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 good health insurance and 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.

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Paul Tracy
Paul Tracy

Paul has been a respected figure in the financial markets for more than two decades. Prior to starting InvestingAnswers, Paul founded and managed one of the most influential investment research firms in America, with more than 3 million monthly readers.

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