There is no “talent shortage.”

True, the data shows that there are nearly 9 million unfilled jobs in the US. But these positions aren’t vacant because there isn’t enough available talent.

The jobs are unfilled because workers are becoming more selective about their employment. People are realizing that they don’t have to tolerate what they perceive to be unrewarding work experiences.

This is bad news for companies that are stuck in an industrial-era mindset, but it’s great news for employers willing to create high value jobs that attract and keep the best people.

There are five key talent retention factors in 2021…

COMPENSATION

Of course, this is the big one right now. Workers are becoming less and less willing to work at jobs that can’t provide them with enough compensation to live. That’s the bar – the minimum barrier to entry.

Beyond that, most people don’t need to be the highest paid person they know.

But, here’s the key – they can’t feel disrespected. It is hard to win back an employee’s heart once they feel taken advantage of, even you somehow convince their body to stay.

Healthy compensation isn’t the end of the story of retention, but it is the beginning.

WORK/LIFE BALANCE

We spend roughly 33% of our adult lives at work. We spend the other two-thirds living and sleeping.

The work 33% can’t be destroying the other 66%. The days when people would suffer terrible conditions for a paycheck are largely gone.

Rather, talent retention is about using creating work that makes the other 66% even better. It involves sending the message that you expect your employees to work hard while also living their outside lives to the fullest.

Programs that reduce stress, increase physical and mental health, and boost financial wellness are great ways for your job to be a value-add.

And if you’re not sure, just ask. Know what’s going on in your employees’ lives, and do what it takes to make sure their job is helping their lives, not hurting them.

It’s better to work for a great manager at a mediocre company than a mediocre manager at a great company.

INSPIRING LEADERSHIP

A person’s direct manager largely controls their work experience. It’s been said that it’s better to work for a great manager at a mediocre company than a mediocre manager at a great company, and I have found this to be consistently true in my work.

Show me someone who loves their job, and I’ll show you someone who loves their manager.

Show me someone who hates their job, and well….

WORK RELATIONSHIPS

Work is social for most of us. We are around our work colleagues as much or more than our family, even when we work remotely. And none of us want to be around people who suck the joy out of our lives.

Gallup has consistently found that one of the top indicators of engagement is the ability for an employee to say that they have a best friend at work. Happiness soars when there’s a best friend waiting for you at work every day.

Prioritize relationships. You can’t force your employees to be friends, but you can create ideal circumstances for that to happen.

And, most importantly, don’t hire or tolerate jerks. They’re never worth the damage they do to your culture.

GROWTH

As humans, we crave growth. Nobody wants to live out Bill Murray’s role in Groundhog Day. That can mean a path to a promotion or greater responsibility.

Alternatively, it can mean an opportunity to develop fun and interesting skills.

Make sure your employees know that you want and expect them to grow. Tell them you’re putting the ball in their hands, and that you’ll be there to guide them to their next step.

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Create jobs that excel in these five areas, and you won’t think there’s a talent shortage either.