Businessmen and businesswomen joining hands in group meeting at multicultural office room showing teamwork, support and unity in business. Diversity workplace and corporate people working concept.

Here’s why your company’s culture has to be phenomenal, now more than ever.

1)   Employees No Longer Feel Trapped:  You need top talent and that talent now has options.  Lots of options.  “You’re lucky to have a job” doesn’t cut it anymore.  The recessional fear of losing one’s job and getting laid off has significantly abated.

2)  Higher Turnover: “Critical talent is leaving at a 20 percent higher rate than they were the year before. First-year turnover rose to 24.1 percent, the highest it has been since before the recession.”  2013 PWC Saratoga Practice Study

3)   Boomers are Retiring:  26% of the current U.S. workforce consists of Baby Boomers.  On average, 10,000 Baby Boomers (1946-1964) retire everyday. The U.S. Bureau of Labor Statistics predicts a shortfall of 10 million workers.

4)   Talent Shortage:  “35% of employers currently have difficulty filling jobs due to lack of available talent and 54% of employers report talent shortages are impacting their client-facing abilities and business outcomes.”  ManPower Group 2013 Talent Shortage Survey

5)   Workplace Culture Most Important Recruitment Factor:  LinkedIn’s Talent Trends 2014 report asked which of the following was most important if respondents were to consider a new job, 60 percent said “the company has a reputation as a great place to work,” while 20 percent said “the company has a reputation for great products and services,” 17 percent said “the company has a reputation for great people,” and 7 percent said “the company has a reputation for being prestigious.”

Retention and recruitment of your best just got a lot more interesting.