Tips for retention, recruiting in hot job market

In January 2020, the unemployment rate was 3.6% (up slightly from the 50-year low of 3.5% in September 2019). According to WalletHub, Scottsdale was ranked the top community for jobseekers out of 180 cities. Also in the top 10, Chandler and Tempe came in at sixth and eighth places, respectively. With three Arizona cities among the country's strongest local job markets, recruiting and retaining top talent have taken center stage with employers. What steps should you take to retain and recruit employees in the sizzling job market?

Retention

The cost of hiring employees can be considerable. And with historically low unemployment rates, top talent is hard to find, potentially increasing the cost. As a result, hiring managers should focus on retaining top talent to avoid likely turnover.

Employee recognition. While salary and benefits are generally a key retention point, other factors often are just as important. For example, you should recognize your employees for a job well done. Doing so is vital to ensuring they stay engaged.

Employees frequently give their employers low marks when it comes to providing recognition for their achievements. You can work on this perceived failure. After all, recognition may not cost anything and can go a long way toward making a hardworking employee feel appreciated.