Don't underestimate the impact of recognizing your employees' accomplishments. Whether you do it via a mention in a company newsletter, a posting on an internal blog or an e-mail to the entire staff, highlighting the achievements of individuals will again prove that they are a valuable asset to the company. Plus, it could motivate others to turn in exceptional performances as well.

5. Don't forget the small stuff. In a down economy, flashy bonuses and pay increases might not be possible. But they're not the only tangible perks you can offer employees. For example, if your company has a corporate box at the local stadium, offer employees the tickets so they can take their families to a game or a concert. Or give them a night on the town -- allow employees to expense an evening out with family or a significant other.

An even more cost-effective option? Give employees a few extra days of vacation to celebrate a major milestone or reward a job well done.

When thinking about the type of employment environment you're trying to cultivate, don't worry too much about pay or benefits. Deciding on a place of work is an emotional decision, not purely a financial one.

Clearly articulate the values and goals of your company, so potential employees can see how their own ideals mesh with those of the organization. If individuals can envision themselves within the corporate culture, you'll have a far greater chance of attracting candidates, retaining high-impact talent and earning your company a coveted spot on Computerworld's Best Places to Work in IT list.

Lawrence is vice president of service delivery at Yoh, a provider of talent and outsourcing services and a unit of Day & Zimmermann. For more information, please visit Yoh.com or the Yoh blog.