What is a Magnet Employer?
A magnet employer is an employer to which people are attracted or especially interested in working for.
How Does a Magnet Employer Work?
For example, let's say Company XYZ is located in Anywhere, USA. It routinely appears on lists of "Best Places to Work," has a good telecommuting policy, pays well, offers goodand excellent perks, and has a casual dress code. For these reasons, people compete harder to get a job at Company XYZ. In some cases, job candidates in magnet companies are even willing to take pay cuts to work there.
Why Does a Magnet Employer Matter?
Magnet employers often attract top talent, which in theory makes the company more profitable. Because these companies are known for top talent, a job with a magnet company can also advance a person's career and looks good on a resume.