Worried About The Labor Shortage? Great Companies Bounce Back..
Recent reports by Gallup and The Chamber of Commerce have underscored the current labor shortage impacting several industries like the Financial Services sector. There are many ingenious ways to attract and hire great talent to your organization that we've explored. However, a mindset shift could be in order as consistent success in talent acquisition comes from being a great company, and not just crafting a terrific strategy.
The term great is ambiguous because it means different things to different people. However, it is rather compelling to see what employees say makes a great corporation, and how we can parlay the examples towards a sustainable corporate culture, and recruitment strategy. With this in mind, we took a look at two sites that allow workers to post their thoughts on their respective employers.
What we found consistently is the favorable raves about an employer were centered around three key points:
There is really not a secret formula for hiring great people. I've worked for, and with companies with elaborate round robin interview models, and others with tiered candidate evaluation processes where the once engaged parties eventually withdraw interest and walk away with an unfavorable impression of the process.
From the verbiage in the jobvert to the professionals conducting the interviews, everything matters in talent acquisition. And even when you are not hiring, you are still selling your company brand to clients, and future hires. However, if your company is also working with an unfavorable image recruitment efforts can be exacerbated. Equally as harmful is when workers are kept in place due to an initiative or perception that a company wants to project or protect. Sometimes tough decisions have to be made.
Having the right leadership in place is of monumental importance.
The direction of the organization is gleaned by the hires at the steering wheel. It might be an uphill climb with the current labor shortage, and an unfavorable company image, but we can take heart in the past. Throughout history, we've seen companies that have bounced back victoriously after far more extreme situations than a labor shortage.
Johnson & Johnson had to recall millions of bottles of Tylenol due to tampering, resulting in the death of seven people. However, the company not only managed to recover its reputation but also became an exemplary case study in crisis management by introducing tamper-evident packaging and swiftly implementing safety measures.
Similarly, Volkswagen faced a major setback in 2015 when it was discovered that they rigged diesel-emissions tests. Through extensive reforms and apologies, coupled with an increased focus on electric vehicles and sustainable practices, they have regained consumer trust and remain successful in the market.
One common factor that contributed to the success of these corporations after their scandals was strong leadership and effective crisis management. These companies were led by leaders who took swift action, accepted responsibility, and implemented necessary changes to rectify the situation. Their ability to navigate through the crisis with a clear vision and strategic decision-making played a pivotal role in their eventual triumph.
Another important factor was the emphasis on transparent communication and accountability. These corporations recognized the importance of being open and honest about the scandal, both internally and externally. They provided timely updates to stakeholders, acknowledged any wrongdoing, and demonstrated a commitment to making amends. By holding themselves accountable and maintaining transparency, they were able to regain trust and credibility.
A crucial aspect of their post-scandal success was a focus on ethical business practices and strong corporate governance. These corporations implemented robust compliance programs, established strict ethical guidelines, and prioritized integrity in all aspects of their operations. By demonstrating a commitment to ethical behavior and responsible governance, they not only regained public trust but also created a solid foundation for future growth and success.
One key strategy employed by these victorious corporations was rebranding and reputation management. They invested in revamping their image, aligning their messaging with their new values, and putting their scandals firmly in the past. By actively shaping public perception and showcasing their commitment to change, they were able to rebuild their reputation and attract customers and investors.
Another vital strategy was investing in corporate social responsibility (CSR). These corporations recognized the importance of giving back to society and making a positive impact. They implemented CSR initiatives, supported social causes, and actively engaged in community development. This not only helped them rebuild trust but also fostered goodwill among stakeholders, further strengthening their position in the market.
Lastly, these successful corporations focused on fostering a culture of transparency and integrity from top to bottom. They encouraged open communication, ethical decision-making, and accountability at all levels of the organization. By creating an environment where employees felt empowered to speak up and do the right thing, they built a strong foundation for long-term success and resilience.
The impact on stakeholders and public perception after the scandals varied for each corporation. However, through their concerted efforts, these companies were able to regain trust and rebuild relationships with their stakeholders. By taking responsibility, implementing changes, and consistently demonstrating their commitment to better practices, they were able to repair damaged relationships and instill confidence in their stakeholders once again.
These corporations also experienced shifts in public perception and market sentiment. Initially, the scandals had a negative impact on their reputation, leading to skepticism and distrust. However, as they embarked on their journey of redemption, public perception gradually shifted. People began to see their genuine efforts, ethical practices, and commitment to positive change. This shift in perception contributed to a more favorable market sentiment, leading to increased investor confidence and consumer support.
The success of these corporations after their scandals serves as a testament to their resilience and ability to learn from their mistakes. Through strong leadership, transparent communication, and a focus on ethics, they were able to overcome the challenges and emerge as even stronger organizations. Their commitment to change, combined with key strategies like rebranding, CSR, and fostering a culture of integrity, played a crucial role in their triumph. Ultimately, their stories serve as valuable lessons that demonstrate the importance of taking responsibility, striving for continuous improvement, and never underestimating the power of redemption.
Their successes remind us that even in the darkest of times, there is always an opportunity for growth by turning a scandal into a catalyst for positive change and emerge victorious in the end. The right leadership can change everything. Please reach out with your talent acquisition needs in leadership. Our reach is global, and highly customized. As a boutique firm, we are able to discreetly, and confidentially recruit candidates away from your top competitors and niche emerging organizations. Recruit tomorrow's leaders today.