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.
More on Columnists
The Latest
Policies & IssuesNov 14, 2025
U.S., Switzerland Reach Deal That Drops Tariff to 15%The Swiss government announced the deal, which cuts the tax on Swiss imports by more than half, on social media Friday morning.
AuctionsNov 14, 2025
Napoleon’s Diamond Brooch Blows Away Auction Estimates A buyer paid $4.4 million for the piece, which Napoleon wore on his hat for special occasions and left behind when he fled Waterloo.
FinancialsNov 14, 2025
Richemont’s Q2 Jewelry Sales Up 12%Plus, how tariffs and the rising price of gold are affecting its watch and jewelry brands.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
CollectionsNov 14, 2025
Piece of the Week: Silvia Furmanovich’s ‘Butterflies in Flight’ Jewelry BoxFurmanovich designed the box to hold Mellerio’s “Color Queen,” a high jewelry collection consisting of 10 rings.
Weekly QuizNov 13, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsNov 14, 2025
JCK Names New Event DirectorJennifer Hopf, who has been with JCK since 2022, will lead the execution of the long-running jewelry trade show.
IndependentsNov 13, 2025
127-Year-Old New Orleans Jeweler to CloseAdler’s Jewelry is set to close its two stores as 82-year-old owner Coleman E. Adler II retires.
Brought to you by
Jewelers of America Aligns New Mission to Create Meaningful Impact for MembersFrom educational programs, advocacy, and recent MJSA affiliation, Jewelers of America drives progress that elevates businesses of all sizes.
IndependentsNov 13, 2025
Green Lake Jewelry Works to Move to New Seattle StudioFounder Jim Tuttle shared how a dedication to craftsmanship and meaningful custom jewelry fueled the retailer’s double-digit growth.
MajorsNov 13, 2025
Vahan Jewelry Founder Leon ‘Sacha’ Der Calousdian Dies at 85The third-generation jeweler is remembered as a passionate creative with a love of art, traveling and sailboat racing.
CrimeNov 12, 2025
Father, Son Jewelers in Chicago Victims in Double Homicide JSA and Cook County Crime Stoppers are both offering rewards for information leading to the arrest of the suspect or suspects involved.
AuctionsNov 12, 2025
‘Mellon Blue’ Diamond Sells for $7M Less Than It Did a Decade AgoA buyer paid $25.6 million for the diamond at Christie’s on Tuesday. In 2014, Sotheby’s sold the same stone for $32.6 million.
AuctionsNov 12, 2025
Historic Rolex Oyster Fetches $1.7M at Sotheby’sMercedes Gleitze famously wore the watch in her 1927 swim across the English Channel, a pivotal credibility moment for the watchmaker.
GradingNov 12, 2025
It’s Time: GIA’s Express Holiday Service Is Back GIA is offering next-day services for natural, colorless diamonds submitted to its labs in New York and Carlsbad.
MajorsNov 10, 2025
Jewelers Focus on Love, Joy In 2025 Holiday Campaigns Tiffany & Co., David Yurman, and Pandora have launched holiday campaigns depicting their jewelry as symbols of affection and happiness.
SurveysNov 10, 2025
5 Things Retailers Should Know About Holiday Shoppers This YearThe National Retail Federation is bullish on the holidays, forecasting retail sales to exceed $1 trillion this year.
AuctionsNov 10, 2025
300+ Colored Diamonds Up for Auction at Christie’sLate collector Eddy Elzas assembled “The Rainbow Collection,” which is offered as a single lot and estimated to fetch up to $3 million.
EditorsNov 07, 2025
Piece of the Week: An MVP’s Sapphire Tennis Necklace At the 2025 World Series, the Los Angeles Dodgers’ Yoshinobu Yamamoto sported a custom necklace made by California retailer Happy Jewelers.
IndependentsNov 07, 2025
Foundrae’s New Palm Beach Location Is a ‘Golden Solarium’The brand’s seventh location combines Foundrae’s symbolic vocabulary with motifs from Florida’s natural surroundings.
FinancialsNov 07, 2025
Watches of Switzerland’s H1 Sales Up 8%The retailer also shared an update on the impact of tariffs on watch customers.
SourcingNov 06, 2025
Pink Tourmaline Bracelet, Emerald Suite Take Top Spectrum Honors Pink and purple stones were popular in the AGTA’s design competition this year, as were cameos and ocean themes.
IndependentsNov 06, 2025
Greenwich St. Jewelers Hosts Raffle Supporting Food RescueAll proceeds from the G. St x Jewel Boxing raffle will go to City Harvest, which works to end hunger in New York City.
IndependentsNov 06, 2025
Cornell’s Jewelers Names New PresidentCourtney Cornell is part of the third generation to lead the Rochester, New York-based jeweler.
SourcingNov 06, 2025
De Beers’ Production, Sales Increase in Q3 De Beers also announced more changes in its upper ranks ahead of parent company Anglo American’s pending sale of the company.
WatchesNov 05, 2025
Shinola President Steps Down Just as He Starts Former Signet CEO Mark Light will remain president of Shinola until a replacement for Ulrich Wohn is found.
AuctionsNov 05, 2025
Taylor Swift’s Engagement Ring Designer Makes Her Auction DebutKindred Lubeck of Artifex has three rings she designed with Anup Jogani in Sotheby’s upcoming Gem Drop sale.
FinancialsNov 05, 2025
Pandora Posts Modest Q3 Sales Growth Amid ‘Weak’ Consumer Sentiment The company focused on marketing in the third quarter and introduced two new charm collections, “Pandora Talisman” and “Pandora Minis.”
