What Does It Take To Become An Employer of Choice?
Recent research from our global partner, Reputation Institute, on How to be a Global Employer of Choice? looks at how the RepTrak model can be used by organisations to steer strategies in the area of workplace.
The research identifies 3 key trends and challenges
- The job market is becoming increasingly competitive, and now top employees have far more negotiating power. These same employees are also harder to retain. Millennials especially leave positions more often and sooner than previous generations making it harder for employees to retain top staff.
- It is now costlier and challenging to recruit today, especially the right person.
- Stagnating wages means that top talent is looking around.
The share of workers who are quitting their jobs reached 2.4% in May 2018, the highest level since April 2001.
Reputation Institute has created The RepTrak Employer of Choice (EoC) model (with over 230,000 ratings from the individual members of the general public looking at 145 global companies) and this reveals there are 3 key reputational drivers:
- Responsible behaviour 36.4%
- Sustainable growth 35.5%
- Strong product 28.0%
Critical Takeaways - How to become an EOC?
Perception of on organisations ethical stance is critical
- Notably, organisations’ lowest performance scores are in the highest weighted dimensions i.e. responsible behaviour is the most important but lowest performing driver.
- Those who are employers of choice gain broad competitive advantage (double digit boost across all supportive behaviour scenarios)
- Millennials are a key stakeholder group for employers. Millennials will be 35% of the workforce by 2020.
Organisations need to tell a compelling story
- How well companies are performing on key content areas of the EoC Index is critical – but what they say (“Expressiveness”) and who they are (“Persona”) also has an impact on their EoC score.
- Relevance/Informativeness is the biggest communications opportunity.
Need to be progressive but in a sustainable way
- Projecting a corporate brand persona that embodies “progressive” traits helps increase your appeal as an employer, followed by “caring” and “straightforward”.
A CEO can humanise your company
- CEO familiarity has EoC score benefits with an additional lift of close to nine points.
- CEO familiarity benefits Strong Ethics performance the most - the EoC dimension with the lowest perceived company performance and the highest content weight in driving overall EoC scores.
You can access the presentation by clicking on this link http://bit.ly/EmployerOfChoiceReport