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
TrendsOct 31, 2025
Piece of the Week: A Spinner Fit for ‘Frankenstein’This “Mother Father” spinner necklace from Heavenly Vices Fine Jewelry draws inspiration from Victorian Era jewelry.
CrimeOct 31, 2025
5 More Arrested in Louvre Heist, Jewelry Still Missing The suspects were rounded up in Paris and its suburbs on Wednesday night, but none of the stolen jewels were recovered with them.
Recorded WebinarsOct 31, 2025
Watch: How to Master Google Reviews for Your BusinessExperts share top tips on how to encourage positive reviews and handle negative feedback.
Supplier BulletinOct 30, 2025
Protect Your Customers and Your BusinessSponsored by the Gemological Institute of America
Weekly QuizOct 30, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeOct 30, 2025
29-Year-Old Man Charged in Multiple Seattle-Area Smash and Grabs The suspect faces charges in the August robbery of Menashe & Sons Jewelers and is accused of committing smash and grabs at two pawn shops.
Lab-GrownOct 30, 2025
Alison Lou’s New Collection Uses Lab-Grown Diamonds and ResinThe “Lumière Fine” collection was born from designer Alison Chemla’s interest in the transformative power of light.
Brought to you by
DESERT DIAMONDS: The Newest Trend in Natural Diamond JewelryFrom sunlit whites to smoky whiskeys, introduce your clients to extraordinary diamonds in colors as unique as their love.
TrendsOct 30, 2025
Amanda’s Style File: A Haunted HalloweenShow off your spooky side with these 12 festive jewels.
Events & AwardsOct 30, 2025
Jewelers Mutual to Host Jewelry Panel at Frazier History MuseumThe “Brilliant & Beyond” panel coincides with the “Love & Marriage” exhibition curated by Davis Jewelers in Louisville, Kentucky.
Events & AwardsOct 29, 2025
October Brings Little Change to Consumer Confidence Consumers are feeling more optimistic about their present situation while the short-term future remains a little scary.
Events & AwardsOct 29, 2025
Couture Partners With Time to WatchesThe company, which organizes a watch show in Geneva every spring, will bring a selection of watch brands to the 2026 Couture show in Vegas.
TrendsOct 29, 2025
Beth Bernstein Releases Vintage Jewelry Guide“The Modern Guide to Vintage Jewellery” follows the evolution of jewelry design from the ‘30s to the ‘80s with buying and styling advice.
EditorsOct 29, 2025
Why Creepy, Crawly Bugs Inspire Beautiful JewelryFor her annual Halloween story, Senior Editor Lenore Fedow explores the symbolism behind spiders, beetles, and other eerie insects.
Events & AwardsOct 28, 2025
Meet the 2026 Gem Award NomineesNotable jewelry designers, members of the press, and retailers are up for an award at next year’s gala.
Recorded WebinarsOct 28, 2025
Watch: The State of the Jewelry Industry Leaders from Jewelers of America and National Jeweler discuss the gold price, tariffs, and more in this one-hour webinar.
CollectionsOct 28, 2025
Eriness Reflects on Life in ‘One of One’ CollectionAfter experiencing motherhood, growth, and loss, founder and designer Erin Sachse has created 10 irreplaceable jewels.
AuctionsOct 27, 2025
Napoleon Left This Brooch Behind, And Now It’s Up For AuctionIt is part of Sotheby’s “Royal & Noble Jewels” sale along with an ornate hair ornament and an old mine-cut light pink diamond ring.
CrimeOct 27, 2025
Arrests Made in Louvre Jewel Heist One of the individuals was apprehended at the airport as he was trying to flee the country.
MajorsOct 27, 2025
Target to Cut 1,800 Corporate JobsThe retailer, which has faced struggling sales in recent quarters, is looking to streamline its operations.
Events & AwardsOct 27, 2025
Hill Management Group Hired to Help Atlanta Jewelry ShowHill Management Group will oversee, market, and produce next year’s spring show.
AuctionsOct 24, 2025
Bonhams Under New Ownership, Top Executives ReplacedLondon-based investment firm Pemberton Asset Management acquired the auction house for an undisclosed amount.
GradingOct 24, 2025
DMIA to Hold Diamond Testing Instrument DemoThe workshop will give attendees the chance to try out and ask questions about three different diamond verification instruments.
CrimeOct 24, 2025
Video Emerges of Louvre Jewelry Robbers Fleeing the Scene The footage shows two of the jewelry heist suspects descending from the second floor of the museum and then escaping via scooter.
CollectionsOct 24, 2025
Piece of the Week: Wyld Box Jewelry’s ‘Ray of Light’ EarringsFounder and designer Rosanna Fiedler looked to a vintage Cartier clutch when designing the sunlight-inspired drop earrings.
FinancialsOct 23, 2025
Jewelry Sales Resilient Despite Struggles at LVMH, KeringThe luxury conglomerates faced a challenging Q3 amid geopolitical and economic tensions.
SourcingOct 23, 2025
Petra Diamonds Turns to Shareholders to Raise Capital The struggling diamond mining company, which owns the historic Cullinan mine, has launched a rights issue to raise about $25 million.
