Employer of choice
Employer of Choice
Being an employer of choice is critical since it affects the operations of the employees and the overall performance of the organization. When a company is the employer of choice increases the loyalty of the staffs and that means that they will put in more effort and would love to be part of the success of the company (Riasi, 2015). The human resource is very important when it comes to the success of an organization. Their efforts, commitment, and dedication will determine the profit margins and how best the company can compete with the rest. Being an employer of choice means that the employees are comfortable with the terms and love the nature of the jobs they deal in. The employer of choice is determined by the kind of terms and policies that provide a favorable working environment that allows for maximum productivity. Being the employer of choice will also guarantee the organization smooth running of operations since the team will be united as a single unit working towards the same goal (Bali, 2016). The supervisory management will have an easy time supervising the employee since they are passionate and dedicated to carrying out what they are obliged to. This paper will compare Prospect Capital and Chimera Investment Corporations that base in New York in terms of an employer of choice. The paper will specifically address how the policies and practices contribute to the competitive advantages and what they can learn from each other.
Prospect Capital and Chimera Investment Corporations both provide debts to companies that need to develop and they make their profits from offering such services. The companies, however, differ in terms of policies and practices and that causes the margin between their productivity and competitive advantages. Chimera Investment Corporation, for instance, has a framework that increases the public’s appeal as the employer of choice. It has increased participation by the employees will also help the management to make decisions that will give the company a competitive advantage over the rest. The company majorly focuses on specific factors that make employees be very comfortable during operations (Lagoarde-Segot, 2017). Chimera uses the framework to manage their employees and ensure that the rates at which the management conflicts with the employees is reduced completely. The company also tries to negotiate with the employees to avoid confrontation from the unions. This has been the trend in the company considering that in the recent past there has been a major transfer of economic factor from the public sector to the private ones. When Chimera focuses their efforts on the preferences of the employees, they will be able to maintain a long time relationship that will contribute to the success of the company.
Prospect Capital Corporation, on the other hand, has a different strategy of maintaining their employees in order to have a competitive advantage over other companies dealing in the same service provider. The company focuses on grasping employees’ engagement for competitive advantage. The management makes efforts to train their employees in order to make them more productive. They are empowered and appreciated for their efforts so that they can be more productive and positively contribute to achieving the objectives of the firm. Employee empowerment also helps the employees to be self-driven and ensure that the firm has an upper hand in terms of increasing the customer base and countering stiff competition (Molle, 2017). The employees, in this case, are treasured because they are the major resource that the firm has. Without them, Prospect Capital Corporation would be less functional. The company also looks to retain their employees because they feel as though, those who are laid off can be hired by other companies. The employees are well retained to run their operations and losing them can make other companies to take advantage (Bellou et al, 2015). The company invests in training employees from the moment they are hired and the empowerment continues over time. This way they become more efficient and guarantees the company greater services to their employees.
The companies can learn a lot from each other. For instance, Chimera Investment Corporation can focus their efforts on employee empowerment to guarantee the company better performance than in the past years. This will help the company to technically grow their staff and guarantee the best quality services to their employees. This will also help the company to have an upper hand in terms of competition with companies dealing in the same line of service provision. The company can also learn how to constantly train their employees and update them to become high yielding. This will help the company to serve more customers and retain their employees. The company will also reduce the rate at which employees are laid off because of the fear of losing qualified human resource to other companies (Drache et al, 2016). Prospect Investment Corporation, on the other hand, can borrow from the framework that the other finance company uses. They should listen to their employees and consider their preferences to avoid confrontations from the employee unions. Prospect can learn how to create forum and ways through which the companies can listen to the employees and find ways to reduce conflicts between the employees and the management. The company can also learn how to maintain a relationship and learn the importance of teamwork in their operations. The Prospect Investment Corp. can also learn how to deal with their employees and the effect of neoliberal systems that can affect the performance of employees.
If I was presented with an opportunity to join either of the firms I would settle for Prospect Investment Corporation. After careful considerations, it is apparent that their policies and practices are friendly and makes them my employer of choice. Their terms and ways operations are run in the organization will help me to develop skills and make me a better employee. The company fears losing employees will guarantee that I will have a long lasting relationship with the management. I will also be sure to find employees with the same passion as me and help me to adapt to the new environment. This will help mean as an employee to maintain a good relationship with the rest of the employees and increase on teamwork (Bali, 2016). Teamwork will positively contribute to the development of the necessary skills that can be learned from the qualified employees. Employee development will benefit me with the necessary skills to adapt and increase the productivity of the company at large. I will be able to learn about the advancement in technology and how better operations can be run to ensure that I become more resourceful to the company. Prospect Investment Corporation is focused to engage their employees more and ensure that the firm has a competitive advantage over the rest of the companies. More engagement will help me as an employee to become experienced and increase my performance as an employer.
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Bellou, V., Chaniotakis, I., Kehagias, I., & Rigopoulou, I. (2015). Employer Brand of Choice: an employee perspective. Journal of Business Economics and Management, 16(6), 1201-1215.
Drache, D., Rioux, M., & Longhurst, P. (2016). The Rich List: The Global Corporate Race to Be Number One.
Lagoarde-Segot, T. (2017). Financialization: Towards a new research agenda. International Review of Financial Analysis, 51, 113-123.
Molle, W. (2017). The economics of European integration: theory, practice, policy. Routledge.
Riasi, A. (2015). Competitive advantages of shadow banking industry: An analysis using Porter diamond model. Business Management and Strategy, 6(2), 15-27.
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