at the completion of the internship.

#6 Mutual Understanding of Unpaid Status – If you don’t intend to pay an intern, you must tell them so upfront. In fact, it is advisable for both parties to sign an agreement to that effect.

If all six of these criteria are met, an employment relationship does not exist under the FLSA and the Act’s minimum wage and overtime provisions do not apply to the intern. Employers must adhere carefully to these criteria, as failure to meet even one of them could result in significant fines and penalties.