It’s no secret that an organization’s success hinges on the caliber of its workforce. As a CEO, one of the most critical responsibilities is attracting and retaining top talent. However, in today’s rapidly evolving and dynamic business landscape, traditional approaches to talent management are proving insufficient.

Gone are the days when a competitive salary was all it took to attract top talent. Today’s CEOs must grapple with a hyper-competitive job market and evolving employee expectations (and priorities).

According to a report by the Society for Human Resource Management (SHRM), 83% of HR professionals find sourcing quality candidates increasingly tricky. Moreover, recruiting and retaining talent is challenging and costly to the bottom line, with voluntary turnover costing companies over a trillion dollars annually, according to Gallup.

SHRM estimates that the average cost of hiring a team member is nearly $4,700, with the replacement costs for C-level executives soaring to an astounding 213% of their yearly salary, as warned by the Center for American Progress. Optimizing this area with the time, money, and effort invested in recruitment and retainment is critical. CEOs can take a significant step forward by reframing their thinking and approach toward talent attraction and retention.