Unfortunately, there may be no escalation when a valuable employee leaves. The senior management gets into the act only when a very experienced employee leaves, irrespective of whether he has a higher or lower value than a less experienced person. An organization needs to look for a system for the scientific computation of employee values, stored in a constantly updated data-base, with triggers for intimation to top management based on employee valuation. Management can then be made to sit up and take notice whenever high-value employees leave, irrespective of the years of service. In fact, compensation across the board can be structured to be in line with this valuation system.
Compensation is only one of the factors and, unfortunately, that is the only factor looked into.
In my organization, we did a detailed survey on what would result in increased commitment to the organization, which intrinsically meant reduction in attrition. We realized that increase in job satisfaction as well as increase in opportunities at higher levels of value had a positive influence. These resulted in a person moving up the expertise ladder. There are supplementary factors too, such as improvement in the work environment and elimination of irritants largely brought about as a result of bureaucracy. It again depends on the potential value created or lost.