ColumnistsAug 16, 2022
The PR Adviser: Describe Your Customer ColumnistsAug 18, 2022
Squirrel Spotting: The Travails of Attracting and Retaining Talent
The job market is tight, making it paramount for employers to have the type of culture employees really crave, Peter Smith writes.
Peter Smith is an industry consultant, speaker, sales trainer, and author. He can be reached via email at TheRetailSmiths@gmail.com.
According to the U.S. Bureau of Labor Statistics, the unemployment rate now stands at 3.5 percent, matching the lowest rate in 50 years.
Retail, in fact, has recovered so well that there are now 208,000 more people employed in the sector than in February 2020, the month before the onset of the pandemic in the United States.
As impressive as those numbers are, however, they signal potentially significant problems for employers in both attracting new talent and, more importantly, retaining their top people.
We are now firmly ensconced in a “buyer’s market” in which employees hold most of the cards. Rarely have they had such leverage when it comes to deciding to stay with their current employers or seek greener pastures elsewhere.
According to Zippia, 65 percent of Americans are actively searching for a new job right now.
In the 2001-2007 version of The Best of Gallup Management Journal, Brian Brim wrote, “Though companies may recognize how crucial it is to engage their workers and may even acknowledge that it must be an ongoing process, the essential principles of employee engagement have not become ingrained.”
If 65 percent of employees are actively searching for new jobs, it is hard to imagine that circumstances have changed much in the 10-plus years since Brim’s article.
Retail, in fact, has recovered so well that there are now 208,000 more people employed in the sector than in February 2020, the month before the onset of the pandemic in the United States.
As impressive as those numbers are, however, they signal potentially significant problems for employers in both attracting new talent and, more importantly, retaining their top people.
We are now firmly ensconced in a “buyer’s market” in which employees hold most of the cards. Rarely have they had such leverage when it comes to deciding to stay with their current employers or seek greener pastures elsewhere.
According to Zippia, 65 percent of Americans are actively searching for a new job right now.
In the 2001-2007 version of The Best of Gallup Management Journal, Brian Brim wrote, “Though companies may recognize how crucial it is to engage their workers and may even acknowledge that it must be an ongoing process, the essential principles of employee engagement have not become ingrained.”
If 65 percent of employees are actively searching for new jobs, it is hard to imagine that circumstances have changed much in the 10-plus years since Brim’s article.
“Stop bullshitting people about how great your culture is. If it were true, you wouldn’t be losing people.”
So, what can be done? How can employers mitigate against the possibility of losing their top people and also become more attractive to quality professionals looking for a change?
For starters, stop bullshitting people about how great your culture is. If it were true, you wouldn’t be losing people, and you’d be decidedly more attractive to candidates already in the market for a new job.
You can determine what’s important in your company; the way you treat your people, the compensation structures (for good or bad), whether you invest in your people or not, the things you celebrate, and the things you tolerate.
Despite that, to a great extent your culture is not what you say it is but, rather, what your people experience on a daily basis.
You may believe your culture reflects your values and aspirations, but it may read entirely differently to your current team and to potential new hires.
I visited with a company recently and witnessed a culture that was as close to soul-sapping as I could have imagined. Despite there being lots of people in the space, there was no energy at all in the building.
The employees didn’t look like they were having much fun, and I saw precious little evidence of people joyfully engaging with each other.
As I walked around, I noticed that the desks and cubicles were devoid of the personalization so typical of these types of offices, with scant evidence of family, hobbies, or other interests.
There also was no music playing; the overall effect was of a dour, uninspiring, and impersonal space.
I suspect the leadership of that company would be shocked at my observations, preferring to believe, as many do, that they have a vibrant company culture.
What I saw and felt however, was very different, and that is what I took away with me.
At the most basic level, people want to feel safe and connected at work.
They want a company and mission worth believing in, and they want to know their voices will be heard, and their opinions matter.
They want a culture that prizes innovation and recognizes and welcomes mistakes as a necessary consequence of that open mindset.
Roger Martin, former dean of the Rotman School of Management at the University of Toronto, wrote in the Harvard Business Review (March-April 2022), “Do you have to listen to everything top talent has to say? Of course not. But recognize that talented people don’t take kindly to being dismissed out of hand. And they always have options, options that may be highly damaging to you.”
They want the opportunity to make money in a company that does not impose a ceiling on the earnings of its top people, but what they really want is a career path, an opportunity to do great and meaningful work.
They want to be surrounded by other top talent, and they want a company that invests in them, and which gives them an opportunity for professional development.
They want a company where loyalty is a two-way street (that does not mean the absence of turnover, but a clear sense of what matters most in hiring and exiting employees) and one where all employees are treated with respect, including people who are leaving, or have left, the company.
They want a company where wins, big and small, are celebrated, and where disappointments are acknowledged and owned, without stigmatization or over-dramatization. Good teams don’t suck because a company has a bad month.
As Jim Collins wrote in “Good To Great,” “What do the right people want more than almost anything else? They want to be part of a winning team. They want to contribute to producing visible, tangible results. They want to feel the excitement of being involved in something that just flat-out works.”
If you are one of the many companies still offering an hourly wage and one week’s vacation as an incentive to retain and attract top talent, you’ve got a tough road ahead.
Editors' Picks
Sponsored by
More on Columnists
The Latest
Supplier BulletinNov 05, 2026
Winning With GCAL 8X®: What’s Working at the CounterSponsored by GCAL by Sarine
SurveysNov 05, 2026
What Retailers Should Know About Holiday Shoppers This YearFrom shrinking budgets to AI elves, here are five takeaways from holiday reports by Bain, Adobe, Mastercard, NRF, and insights from YouGov.
CollectionsNov 05, 2026
Judi Powers, Russell Jones Unleash Joy With New CollaborationThe designers combined their talents for Little Pet Portraits, hand-painted miniatures of our best friends set in a piece of jewelry.
Brought to you by
How Overnight Mountings’ Bridal Builder Makes Custom Engagement Ring Design Easier to SellWith customization becoming more expected in engagement ring shopping, the Bridal Builder makes the process tangible.
FinancialsNov 05, 2026
Brilliant Earth Continued to Resonate With High-Income Shoppers in Q3Its non-bridal fine jewelry remains the star of the show, recently launching new collections inspired by Elizabeth Taylor and Jane Goodall.
Weekly QuizNov 05, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsNov 05, 2026
Ariana Grande Stars In Swarovski’s Holiday Campaign“Joy: The Swarovski Musical” features Ariana Grande as the leading lady in scenes inspired by classic musical montages.
GradingNov 05, 2026
GIA to Offer Next-Day Holiday ServicesThe lab will bring back its complimentary next-day service for some reports starting next week.
Brought to you by
A Diamond Is Forever Launches 2026 Holiday Campaign Championing Natural DiamondsA Diamond Is Forever's holiday campaign reimagines natural diamond icons for a new generation celebrating individuality.
CrimeNov 04, 2026
$250K+ in Undeclared Cartier Jewelry Seized at Philadelphia AirportA Pennsylvania woman failed to declare a ring and a bracelet, discarding the boxes and receipts to conceal the purchases, officials said.
FinancialsNov 04, 2026
Pandora’s Q3 Sales Up 7% Amid Focus on DesignNew collections and relevant marketing pushed the company forward, while Pandora’s lab-grown diamond sales continue to lag.
Events & AwardsNov 04, 2026
NYC Jewelry Week 2026 Is the Largest Edition YetThe citywide celebration, slated for Nov. 16-22, is set to host more than 175 events, including live jewelry-making demos.
MajorsNov 04, 2026
Bergdorf Goodman Names New PresidentLanessa Elrod, former president and CEO of Louis Vuitton Americas, has stepped into the role as the retailer celebrates 125 years.
AuctionsNov 03, 2026
Infinity Gauntlet Set With 170+ Carats of Colored Gemstones Up for AuctionA replica of one of the most powerful objects in the Marvel Cinematic Universe, the glove is heading to auction next month in Abu Dhabi.
IndependentsNov 03, 2026
Longtime Jewelry Marketer Arthur Klein Dies at 89Klein, who had his own marketing agency and worked for Gabriel & Co. and Trans American Diamond, is remembered as a kind man.
IndependentsNov 03, 2026
Zadok Jewelers Toasts To 50 Years With Diamond Bracelet GiveawayTo enter the giveaway, locals can purchase a featured beverage from one of eight participating restaurants in Houston and Austin, Texas.
Events & AwardsNov 03, 2026
David Yurman Gem Awards Grant Opens 2027 ApplicationsThe grant recipient will be awarded $50,000 as well as mentoring meetings with executives at David Yurman and other industry executives.
Events & AwardsNov 03, 2026
NAJA, Instappraise Name 2026 Scholarship WinnersThe winners include a non-NAJA member seeking training, a member beginning NAJA courses, and a member becoming a Certified Master Appraiser.
AuctionsNov 02, 2026
197-Carat ‘Romanov Sapphire’ Heads to Sotheby’s GenevaThe rare jewel, which has links to Russia’s Romanov dynasty, is estimated to fetch up to $2 million.
CrimeNov 02, 2026
Customs Seizes More Than 400 Fake Audemars Piguet WatchesIt is one of several seizures of counterfeit jewelry and watches by U.S. Customs and Border Protection officials in Louisville this year.
MajorsNov 02, 2026
Lawrence Bock, Caryl Capeci, Amanda Coleman-Phelps Join JA Board Jewelers of America announced the additions to its board of directors following its annual general meeting, held last week.
CollectionsNov 02, 2026
Olympian Kristi Yamaguchi, Heller Jewelers Expand ‘Always Dream’ CollectionThe jewelry collection supports Yamaguchi’s Always Dream foundation, which provides reading and educational resources to families in need.
Events & AwardsOct 30, 2026
Illuminating Carved Paraiba Pendant, Suite of Moonstones Wow at Spectrum AwardsSpectrum’s “Best of Show” honors went to a 101-carat Paraiba carved to look like Medusa that has a magnet-activated LED light.
TrendsOct 30, 2026
Edina Kiss’ Pendants Say ‘Eye’m Watching You’Our Halloween Pieces of the Week are four “Eye” pendants, each set with colorful gemstones.
MajorsOct 30, 2026
The RealReal Hires Former eBay Exec as New Chief Merchandising OfficerAlexis Hoopes expanded eBay’s “Authenticity Guarantee” program during her tenure.
WatchesOct 29, 2026
Bucherer Opens Rolex Boutique in Washington StateThe Rolex-owned retailer’s new 4,700-square-foot store’s façade honors the Pacific Northwest’s evergreen forests.
TrendsOct 29, 2026
Amanda's Style File: All Treats, No Tricks Get into the Halloween spirit with this roundup of 13 spooky jewels.
MajorsOct 29, 2026
Gesswein Hires Longtime Bench Jeweler, Educator Ann CahoonCahoon was appointed strategic account and educational program manager at Gesswein, which recently joined Continental Buying Group.
