There is an interesting topic on retaining technically gifted people in your company over at ONlamp:
"The String Theory of How to Retain Geeks?" - http://www.oreillynet.com/onlamp/blog/2007/05/the_string_theory_of_how_to_re.html
As a techy I've been there many times before, with inept managers either not being able to figure out why they had such high staff turnover in technical teams, or even worse not caring about it, little realizing the profoundly detrimental effect it was having on projects and on the morale of those left behind.
Updated 2021 : note that the above post is out of date as it was originally published in 2007, but is left here for archival purposes. Unfortunately the external link is now dead, so I have unlinked in.