Fortune has published its annual “The 100 Best Companies To Work For” (Milton Moskowitz and Robert Levering, March 15, 2015, pp. 97–154). In addition to its very interesting list, Fortune included some of the latest research on how job candidates are assessing prospective companies. Survey data from McKinsey Global Institute and LinkedIn identify the factors that drive professionals when considering a job change. Here are the results (p. 108):
- 56%—Has a reputation as a great place to work.
- 20%—Is known for great products and services.
- 17%—Has great people.
- 7%—Is prestigious.
Intuitively, I thought that I knew the answer to this question, but once I saw the data, it only sealed the deal. The most important factor in assessing a prospective employer is that the company has a reputation as being a great place to work. Great products, great services, great people, and corporate prestige are all important. Nevertheless, they are all outranked by the reputation of the company as a great place to work.
When it comes to human capital, every company has its work cut out for itself. A top-quality workplace will attract and retain top-quality people. Meanwhile, the labor pool does not need to be told what its top choice is for company attractiveness.