I think one of the things successful IT organizations also do is promote learning and growth of their employees. Companies can't always give raises and promotions, but they can give learning opportunities to their IT folks to cross-training, training reimbursement, shadowing, etc. One of the things that many employees look for today in place of raising ranks in the company is raising their 'employability' through learning opportunities. It gives them reassurance that you understand their interests, there is a trust factor there, and in general employees will be more loyal.
Get the Job. Get the Raise. Get the Promotion.
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