If your company has been having trouble attracting the kind of top talent you need to stay competitive, you might want to look into how the company is perceived by the general public. According to a study published in Corporate Responsibility Magazine, companies with a poor public reputation experience significant setbacks in the recruiting process, finding fewer candidates willing to work with them and needing to provide exorbitant pay raises to motivate their top prospects to accept their offers.
The study, sponsored by talent acquisition firm Alexander Mann Solutions, surveyed job seekers about whether they would take a job with a company that had a bad reputation for a variety of reasons. 76 percent said they would not take such a job at all, even if they were currently unemployed. The sources of a bad reputation that were the most off-putting to potential hires were environmental scandals, workplace discrimination, failure to recall defective products and the public exposure of criminal acts.
Among those who would be willing to take the job at all, there were still significant pay obstacles for their prospective employers to overcome. On average, men would require a 53 percent pay increase over their last job, and women would require an increase of 60 percent. When you consider this in terms of executive-level pay, it means hundreds of thousands, or even millions of dollars per year.
If your company struggles with a lingering bad reputation, employing a targeted global executive search firm will help you overcome this limitation.
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