Are the good times really back? The answer, as ever, is no, not quite yet. But as new regional reports demonstrate, strong economic growth and bullish salary sentiment in marketing and communications sectors are offering a heady throwback to the days when everything went up.

If the last few years have taught employers anything, however, it is the importance of caution. And in a climate where companies are planning to increase headcounts and increase salaries – many will be looking to strike a note of moderation.

This is understandable. Throwing money at employees is unlikely to help anyone, even if competition for talent from other employers is becoming ever more acute. The answer, instead, must be to ensure that more sophisticated talent retention initiatives take centre stage. A positive work environment, an employer that genuinely cares and, above all, concrete staff investment through real incentives – these are repeatedly identified as the factors that make a difference between a happy, motivated workforce and a restive one.

In some markets, of course, volatility has become the name of the game. Mainland China , according to Aquent’s Asia-Pacific Salary Monitor 2005, may have stabilised over the past year but staff turnover remains high, particularly in the media and PR sectors. Hong Kong , meanwhile, appears to have reverted to a boom mentality that favours job mobility, with another recruitment consultancy Ambition noting that salary hikes of as much as 25% were being thrown at some movers.

More surprising, Aquent’s report notes that Singapore ’s churn is becoming “crippling” for creative employers.

The irony for Greater China is that multinational companies in this region do offer the kind of incentives that are often overlooked in other regional markets. Employees are responding by moving to experience the different types of training and development on offer. The impact on other markets is becoming profound, with the mainland continuing to attract talent from regional centres such as Hong Kong , Taipei and Singapore.

For employees, the options available in a time of plenty can be bewildering. The urge to move for more money can prove irresistible. It is easy to counsel restraint, citing such factors as long-term career planning. But, after a difficult few years, it is harder to expect the industry’s workforce to not make the most of the opportunities now on offer. Better pay, however, also translates to greater expectations, and if there is one thing employers have learned over recent years – it is the value of ROI, particularly where talent is concerned.