Penelope Trunk has it totally right.

Trying to Keep Young People From Quitting? Keep in mind that training doesn’t have to cost your company a cent. Young people place enormous value on mentoring. They want constant feedback. Offer structured, constant feedback in place of salary increases and promotions. If the mentoring is good, the lack of promotion won’t be a sticking point.

I wrote before on how to maintain these, here and here.

Written by Ryan Holiday
Ryan Holiday is the bestselling author of Trust Me, I’m Lying, The Obstacle Is The Way, Ego Is The Enemy, and other books about marketing, culture, and the human condition. His work has been translated into thirty languages and has appeared everywhere from the Columbia Journalism Review to Fast Company. His company, Brass Check, has advised companies such as Google, TASER, and Complex, as well as Grammy Award winning musicians and some of the biggest authors in the world. He lives in Austin, Texas.