How to Become an Employer of Choice:
Organizations can enhance productivity, innovation, decision making, company culture, and brand recognition by recruiting top-tier employees. These factors collectively contribute to improved business performance and increased revenue. Attracting top talent becomes much simpler when an organization is regarded as an “employer of choice” and is included in the shortlist of preferred workplaces for candidates.
Being an employer of choice offers numerous benefits, with talent acquisition being the foremost advantage. [DA1] These benefits include increased productivity, creativity, and innovation, ultimately leading to improved overall performance, growth, and profitability.
In addition to attracting top talent, being an employer of choice brings forth a range of other advantages for the organization. It enhances employee retention, improves brand image, increases employee engagement, and fosters a positive workplace culture. To become an employer of choice, six steps should be considered:
1. Benchmark Compensation and Benefits:
Offering competitive compensation and benefits packages that align with industry standards attract top talent. Conducting benchmarking exercises can provide insights into current and future salary trends, enabling HR to design attractive packages that appeal to skilled individuals.
This may include salary, health insurance, retirement plans, paid time off, as well as additional perks such as wellness programs and flexible work arrangements. Engaging outside experts in benchmarking compensation and benefits can be a wise investment for organizations that do not have the capability in-house.
2. Employee Development:
One crucial aspect of organizational success is retaining top talent. Employees often seek opportunities to improve their skills for various reasons, including career advancement, job satisfaction, job security, personal growth, higher earning potential, and increased confidence. Having a reputation for employee development is valuable in attracting and retaining high-performing employees, as they are often motivated by learning and growth opportunities. By investing in employee skill development, employers can meet these needs and create a more engaged, satisfied, and productive workforce.
This, in turn, leads to enhanced retention, increased innovation, and better adaptability to change, ultimately contributing to greater organizational success. In fact, companies with a strong learning culture are twice as likely to innovate. Additionally, companies that invest in comprehensive employee training have 218% higher income per employee than those that do not.
3. Enhance Culture:
Enhancing your corporate culture goes beyond just environmental justice, labor practices, and charitable giving. You should also embrace and prioritize diversity, equity, and inclusion (DEI) in all aspects of your hiring practices and workplace culture. Studies show that 86% of millennials and Gen Xers consider a company’s commitment to workplace diversity when making their decision to work there.
By creating a diverse and inclusive workforce, supporting employee resource groups, providing diversity training, and promoting a culture of respect and inclusivity, you can establish a strong employer reputation in DEI that reflects your organization’s values, culture, and mission. This will attract more candidates and increase the likelihood of them accepting job offers with your company.
4. Listen to Employee Feedback:
Listening to employee feedback is another crucial aspect of improving the workplace environment. Employees have valuable insights into the day-to-day operations of the company. When employees feel that their opinions are valued, they are more likely to be engaged and committed to their work. By actively listening to their feedback, employers can gain valuable insights on how to enhance processes and operations, leading to increased productivity, performance, retention, and innovation.
Employers need to actively seek and address feedback to show care for their employees’ opinions and foster a positive workplace. This can be achieved through regular employee surveys, feedback mechanisms, and timely resolution of concerns. [DA2]
5. Prioritize Positive Candidate Experiences:
In the realm of HR, small and medium-sized businesses (SMBs) often face limitations in terms of resources, including budget, tools, and processes. This can pose challenges in fulfilling HR responsibilities and result in disorganization and inefficiency, ultimately impacting the employee experience. Moreover, when competing for talent against larger organizations, SMBs may struggle to attract and retain employees. It is important to note that candidates form their impressions of an organization from their initial engagement, starting with job postings, interviews, interactions with HR staff, benefits discussions, and throughout their employment journey.
By prioritizing a positive candidate experience, developing effective recruitment strategies, and delivering exceptional HR administration, companies can ensure they have the necessary talent to thrive. This can improve the overall employee experience from recruitment to retirement, while ensuring that HR practices are compliant, efficient, and effective.
6. Provide Flexible Remote Work Options:
Working from home (WFH) has become more common since the COVID-19 pandemic, but it has also brought various challenges for job seekers, employees, and employers. Many employers have concerns about WFH, such as the lack of direct supervision and social interaction that can impact company culture and collaboration, technical and security issues that arise from working outside of a designated office environment, and the need to establish boundaries between work and personal life.
While WFH may not be suitable or feasible for all roles, one thing is clear when it comes to attracting talent: remote work flexibility is highly valued by many job seekers. Companies that offer remote work options often have a competitive advantage in attracting and retaining top talent. While most job candidates may not require full-time WFH, studies consistently show that a significant percentage of job seekers desire some level of work from home flexibility.
Being an employer of choice can bring numerous benefits to an SMB, including attracting top talent, retaining employees, increasing employee engagement, and boosting productivity and innovation. These advantages can ultimately lead to sustained growth and competitiveness in the marketplace, illustrating the critical importance of aspiring to be an employer of choice for small and medium-sized businesses.
