Add the growing cynicism of corporate scandals and payouts to top officers in the tens of millions, and no one is feeling especially reverent or warm about corporate America right now. Which is why many companies are in for a shock when companies must add staff to grow.

"People feel pent up," Distefano said. "They're burning out. How long can any thoroughbred run?"

The finish line, however, may be in sight. Another survey reports that employers believe the worst is over. Watson Wyatt Worldwide, a human resources consulting firm, surveyed 400 companies and found that employers are planning bigger bonuses and less burdens for their workers in 2004.

"There's recognition of the fact that we (employers) can't keep reducing the deal, taking a chunk out of the employee's wallet," said Laura Sejen, director of the survey.

The companies that are most effective at retaining their top talent do several things well, said Sejen, especially the allocation of bonus pay. These companies, she said, see bonus pay as an investment, rather than as a routine and predictable expense to be dolled out without too much thought.

Successful companies also have made non-monetary elements part of their culture, Sejen said. This includes retirement plans - 401(k) plans are preferred - which are a high priority of top workers.

Other non-monetary rewards for employees include more flexible scheduling and the holy grail of the American worker - vacation days. None of these elements - bonus pay tied to merit, defined contribution plans, more flexible time - is "rocket science," Sejen said. "The challenge often lies in the implementation," she said.