Being a company people really want to work for is one of the strongest competitive advantages. In the past it took years, even decades, to build the reputation of a desirable employer. Today, it can happen almost immediately thanks to the media and the rapid development of innovative products. Having a breakthrough product is, however, only the beginning. At least that's what Jack Welch thinks.
Jack Welch was a long-time CEO of General Electric (1981-2001), is an expert on leadership development and founded his own business school, the Jack Welch Management Institute at Strayer University in Virginia. He regularly publishes his reflections on LinkedIn. This time, he focused on how to recognize a really great company that is able to attract and retain the best people.
1. Continuing education
The best employers invest a lot in the development of their people. The others just talk about it.
2. Rewards based on merits
The best employers reward results. Salaries and career growth are closely linked to performance. These companies have performance evaluation systems that let employees know clearly how they are doing.
3. Risk taking
The best employers lead their workers to take risks and reward risk taking. They do not punish people for unsuccessful risks. That is how they attract creative and courageous workers.
4. Diversity
The best employers are enlightened in terms of the need to remove barriers that are unreasonably formed on the basis of gender, race or nationality. They promote diversity, flexible working arrangements and procedures friendly to the environment.
5. High recruiting standards
The best employers don't hire everyone. Candidates must meet strict criteria with regard to their intelligence and work experience and undergo an intensive selection procedure.
6. Profit and growth
Economic success is a magnet for talent, and only a successful company can offer its people the best career prospects.
"And that launches a virtuous cycle. The best team attracts the best team, and winning often leads to more winning. It’s a ride that you and your people will never want to get off," concludes Jack Welch.
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