Once there is a strong management team in place, it is every company's challenge to retain it. HR consultants acknowledge that monetary rewards are necessary but not primarily to retaining management talent. While salaries should be set at market rates, those who stay for money's sake may not make the best stayers.

'Creating a motivated talent is a real challenge', says Harold Kwan, Managing Director of HRM3 Asia. 'Different organizations and different talented individuals are motivated by different things'.

He suggests that companies conduct visioning and business strategy exercises to plan for the future of the organization and involve managers in the process to make them feel a par of the company's future. 'With this masterplan, the firm can develop the necessary human capital strategies, including management training, career development/ladders, succession planning, rewrds etc to provide the recognition, both in tangible ways, to the management talent.

He also suggests the use of 'golden handcuffs' for selected positions to insulate these management talents from external competition. These could take the form of attractive bonuses, share options or even having a shareholding in the company.