Looking for Cost-Free Advertising in a Down Economy? Be an Employer of Choice

Doom and Gloom Antidote

Right now, many business owners are frustrated by one of those “darned if you do and darned if you don’t” business questions. How do small or medium-sized businesses budget dollars for advertising and marketing promotions in a down economy?

Don’t worry, be happy and become an employer of choice! It’s cost-free and you control the reins.

What is an Employer of Choice?

“Employer of choice” is a human resources (HR) term or HR trend discussed a lot these days. Generally, an employer-of-choice status represents an organizational culture that attracts and retains the most talented of people. Employees who work for an employer of choice are reluctant to leave even when courted by other employers. A number of factors go into developing a culture like this and, if you are interested, online links to further information are provided at the bottom of this page.

If you are re-evaluating your advertising and marketing budgets today, one way to remain competitive and show off your brand is to be an employer of choice.

Words are Free and Spread Like Wildfire When You’re an Employer of Choice

Many years ago, a previous employer sent me to a public relations seminar. I’ll never forget learning about the power of people spreading news and that was even before the days of the Internet!

Research shows that on average, if someone has a negative experience with a business, they are likely to tell at least 12 other people about it. There is also an exponential value, because many of those 12 people will tell others what they’ve heard, and so on. Today, too, we have the Internet where anyone can blast a business and reach millions of potential buyers or investors within seconds.

It’s no stretch to also conclude that when positive business experiences are spread around by the public, and your employees, you can enjoy powerful, cost-free ‘by-word-of-mouth’ advertising and marketing messages.

My present employer, for instance, is diligent about demonstrating that its organizational culture reflects stated values. Leaders and employees are expected to demonstrate respect and concern for others at work and in our communities. The expectations are well-grounded and, in all honesty, I have never heard a bad word about my company.

Other No-Cost Benefits

Becoming an employer of choice is more than slapping a logo on your products or services. In addition to serving as a built-in advertising and branding tool, an employer-of-choice reputation also serves to positively affect the bottom line in two verifiable ways:

1. An employer-of-choice reputation serves as a magnet by attracting quality people; this, in turn, helps keep your recruiting costs down.
2. An employer-of-choice reputation helps you keep those quality people. Consider the costs of turnover: The Society of Human Resources (SHRM) states, “The cost of turnover may be as much as one and a half times an employee's first year salary.” Remember, too, that experienced employees better understand your customers and will take better care of them.

Employers of Choice Are More Likely to Attract Investors

The potential to attract investors is another advantage to acquiring an employer-of-choice reputation. Especially in today’s climate, investors are looking for companies with a predictable future. Customers and clients prefer doing business with companies that have a predictable future, as well. A business with a high turnover rate is less likely to be considered as having a predictable future.

How can you go about becoming an employer of choice? Here are a few basic steps to help get you started:

1. Clearly communicate your vision, mission and your values; then, consistently walk the talk. Actions really do speak louder than words.
2. Hire, train and develop people who are committed to your vision, especially influencers such as managers and supervisors.
3. Find ways to demonstrate appreciation and support for your employees. Employees who feel valued and appreciated are more likely to provide outstanding customer service. Customers who feel valued and appreciated are more likely to spread the good word and become your advocates.

And, going forward: By inspiring a workplace that fosters employee commitment, loyalty and accountability, you can continue to reap the benefits of cost-free, word-of-mouth advertising.

Links to Other Recommended Reading:

Get Creative in this Economy: Offer Alternative Work Schedules

Reasons for Telecommuting: Employer and Employee Benefits

An employer-of-choice status appeals to employees, stakeholders and investors. This status is generally attributed to workplace cultures that attract and retain the most talented and reliable of people.