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A Bad “Rep” Can Impact a Company’s Ability to Attract Top Talent
Author: Scarinci Hollenbeck, LLC
Date: October 15, 2013
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A new survey suggests that prospective employees seriously consider a company’s reputation during their job search. In fact, almost 70 percent of job seekers would turn down jobs if the company had a bad “rep,” even if they are currently unemployed.
The findings are part of an annual corporate reputation survey prepared by Corporate Responsibility Magazine and Allegis Group Services, entitled “Employment Cost of a Bad Reputation Survey.” Researchers polled over 1,000 employed and unemployed Americans to assess how corporate reputation and transparency impact job decisions.
Below are a few key findings:
- Prospective employees are five times more likely to refuse a job offer from a company with a bad reputation.
- Sixty-two percent of those currently employed would take that job with a company that had a bad reputation but only if they were offered significantly more money, with the majority requiring an increase of 50 to 100 percent.
- Eight-four percent of those currently employed would consider leaving their current jobs if offered another role with a company that had an excellent corporate reputation. In such case, a modest pay increase of only one to ten percent would serve as sufficient inducement.
“The results of this year’s survey demonstrate the importance of a positive corporate reputation in recruiting and retaining talent. Our year-over-year analysis shows that this sentiment remains strong among employees and potential new hires in 2013,” said Elliot Clark, CEO of Corporate Responsibility Magazine.
The survey highlights that a company’s business practices can have a wider impact than may be otherwise appreciated. While the positive reputation of corporate responsibility can go a long way in attracting top talent, the negative forces of scandals, lawsuits, regulatory fines and bad press can make recruiting significantly more difficult, particularly without overpaying in order to overcome the stigma that a bad “rep” brings.
If you have any questions about the survey or would like to discuss your company’s corporate responsibility efforts, please contact me, Gary Young, or the Scarinci Hollenbeck attorney with whom you work.
- Practices: Labor & Employment
- Locations: Red Bank, NJ, Little Falls, NJ, New York City
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