Employers of choice attract and retain the best talent and maintain a positive, productive culture. These are certainly goals of all organizations as they strive to succeed in the current labor market. To understand where your organization stands when it comes to being an employer of choice, take a hard and honest look at your organization's culture.
In our newly launched podcast, select radIO, we talk about exactly what makes an employer of choice, why it's important, and what you can do to be an employer of choice. It's not an easy feat, and it won't happen overnight, but the benefits of being a sought-after employer will go further than just a good reputation. Here are three ways being an employer of choice will help your organization succeed.
1. It will help you attract and hire employees...which is especially important in the current labor market
If you've been following along with our blogs, we've been writing a lot lately on the current labor market, skills gap, low unemployment rate, and how to hire and retain employees despite the current selection ratio. One way to make sure you're positioned to meet your hiring goals during this time is to make sure your organization is an employer of choice and communicate that message to job applicants and current employees. Here are a few strategies to get started.
2. It will lead to a reduction in turnover
Let’s face it, if you aren’t an employer of choice, it’s more likely that your top talent will turn over. They know that the employer of choice is out there, and they're looking to work there. Turnover in this instance is more likely to happen, especially if the employer of choice is hiring. For example, perhaps an organization is losing its top talent because these individuals are simply not a great fit with the organization's culture. Or, perhaps this organization is constantly improving through change and these individuals are not as comfortable with change, so it results in dissatisfaction. However, since even the high performers are turning over, it is likely that this organization is not an employer of choice, driving talent to other organizations that are employers of choice.
The first step organizations can take to assess the attractiveness of their organization is to do a market analysis. In this analysis, the organization should consider what advantages the employer(s) of choice in their area offers compared to what their organization offers. Things to consider might be starting salary and bonus structure, benefits, career paths and opportunities for advancement, cultural benefits, offerings to support work-life balance, etc.
3. You'll see increased employee engagement and morale
Studies show that recognition, career advancement, social responsibility, and work-life balance are all characteristics that employers of choice have. These factors are also said to increase employee engagement. Bonus: they can also increase customer satisfaction! When you have happy employees, they're going to deal with your customers in a more pleasing and satisfying way. That translates to higher profits and an overall better experience for employees and customers. Engaged employees are empowered, and empowered employees are the ones who will make a significant, positive impact on your organization.
Have you checked out our new podcast, select radIO?
We've just brushed the surface of the subject of employers of choice. To hear more about the subject and learn some strategies to create a more attractive and productive organizational culture, check out our podcast.