YesterdayNov 10 at 6:45pm
Manage Discussion EntryIndustries that are frequently represented on the 2021 list of Forbes’ Best Companies to Work For include technology, hospitality and banking. Some of the metrics that factor into the company ranking are perks, diversity, paid time off and staffing levels. Perks include benefits such as telecommuting, fitness pass/gym, sick or vacation time, and college tuition reimbursement. These benefits, as a package, can make or break a candidates decision to work for a company, particularly in today’s climate when employees are holding companies to a high standard. The Great Resignation is here and people would prefer to not work rather than work under suboptimal conditions.
The hospitality industry is a no-brainer. Leaders are skilled in creating a welcoming environment that is soothing and provides a sense of arrival. That culture is felt by the employees as well, and they further create that experience for customers. The tech industry is booming, and competition is fierce to enter a tech company. There is pressure for them to be competitive and attract top talent. The internal competition within the industry inspires more of this culture within each organization. Banking, similar to hospitality, is facing severe disruption from online platforms and the rise of cryptocurrency. In order to retain employees, they are tasked with creating an environment – online or in person – that will retain that talent as they compete with an evolving market. These benefits are noted in the company policies or programs. They have a massive portfolio of offerings, and employees use those offerings to decide which company better suits their needs, considering all else equal in the job. A company’s reputation is directly related to its success. A negative reputation may drive a company out of business, while a good reputation will keep the company relevant and of interest to the public (Lee, 2020).
Reputation is a company’s brand. They are perceived in a certain way by the public, and the company works hard to remain in a positive light. Across industries, reputation and ranking matters because it can help or hurt business (Lisjak et al., 2021). Between hotels or hospitals, consumers will choose the one with a stronger reputation because they are seeking a positive experience in utilizing the services.
As addressed in last week’s discussion about companies that participated in unethical behaviors, companies that violate codes of ethics and have leaders who tolerate immoral behaviors will ultimately fail. Customers and investors do not buy into a mission and vision that are founded on false pretenses. Ethical businesses like b-corporations have sustainable models that keep them in business, keep their customers happy, and do good in the world as part of their mission.
Lisjak, M., Bonezzi, A., & Rucker, D. D. (2021). How marketing perks influence word of mouth.Journal of Marketing, 85(5), 128-144.https://doi.org/10.1177/0022242921991798(Links to an external site.)
Lee, Y. (2020). Toward a communality with employees: The role of CSR types and internal reputation.Corporate Reputation Review, 23(1), 13-23.https://doi.org/10.1057/s41299-019-00069-x
5:19pmNov 11 at 5:19pm
Manage Discussion EntryA commonality I noticed among the listed companies that are the best to work for in terms of their policies is that they are very keen on employee retention. They go beyond the normal perks to make sure that their employees get the best working environment and the most favorable terms for their jobs. They have programs that are quite beneficial to the employees. Companies like Google have a nursery for their employees that are nursing moms. This gives the employees peace of mind because they know that the worries they could be having when their small babies are at home are taken care of.
These companies are also greatly concerned about their customers, the community, and the environment. They pump in lots of money into environmental protection research and companies like Microsoft take the great initiative to improve food sustainability among communities in addition to supporting health programs. These companies invest billions into the welfare of their customers even though it is done indirectly. These policies and practices make a difference in each company's reputation and its ability to attract and retain employees because employees feel that by buying products from the company, they are making a positive impact on the environment and the community.
By assisting the community and funding projects aimed at environmental protection, organizations create a connection with the stakeholders. This also develops an ethical perspective because protecting the environment is a moral action and people that care about the environment will consider it as an ethical action towards society. When organizations conduct corporate social responsibility activities, the communities that benefit from those projects usually enjoy an improved quality of life and that is an ethical gesture when corporates become ambassadors of good deeds. This is a great way of retaining business and good relations with the customers (Bondy, 2008).
Reference
Bondy, K. (2008). The paradox of power in CSR: A case study on implementation.Journal of Business Ethics,82(2),307-323.