When you sell your business, you probably want to get the most value you can for it. This is when you literally capitalize on all the hard work, the risk and the sleepless nights you’ve endured as an entrepreneur. Getting $2 million for your business is better than getting $1 million and being an Employer of Choice could make that difference.
According to Roger Herman & Joyce Gioia who wrote the book, How to Become an Employer of Choice (www.employerofchoice.org/book_index.html) here are some of the benefits of earning that title:
- Recruiting and Marketing gets easier and less expensive. If people are attracted to your company, you have more resumes in your files and less need to advertise for people.
- Improved performance and productivity. “Long-term employees understand the processes, the suppliers and the customers, and they become more efficient and effective in a team-centered environment.”
- Finding better employees. As an EOC you’ll attract an increasingly better quality of candidates from which to choose. This means you can be more selective, and put the right people in the right roles versus ‘bums in seats’.
- Less stress, more fun. Working with employees who want to be there, who aren’t fighting with management or each other, who want the business to succeed, makes for a better working environment for everyone.
- Business Continuity. When employees like their jobs, they tend to stay. Few are really looking to change for the sake of change if they are happy in their current role. With continuity, your clients and your company benefits from the skills, knowledge, and wisdom learned over many years of experience.
- Greater attractiveness to investors. Investors like predictability and a positive future. A company that is an EOC, and has the benefits listed above is simply worth more than one that isn’t. If I had to choose between buying a recently profitable business that wasn’t an EOC and a consistently profitable business that was, I’d go with the latter.
Becoming an EOC doesn’t happen overnight. It’s one of those business strategies that has to be done deliberately, with planning, actions and determination over time. It has to come from the top. If the owner isn’t on side and pushing forward on this strategy, it is unlikely to happen.
It will require an investment today to get that ROI, but the great news is that becoming an EOC pays off now as well as in the future. The key is to get started. Make a decision. Do you want to create a company that is considered an EOC or not? If yes or even maybe, give me a call. It’s well worth the time to discuss what steps you need to take to become an Employer of Choice before making any commitments. But it’s hard to get to that destination if you are unsure of where you are now.
 Roger Herman & Joyce Gioia, How to Become an Employer of Choice – Oakhill Press, 2000.