20% of the time I spend is on hiring and HR related matters. This includes attracting new talent and keeping the ones we have happy.
I feel that if you have these key 4 things in your company, you can easily attract top developers and keep the ones you have:
1) Work on interesting technical problems
2) Work with other talented people
3) Provide a friendly, creative environment
4) Work on software that ends up getting used by lots of people