Hiring and retention costs have spiked with the low unemployment rate and a firm's value proposition has become vital to attracting and keeping talent, says Janet Daubney, head of people and culture at BDO Australia. "Firms are competing to attract and retain talent more than ever before," she said on the latest Accountants Daily podcast, produced in conjunction with Daniela Pasini, national director professional services, Business Banking at CBA. "Our people and candidates have more options on the table. This has created a significant spike in retention issues and rising hiring costs for employers across the board," Ms Daubney said. "We're also finding that for us to be able to differentiate ourselves amongst competitors, our value prop — and being able to provide a holistic experience for our people — is critical in attracting and retaining the best talent."