How can companies leverage this?

First, accept that this is the new norm and it's here to stay. Take a hard look at how this impacts your business. Then evaluate where your current HR mindset and processes support or detract your ability to attract and retain the talent you need. Your employee value proposition may need to be overhauled.

Figure out what you have to sell a candidate that matters to them right now. For many, this could come down to better pay and more flexibility. Once you've achieved a value proposition that talent will notice, look at how you can create ways to keep that momentum going. If you have talent that you don't want to lose in three years (or less), how can you reshape what you offer so that you can compete with "the next best thing"?

It's also critical not to undervalue the strength of relationships. People may leave jobs for more money and better opportunities, but they stay because they love their boss and their teammates. Pay close attention to the quality and personalities of the managers in your company.

From a procedural recruiting standpoint, move quickly and aggressively to secure talent. Top candidates are in demand, coming on and off the market quickly, almost always receiving multiple offers. If you waste time in your hiring process, you will lose them. In a competitive market, the quality of the opportunity and fit are very important, but no matter how fantastic your offer, you can't play hard to get. Sell your opportunity and ability to give candidates what matters to them. Make this about how you have what they need to build this next chapter in their career story. If you do that, you'll keep a continual flow of top talent that will power your company to high performance in a competitive market.

By defining and selling a winning employee value proposition, working hard to build an outstanding culture and building an efficient and aggressive recruiting process, you will attract and retain top talent, even in a fluid and highly competitive environment.