How Employers Really Benefit from Those “Best Employer” Rankings
These surveys typically collect input from varied groups and require committed responses—for example, from human resources, senior management of the company, its clients, and, most importantly, the employees themselves. Because these studies are driven by a fee to participate and only the companies that register are evaluated, the value of these rankings is sometimes questioned. However, because the employee contribution to the data collection process is significant, the results can be valuable to multiple entities—especially to the employer organization itself.
Specifically looking at the employer, how does it stand to benefit? This study is like an annual physical check. It helps the organization know its health, where it is doing well in terms of its policies and practices, and where it needs to improve. Once the overall study results are divulged, it helps to see how other organizations are faring and to learn from them.
Typically, reports are published stating the best employers’ practices. These are a great yardstick for self-evaluation and for looking at how to improve in the coming year. These also go a long way in further strengthening the bond between employees and the organization, with an improved sense of employee motivation that the organization values their feedback.
Multiple benefits from this study accrue externally, too. For example, clients are looking at these results to see with whom to engage in business. Prospective employees are evaluating the organization based on these surveys. Studies are sometimes done at a more granular level—say, companies that are best at pay and compensation. This is a closely looked at by prospective employees. When all of these come together to strengthen a company’s foundation, investors rely on these results to make their investment calls.
And finally, these studies are most often conducted by a panel of eminent judges across disciplines and domains. Being selected in their results can give an organization an excellent networking opportunity with them to further grow its business in a holistic way.
All of these benefits sound great, but it is not easy to get onto the top of the list right from the get-go, especially for some of the smaller players. Giants such as the Googles and Costcos of the world that have had strong employee practices over the years usually take the top spots. However, smaller organizations can strive to learn from them and also participate in more targeted studies—such as best employers for a specific region or under a certain employee count—to get a leg up in their initial years of operations.
The number of these survey lists is increasing annually. Take time to evaluate and pick the right one to pay heed to. The value will be immense and can help you establish your brand in the marketplace.