Layoffs associated with the Great Recession allowed hiring executives to cherry-pick from a flooded talent market, but as the economic downturn slowly reverses, business focus will shift from acquiring top talent to keeping it.

According to Shelly Little, CEO of Michaels Wilder, a talent recruitment and retention firm, businesses may be surprised to learn that retaining top talent doesn’t necessarily mean throwing buckets of money at employees. Innovative strategies to keep employees engaged and involved yield better retention and motivation results than a token yearly raise. Focus on creating and retaining exceptional talent by showing employees that they matter.

Little said one of the best ways to identify, reward and keep top talent is to create internal opportunities for employees to take on high-profile projects that put them in the spotlight. “We get them to work with senior levels of management,” she said. “This gives them the opportunity to understand the company hierarchy and move politically within the organization.”

These types of projects also facilitate internal knowledge transfer. As the baby boomer and traditionalist generations retire, it’s critical for organizations to guard against knowledge drain. Creating opportunities for newer employees to work on projects with senior talent facilitates knowledge transfer and boosts retention rates by making younger generations feel invested in the company.

Investing in remote-office technology is another way to attract and retain top talent. Michaels Wilder has adopted a program called Results-Oriented Work Environment (ROWE), originally implemented by Best Buy.

“The idea is that our employees are capable, responsible adults who know how to manage their work, so we give them the flexibility to work remotely so they don’t always have to be in the office,” Little said. Certain provisions and eligibility requirements apply, but employees who qualify will have the flexibility to work offsite should they need to do so.

Millennials and Generation X particularly value flexible work arrangements for their impact on work-life balance. Studies show these two demographic groups almost always will choose employers that offer remote-office capabilities over employers that offer higher salaries but require rigid office attendance. According to Little, boomer and traditionalist generations are slow to recognize the merits of this type of program.