Organisations do extensive competitor analyses to gain a decisive advantage in competitive labor markets. Many companies accomplish this by assessing their competitors’ strengths and weaknesses in terms of employee experience, which significantly impacts ability, engagement, and retention. Large corporations, such as Google, frequently assemble teams of experts to research and analyze their competitors.
Some companies additionally identify the strengths and weaknesses of the labor experience provided by their competitors (CIPD, 2023). For example, a competitive firm offering adaptable work plans is a strength that draws in top ability, unlike one that needs proficient improvement, which is a shortcoming from which the firm can profit.
Effective employee branding is also a key method top companies use to attract talent. Organisations construct an engaging narrative highlighting the firm’s way of life, values, and opportunities (Dosi et al., 2018). Branding can be achieved through virtual entertainment, tributes, and academic models like “Employer Brand Equity.”.
A positive organisational image is also essential, extending beyond monetary achievements to include moral practices and an outstanding track record (Kapoor, 2020). The best example is a company like Glassdoor, which provides insights into employees’ emotions, ensuring constant improvement and alignment with market expectations.
Adjusting an organisation’s viewpoint on rewards and culture can also help it better understand competitors’ perspectives on reward systems and organisational culture, both of which are crucial (CIPD, 2022). An organisation might utilize this technique to differentiate itself from competing firms by offering superior reward strategies, such as execution-based rewards or unique benefits that are aligned with their employees’ values.
