Fuelling your company’s fire

Does your company have what it takes to be an employer of choice?

In the past six months, we have seen a rising interest among employers all over the world to earn the designation “employer of choice”. From Scotland and Ghana to Vietnam and Texas, employers are taking important steps to be recognised. But why? Why is the suddenly so important?

In spite of recent economic problems and the attendant reductions in force, the ASEAN employment marketplace for skilled workers continues to be a challenge for employers. The crunch is particularly felt in Singapore as the abilities and experience some skilled workers here possess make them particularly attractive to employers looking for talent.

Eager to differentiate themselves from the competition for top talent, companies are looking to be characterised as an employer of choice. Such companies enjoy a higher level of performance, greater workforce stability and a level of continuity. This assures the preservation of the company’s knowledge base, customer loyalty, employee satisfaction and stronger profits.

Furthermore, given today’s skilled labour market, people have made clear decisions about where they want to work, why, and for how long. Research has shown that there are several common qualities that may influence why candidates would choose to work for a certain organisation over another:

• The company: People believe that the reputations of their companies would reflect on them, so they feel a sense of pride and ownership. A good employer has a solid history and good reputation within the business community and its industry. They are also financially stable and enjoy impressive sales of products or services.

• The culture: Walking into the offices of an employer of choice, the positive culture is palpable. The well-established culture supports high values and standards with a strong sense of ethics, integrity, honesty and trust. There is an atmosphere of mutual respect, fairness and an expectation of high performance. But that’s not all. People have fun at work, too. A good company celebrates frequently – birthdays, both individual and team achievements, and new products and services.

• Enlightened leadership: Enlightened leaders have a vision for tomorrow and they communicate that vision well. These special leaders would regularly tour their own facilities, visiting the employees in the field. Their “open door” policy travels with them. Visible and accessible, these leaders are available to all employees, whenever needed. Their leadership style is one of coaching, not directing.

• Caring for the people: It is often said that people are a company’s most valuable asset. Featuring an employee-centred environment, a good employer often provides a wide range of services that improves the quality of life for its employees. Along with good working conditions, there are comfortable, ergonomic furnishings such as modern coffee machines and conversation areas.

• Growth and opportunity: An employer of choice values continuous learning in its people. An organisation should provide its employees a substantial requisite number of training hours each year. While tuition-reimbursement programmes and corporate universities are more common, smart companies regularly send their people to off-site seminars and have those people share their information upon returning to the workplace. Providing on-site computer access and libraries of books, CDs and DVDs also encourages employees to continue growing.

• Meaningful work: Employees want to feel as if what they do really matters. They want meaningful work. Meaningfulness at work includes having their ideas valued, having specific responsibilities with measurable results, high degrees of autonomy, independence, and trust, intellectually challenging work, external and internal customer focus, concentration on results, and a clear connection between the individual’s work and the company’s mission.

• Compensation and benefits: Employees look at their total compensation, not just their pay. Employees want to be paid what they’re worth, compared with others in their community and industry. They also want equity opportunities like stock options or employee stock ownership. The company should generally offer a generous array of perks, including perhaps good prices on logoed clothing, company products and tickets to special events.

• Making the world a better place: Demonstrating corporate social responsibility (CSR) is important to employees. A good employer shows high levels of social consciousness for both global and local causes. They are environmentally conscious as well. Rather than just contributing dollars, an enlightened employer will contribute time, energy and expertise of its people. Workers who participate in such CSR programmes gain a deep sense of making a difference in the community and that makes them proud to be employed by the company.

The investment of time and resources to become an employer of choice will translate to better bottom-line results for the company, higher morale among employees and happier customers. Begin today. You will be glad you did!