There are ways to keep top talent in a red-hot job market, says the CEO of payroll services giant Paychex.
But a lot of the weight for that falls on managers to provide the right incentive playbook.
"You have got to keep it a fresh experience. You have to work through their career development. They want to know where they are going and if you can offer those opportunities to move around and continue learning and growing in your career, then you are going to keep those people for the most part. Wages certainly being a part of that," Paychex's long-time CEO Marty Mucci said in a recent interview with Yahoo Finance Presents.
To be sure, fresh data on the labor market suggests employers could be doing more to slow down the Great Resignation that has transpired on the other side of the COVID-19 pandemic.
The Labor Department this week reported that 4.4 million people quit their job in February. Job quits surged by 74,000 in retail trade, 22,000 in durable goods manufacturing and 14,000 in state and local government education.
Meanwhile, employers — many of which are dealing with strong demand as the world bounces back from the pandemic — continue to try to attract potential job hoppers.
The number of job openings was relatively unchanged at a staggering 11.3 million, but still near record levels.
For its part, data compiled by Paychex suggests that employers are in fact stepping up to keep and attract talent, mostly by issuing higher pay.
Hourly earnings rose for the 10th straight month, Paychex jobs data for March showed. Earnings clocked in at a 4.76% year-over-year increase. Small business hiring remained at a record pace.
Added Mucci, "It is very important to employees that they have workplace flexibility, whether that's hybrid working and so forth, but also are they continuing to learn and grow. If you do that, I think you'll keep a lot more of them than sometimes we're seeing today."