From the course: Employer Branding to Attract Talent
The impact on customers and profits
From the course: Employer Branding to Attract Talent
The impact on customers and profits
- I'm a huge fan of Trader Joe's. It's a unique chain of grocery stores, and I probably shop there three times a week. That's how much I love this place. And judging by the crowds, I'm not alone. But Trader Joe's isn't just a terrific grocery store, it's also a great place to work. How do I know? I see it in their employees. They absolutely reflect the brand. The stores are bright and clean, and they have a no questions asked return policy. The employees are cheerful, outgoing, and extremely helpful. The people match the brand. And when I talk to the folks that work there, they tell me Trader Joe's is a great place to work. The employees and their feelings about the company are a key ingredient to the company's success, and to their reputation as an employer. Customers like to do business with businesses that treat their employees well. This applies to businesses of all shapes and sizes. Of course, the opposite is true too. People decide not to do business with companies that have a reputation for not treating employees well. We all know companies like that. Are they growing? Or is there a lot of turnover? Are the employees singing their praises? Or do online reviews paint them in a negative light? That's one of the reasons companies with strong employer brands are more likely to be fully staffed than those who don't. Not only is there less turnover, but they're able to fill jobs more quickly. And the ability to fill jobs in a timely manner can have a significant impact on profits. Think about how much it costs every day a sales position is vacant. The money you're losing is like a vacant seat on a flight that's about to take off. You'll never recover the loss revenue. So, as you weigh out how much time and money you'll need to invest in developing a strong employer brand, keep in mind that the real cost occurs when you do nothing. A strong employer brand can indeed add to your profits.