Becoming an employer of choice
Books or magazine articles that talk about ‘how to’ do something are nearly always popular. ‘How to lose five kilos in five weeks, how to be happy without a man/woman in your life’ and so it goes on.
In business over the last five years, as the labour force has tightened up, one of the favourites has been, ‘How to become an employer of choice.’
People are right to ask it, for in so many industries, recruiting and retaining the best people is not only challenging but also critical for success.
In the knowledge economy, the most valuable employees are making conscious choices about where they invest their talent. As a result, organisations must continually review their people policies and practices to become employers of choice.
An employer of choice is an organisation that outperforms its competitors in attracting, developing and retaining talent through innovative human resource management initiatives. Such companies consciously pursue an innovative HR image because they know there is a direct positive impact between these practices and company performance in terms of value to the community and shareholders.
In general terms, today’s workers expect not only to like their work, they are attracted to the idea of employment being a primary vehicle through which they find fulfilment.
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The trend was happening in any case, but since the 2001 destruction of the World Trade Centre in New York, many more working people have indicated a need to feel that their work contributes to worthwhile goals. Not only that, they also want the flexibility to blend work and family without detracting from quality in either area.
These changes in thinking have come at a time of serious people shortages which simply means that there is more opportunity for workers at almost all levels to be choosey.
Yes, employees are in the driver's seat. For employers, knowing what prospective recruits are really looking for, can help an organisation to find and keep the valuable people that will be needed in the years ahead.
To become an employer of choice, it is important to focus on the company's ability to provide growth and opportunity for the employee, today's employees are more aggressive in their drive for ongoing learning and growth.
Offering learning and growth can be a particular challenge in certain sectors such as retail, where the opportunity to advance can be somewhat constricted, especially for smaller companies.
But even in small companies with limited training budgets, there are ways to foster growth and advancement. Management must encourage skill enhancement through ongoing training. Such an emphasis from the top can set off a chain reaction that leads to more proficient employees, which leads to greater productivity and increases the confidence level of the individuals. This in turn often results in employees who seek greater responsibility and accept greater accountability.
So what are the main advantages of being perceived as an employer of choice? The benefits vary from region to region and from industry to industry, but in general, being an employer of choice means:
- It’s easier to attract quality talent;
- Retention rates for current employees tend to be higher than average;
- Maintaining a positive corporate culture is easier than otherwise for employees and the public assist in maintaining it;
- Customers and strategic partners are also attracted by the favourable image; and
- Employee motivation can be easy to maintain because of a shared pride and/or vision.