Investing Answers Building and Protecting Your Wealth through Education Publisher of The Next Banks That Could Fail
Investing Answers Building and Protecting Your Wealth through Education Publisher of The Next Banks That Could Fail

Magnet Employer

What it is:

A magnet employer is an employer to which people are attracted or especially interested in working for.

How it works (Example):

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 it Matters:

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.