Finding & keeping top talent has always been tough. But with our booming economy, it’s gotten even tougher. Our clients are finding that being considered an Employer of Choice (EOC) gives them a competitive advantage. These employers offer a fantastic work culture & environment that attracts and retains great employees. But considerable effort is required, and it begs the question “is it worth the effort?”.
In a word – Yes. Becoming an Employer of Choice takes strategy, hard work and dedication – but it’s definitely worth the effort.
There’s proof that engaging in an EOC strategy boosts business benefits, including:
- The ability to attract and retain talented employees.
- Reduced absenteeism and employee turnover.
- Loyal employees who are less likely to share trade secrets, sensitive data and other compromising information.
- Improved customer experience and company reputation.
- Improved customer relationships with less customer attrition.
- Higher revenue and profits.
Becoming an Employer of Choice doesn’t need to be overwhelming, expensive or intimidating, especially for companies that heed these tips:
DEVELOP AN EFFECTIVE EOC STRATEGY
Create a strategic action plan outlining the concrete steps (and timing) of each EOC initiative. Designate who is responsible for owning and implementing each tactic.
BE REALISTIC ABOUT YOUR BUDGET
Becoming an Employer of Choice should not present an economic hardship. Select perks that are low and no cost, yet will have a real impact with employees, such as mentorship programs, telecommuting options, casual Fridays, and/or mental health days.
ASK EMPLOYEES WHAT THEY REALLY WANT
Some companies have gone to great lengths to provide a variety of “non-traditional” benefits for their employees, including unlimited sick and paid time off, flexible work schedules, game rooms, free onsite massages, catered meals, etc. Before you implement employee perks, find out what they really want. Offering perks that don’t really matter to your employees is a waste of your time, money and energy. Every company is different, and what works well for one organization might not work as successfully for another.
CREATE THE ULTIMATE EMPLOYEE EXPERIENCE
Give employees the perks they want, and they’ll be loyal to your company. Perks could include career advancement, employee wellness programs, training & development opportunities, mentoring programs, a commitment to sustainable business practices, onsite daycare, gym reimbursement and more.
CONSIDER WHAT’S MOST APPEALING TO THE 21st Century Workforce
Millennials will make up over 50% of the workforce in the next few years. Millennials are looking for meaningful, challenging work. They value things like corporate social responsibility, diversity and inclusion, work-life balance, company culture and accessibility of leaders, and carefully consider these factors when deciding where to work.
DON’T WORK IN A VACUUM
HR strategies should always align with overarching business goals, and EOC efforts are no exception. Consider your specific goals, objectives and strategies, and determine how your EOC efforts fit into the bigger picture.
MAKE THE WORLD A BETTER PLACE
For many companies, being socially responsible is a big part of their EOC strategy, and they incorporate “doing good” into their culture. Many employees value service to others, and are drawn to companies that prioritize volunteerism, community service, environmental initiatives, supporting worthy causes, etc.
COLLABORATE WITH OUTSIDE HR EXPERTS
Sometimes, companies simply don’t have the knowledge or the bandwidth to manage EOC initiatives. Outside HR consultants can provide valuable insights and counsel, helping organizations elevate to EOC status.Being an employer of choice means demonstrating – with words and actions – that your organization is a great place to work and you genuinely care about (and value) your employees. Talented employees – in this current work environment – have their choice of employers, and they will undoubtedly favor employers that have created an exceptional work experience, complete with the perks they want. So, go beyond the “ordinary” and offer your employees and prospects something “extraordinary” as an Employer of Choice.
Employees who believe that management is concerned about them as a whole person –
not just an employee – are more productive, more satisfied, more fulfilled.
Satisfied employees mean satisfied customers, which leads to profitability.