Gaining information about the public image of a prospective employer is important because the image of a company can sometimes transfer to individuals. More specifically, if one works for a company with a public image problem, that negative image could transfer to the individual and present problems when looking at future career opportunities. One could also take a ‘straw poll’ of friends and acquaintances to see what the reactions and comments are about a particular company, in order to further assess the image of that corporation (Dawson, 1996).
Financial Information
There is a tremendous amount of information available for job searchers who are researching prospective employer’s organizations based on their financial well being. There are many places to turn for your research, including such places as bookstores, libraries, Chambers of Commerce and other Trade Associations, Accrediting and Regulatory Bodies, Suppliers and Competitors, and Informational Interviews (Satterthwaite and D’Orsi, 2000). However, the Internet provides job searchers a very powerful alternative resource tool with which to research a company’s financial health. “The Internet can provide information on salaries, companies, and the names of decision makers. And, it can speed up your overall search” (Farris, 1998). Web-based financial research has many advantages over more traditional approaches – the most important being the amount of information readily available at your fingertips. “We’re in the Info Age,” says Fran Quittel, “If you want to connect with thriving companies, you have to use the tools of the age” (Martin, 1998).
To access objective research information on an organization’s financial viability, the web offers several sites. “Hoover’s, a service that provides information on companies, maintains an excellent site (hoovers.com)…For a given firm, you can call up a profile, a list of top officers, a stock chart, and the latest income statement. Hoover’s offers links to other free sites where you can get financial documents such as 10K’s…” (Martin, 1998). Similarly, JobSmart (jobsmart.org) offers valuable research information.
Moreover, an important aspect of researching a company via the Web is the ability to access up-to-date information with which to judge the stability of the organization and that of the industry. To begin, utilize financial statements to get a picture of a company’s financial well being. A company’s financial statement include a balance sheet, income statement, and statement of cash flow. The key to judging a company’s financial health is to understand the context that surrounds the companies you’re considering. It helps to understand the environment as a whole. how the company compares with its competitors, and how efficiently they run their organization (Walsh, 2000).
Career magazine (careermag.com) is an on-line publication that features articles, links, advice on an organization that will help the job searcher gauge an organization’s relative financial strength. Likewise, JobWeb (jobweb.org) provides employer profiles that include organizations financial data. JobWeb also links to research Web sites that provide articles (rated on content) written about organizations.
The ability to access financial information through the aforementioned web sites will give the job seeker powerful insight into an organization’s overall operation. “Your research on the employer’s organization will also put you in a better position to ask intelligent questions, and to impress the interviewer. Showing interviewers that you’ve taken the time to research their company demonstrates by example that you are the type of person who gives 100 % (Satterthwaite and D’Orsi, 2000). Thus, the job searcher who researches the financial stability of their chosen organization and industry creates a far more favorable impression and are more likely to receive the job offer.
Professional Growth
As a job seeker looks for information regarding professional growth opportunities one must have a strategy to find the information they are looking for. Professional growth opportunities come in different forms in varying organizations. While the Internet is a valuable tool when conducting company research, one must go directly to the home page of the perspective employer they are interested in. Simply typing in “research a company” or “professional growth” while using a search engine will get you nowhere. Similarly, using a keyword “job search” brings an overwhelming number of hits. A job seeker may also use trade journals, or directories of the various companies that may be available in a bookstore or library. However, because of the wealth of information, and how quickly it is presented, we feel there is no better tool to research the professional growth opportunities a company offers than the Internet.
In order to gain information regarding the opportunities an organization provides for professional growth, one must go directly to a company’s website. Sites such as monster.com and fincareers.com offer links to company websites, but little information on professional growth opportunities. While fincareers.com provides users with a list of company links, monster.com provides job seeker a link, “Research Companies”. When clicking on this link, one can type in the name of the company they would like to research, or use the map of the United States that locates perspective companies. What does not show up on any of the various job search sites is a direct link labeled “Professional Growth”, “Potential for Advancement”, or “Tuition Reimbursement”. “Most companies now have their own websites, which offer valuable information to prospective candidates” (Messmer, 1999). After visiting such prominent organization’s homepages as Arthur Anderson, Ernst & Young and Chase Manhattan, I was reassured that companies are interested in professional growth, and the information is easy to obtain. “Chase views continuing education as a vital aspect of our employees personal development and career goals” (Chase.com). Statements such as this should be essential for job seekers, particularly in today’s low unemployment environment in which companies are eager for good people.
Job seekers may encounter direct links to professional growth opportunities within particular organizations once they visit the company homepage. Links titled “Career Center”, or “Career Seekers” (Arthur Anderson, website) allow a perspective job candidate to view a company’s philosophy on issues such as continuing education, career development or tuition assistance. What was not prominently available was information regarding the opportunity for advancement within the organization. Companies reassure potential employees that “we know that we must invest in our people’s growth to retain our competitive advantage” (Ernst & Young, website). However, no company website I visited directly told an individual he/she would be promoted. Nonetheless, one must assume if they fulfill their position’s requirements the career ladder will be available to climb.
When researching a perspective employer a job seeker should be interested in the room for professional advancement the company provides. While some companies simply list job openings and their mission statement, organizations that value investing in the future of their employees are proud to display these values for anyone interested. When browsing a company website, one should be able to find links to further information on topics such as “Continuous Learning”, “Education & Development”, “Tuition Assistance” and “Mentoring” (Ernst & Young, website). If information regarding these professional growth opportunities is not readily available on a company homepage, and these things are important to you, perhaps that particular company is not right for you.
Compensation Package
Generally, the compensation package is one of the areas of greatest concern for a job seeker. If the compensation is not appropriate, a new employee may begrudge or dislike the company they decide to work or may have difficulty giving their employer the commitment necessary to get the job done properly. Therefore, researching the compensation available for employees is an integral portion of finding the right job. While the Internet is a valuable tool for obtaining some of the following information, an informational interview, or visiting an organizations’ Human Resource office may be necessary to accurately predict the compensation package offered.
According to Robbins, a job seeker should begin analyzing compensation, by doing the following:
List important benefits- During the initial research, outline the benefits job seekers want as part of their compensation package. And then compare the whole situation to others.
Do your research- Find the information about industry-standard benefits or search examples of competitors’ compensation package. This will help job seekers infuse their wish list.
Now a job seeker is prepared to focus their research on the following list of factors to look for when researching and analyzing compensation packages, according to Robbins’ “Total Compensation Analysis”:
1.Salary- What is the salary offer? Does it fall within the range you expected? How often are you paid? How often is compensation reviewed? What are they based upon? What period do they cover? When are they paid?
2.Bonuses- How are they earned? When are they paid? Is there profit sharing? How is it calculated? What has been the history of earnings? Are there other forms of deferred compensation?
3.Stock Options- When can job seekers take advantage of the option? What is the price and how does it compare to the current price? What is the total number of outstanding share?
4.Pension Plan-Is there a pension plan? How is it funded? Are there employee contributions
to the plan?
5.401(K) Retirement Savings Plan- What percentage of your income is job seekers able to
contribute?
6.Medical/Hospitalization- What is the effective date of coverage? What are the premiums? How much of the premium for individual and/ or family coverage does the company pay?
7.Dental Insurance-When is the coverage effective? What is the coverage? What are the premiums for individual and family coverage? What is the employee-paid portion of the premiums? Are the premiums paid with pre-tax or post-tax dollars? Is there a co-pay?
8.Vision Care Insurance-When is the coverage effective? How often can you have your eyes?
examined? How often can you get glasses? Coverage? What is the employee-paid portion of the premiums?
9.Life Insurance-Are you covered by a basic company-paid plan? What is the amount of coverage? When is it effective? Supplemental Life insurance-Can you purchase additional life insurance? What is the cost of additional insurance? Is there family coverage available?
10.Long-Term Disability Insurance-When are you eligible for coverage? What is the percentage of income covered? What is the cost to you of this coverage?
11.Allowance- Is there coverage for significant local travel?
12.Vacation-How is vacation pay accrued? How much vacation will you earn per year? How are vacations scheduled? However, not every company can offer all of these benefits. The offer package can vary to an extraordinary degree, depending on the size and structure of the company. For example, start up company usually have more basic package, while large companies may have cafeteria plan where job seekers can select from a variety of options.
As previously discussed, compensation information can be found by visiting the company of interest, visiting company homepages, researching on-line resources such as Hoovers.com, company informational pamphlets/packets, or industry/trade journals.
Conclusion
As one can see, researching a perspective employer is an in-depth process when done correctly. While most job seekers simply schedule interviews and accept job offers, an informed job candidate will take the time to research their perspective employer before they accept a job offer. The various methods discussed, particularly the use of the Internet will help job seekers research the information they are looking for before they accept a job. Without looking at a company’s Corporate Culture & Image, Financial Data, Professional Growth Opportunities and Compensation Packages, an individual may find themselves in an organization that is not right for them.
