The WitMind® Employer Competitiveness System – instead of looking in the mirror, it’s about looking out the window at the market and competitors

The analysis of competitive strengths, weaknesses, and opportunities in business – quite a newsflash. Essentially, all business decisions are made by relying on information, research, experience, knowledge about the market, competitors, customers, their behaviors, and lifestyles. This is how the recipe for commercial success is found. Then, with purpose and patience, without getting distracted, investments are made into it. The market, competitors, and strategy are observed and adjusted so that the business can adapt to the constantly changing environment. This is how business leaders are born and grow.

Why is this centuries-old business practice still not applied to the topic of employers? Why do we still engage in competitive battles in the employers’ market by only looking in the mirror, that is, examining only internal indicators, only the opinions of our employees?

Competitive ranking – Your strategic weapon

The WitMind® compiled Lithuanian Employers’ Competitiveness Index® reveals the most competitive sectors in the employers’ market. Two of them will not come as a big surprise to you, however, the third one might.

In the ranking of employers’ competitiveness, the highest positions are held by:

• Finance sector;
• Telecommunications and information technology sector;
• Education, culture, arts, and social activities sector.

Below the national average competitiveness ranking of all employed in the country, the following sectors are ranked: public administration, transport and logistics, health and pharmaceuticals, trade, manufacturing, and catering sectors.

It may seem like winners and losers are listed, but it is important to mention that at least four out of this six operate in conditions of particularly low profit margins and very fierce commercial competition. So our job is not just to rank but to delve into and understand how businesses with very limited resources can still achieve victories in the job market battles.

Yes, employees in sectors with the lowest competitiveness ratings are generally the least satisfied with their work, have the lowest engagement and pride index, satisfaction with company culture, and, if they were to work now, compared to sector leaders, they would be much less likely to choose their current employer. However, it is precisely these sectors that have the greatest potential to change the situation, as by leveraging reliable competitiveness data, they can easily and accurately invest in what would strengthen their competitiveness as employers and tangibly improve employee well-being without wasting money on low-efficiency measures.

What’s even more interesting is that it is particularly challenging for sectors that are leaders in competitiveness to find new recipes for victories. Take, for example, the finance sector: when all players in the sector invest heavily in their image and employee well-being, finding new weapons for competitive battles is a real challenge. It is even more challenging for newcomers to this sector’s market, as they have to compete with experienced finance labor market players who have earned a great employer reputation and have high visibility. Internal research or “some” comparative index will certainly not be enough to overcome such market challenges.

How WitMind® Can Help Your Business:

• It will help you see not only a very high-quality image in the mirror but also with high-quality, reliable data will reveal a very detailed picture of the market and competitor sectors.
• It will provide a wide and very detailed dataset, based on which you can position your employer with your real strengths and unmet expectations of competitor employees: data that reveal what is strong in your company and what is important to competitor employees, and they do not receive it from their employer.
• Through data, it will reveal a clear direction on what to invest in and what will not bring benefits: not all sectors have the same resources, both financial and human, to invest in all possible employee well-being and employer image solutions. It is very important to rely on data when making decisions, which will help direct employer investments into the most valuable, most effective areas.
• It will help set meaningful goals – what matters most is growing competitiveness, i.e., strengthening, progressing in the job market competition, not the highest position in the ranking.

The WitMind Employer Competitiveness System® is based on a survey covering as many as 3322 respondents across Lithuania, thus ensuring statistically reliable samples of 10 market sectors.