Corporations around the world are missing an opportunity both to help their employees during their economic struggles and to build their employment brand image as an employer that cares. The foundation of this opportunity is the current surge in gas prices and other economic factors that are heavily impacting almost every corporation’s workforce.
It’s almost impossible to pick up a newspaper or magazine and not read about the economic conditions that are putting a strain on almost everyone’s budget and way of life.
Rather than ignoring it or hoping it will go away, look upon it as a chance to “turn lemons into lemonade” and to further strengthen your employment brand image.
It has been common for corporations to offer benefits to their employees to ease their commutes or to help save the environment. However, the recent dramatic rise in gas prices provides corporations with an opportunity to really amp up their offerings, and to demonstrate to those they wish to attract and retain that the organization “cares” about them.
In fact, one study by Dr. Wayne Hochwarter, of Florida State University, found that high gas prices led to more stress on the job, thus impacting employee performance. In his research, Dr. Hochwarter found that one-third of the employees surveyed said they would quit their job for a comparable one closer to home.
Research by outplacement consulting firm Challenger, Gray & Christmas found that 34% of employers had potential candidates who turned down jobs because of long commutes and added nearly 8% of employers report turnover caused by high transportation costs.
Acting now provides an opportunity to build your employment brand because the combined topics of gas prices, food prices, and the mortgage crisis are hot in the media. As a result, any bold action by a corporation is likely not just to be viewed positively by employees and potential applicants but also by those covering consumer confidence and spending in the media.
Efforts by employers to help workers cope with these economic factors will likely be written up in the press and in business publications. Not only would you be helping your workers, but you will also be building employee loyalty while getting free PR to further strengthen your employment brand image. It’s an opportunity that won’t last long, so it shouldn’t be missed.
Many firms have already been recognized for excellence in these areas, including Google, Intel, Oracle, Microsoft, Cisco, Nike, and HP. There are many actions to consider, and I’ve separated the various options into broad categories below.
Promoting Drive-Less Options
The first group of options is relatively cheap, but they can have a significant impact on the amount of money your employees need to pay in commute costs. 12 “drive-less” options include:
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