What might be surprising is what those employees are looking for. Hint: it's not just money.
A New York Times article about the nation's low unemployment rate provides a telling perspective from a job seeker: "I'm trying to find a company that treats you well." Out of the mouths of potential employees.
Recruitment and Retention? A Check List for the Hot Talent MarketSo what exactly attracts - and just as important keeps - today's employees?
1. Ladders that go somewhere
No working elevator stops at entry level. Show people growth potential...and clearly illustrate (and support) the stops to get there.
2. Lattices that go somewhere else
Up isn't the only way to go. Employees who are able to cross disciplines benefit everyone. "If we have an accountant who's been with the college for a while and who understands our culture and way that our systems work," one client told us about the rationale behind helping an accountant to become nurse, "it would be much easier to replace an accountant than it would to find a qualified nurse."
3. Support for tomorrow's education
Help to pursue skills (via well-planned education assistance) is essential - especially since most Millennials told us they value career growth over pay.
4. And help to pay back yesterday's
Employees are drowning in $1.5 trillion in education debt. Paying it down is a great perk - and it frees up resources for people to pursue tomorrow's skills.
5. Appreciation for a job well done
The words "thank you" cost nothing; but you'd be amazed at the ROI.
6. Recognition for a job well done
Official recognition - via titles and corresponding salary increases - matter, too.
7. Flex time for planned schedules
Remote and staggered work hours are among today's most desired benefits.
8. Flexibility for things that can't be planned
Emergencies (regarding children, parents, or other personal responsibilities) shouldn't exact sideways glances, or worse...career penalties.
9. Support for people today
The trendiest benefit is worth little if your employees don't want or need it. Find out who your people are and respond accordingly.
10. Help for who they'll be tomorrow
Today's 25-year-old is tomorrow's working parent. And people gravitate to places where they can envision a future. Many employees told us they chose an employer that offers child care -- even if they didn't have kids.
Critical Recruitment and Retention StrategiesThe Times quoted the Bureau of Labor Statistics showing that nearly 400 metropolitan areas have unemployment below 4%; a few are below 2%.
If the unemployment rate doesn't get you, turnover will. The BLS also shows the tightening talent market spurring an overall quit rate up by nearly a third between 2012 and 2016. And those quits are costly - well into the thousands per employee.
Salary is only one element in recruitment and retention. In an economy where benefits matter, pay alone will only get you so far.