An ‘employer of choice’ is a highly respected term for any organisation. Essentially it means that the employer offers an excellent work culture and workplace environment that is exceptionally appealing to both new and existing employees. Employees choose to work there, even in light of other options, due to the superior sense of wellbeing, safety, security and happiness they experience as a result. Becoming such a prestigious employer does not come overnight; it takes years of persistence, the right strategic direction and supportive policies that encourage positive workplace culture shifts. Whether your business qualifies as an employer of choice is purely up to how your existing staff and relevant talent pool perceives you.
Why is Becoming an Employer of Choice so Important?
Everyone wants to be in high demand. If employers are choosing your organisation, naturally you will need to spend less on recruitment costs, you’ll have higher retention and lower turnover, all while attracting quality talent that produced better results. Overall, the competition for educated and experienced talent is intensifying. Graduate recruitment numbers are rising every year, buoyed by a desire for freshly educated workers that are able to grow into flexible roles. Other industries, such as food, entertainment, manufacturing and mining, are dealing with an unprecedented level of shortages – there aren’t enough qualified workers to meet demand. Of course, employers of choice will have priority access to suitable talent, limiting the chance human capital develops into a significant bottleneck for their organisation.
How Does an Organisation Become an Employer of Choice?
There are three main criteria that need to be fulfilled to earn the status of an employer of choice. They can be broken down into:
- Develop a desirable workspace, in whatever way that applies to your organisation and industry. Why would top talent be excited to come work for you?
- Keep existing employees engaged and prospering. They need to feel valued and engaged. Employees also want to see a path for progression. Would they recommend working at your organisation to their friends and family?
- Retain your top talent for the long term. Instead of people just wanting inroads into your business, are they empowered to grow their career alongside the rest of your business?
The key to achieving these goals is a well thought out range of workplace initiatives and benefits that target the specificities of these criteria. How you apply this to your organisation is up to you – no two businesses are the same, especially from an HR perspective. Some of the most appealing perks of working at a top-tier employer include health insurance, stock options, flexible work arrangements, gaming or meditation break-out rooms and free food.
Of course, not every business can afford (or wants to offer) all of this – more is not always better. There are many other ways employers can provide effective workplace benefits without an attached cost.
Earned Wage Access (EWA) Helps Employees Choose You
Instead of waiting until their next payday, EWA enables an employee to access a portion of their already earned wages. For less than the cost of a cup of coffee, users can log in to a convenient mobile app, such as that offered by Paytime, and drawdown cash when they need it. EWA addresses the need for employees to have increasingly flexible access to their earned wages in order to manage their personal finances better. When an unexpected bill of expense arrives, instead of stressing and eventually having to turn to credit cards, bank overdrafts, digging into important savings or accessing a dangerous payday loan, they can instead access a portion of their earned wages to cover any shortfall.
Providing EWA also has massive benefits for organisations. Not only are job seekers almost two times as likely to accept a 13% lower salary when Earned Wage Access is an option, but EWA helps reduce financial stress. Reduced stress eliminates distractions and allows employees to give their full attention to their role throughout the day. Employers, therefore, benefit from increased employee retention, higher engagement and improved competitiveness in the labour market – EWA great for everyone!
The road to becoming an employer of choice is long. However, if you’re committed there are a range of strategies you can implement today. If your company wants to empower your employees and attract quality new talent by providing Earned Wage Access, contact Paytime today to arrange a free consultation.