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DOI: https://doi.org/10.34069/AI/2023.65.05.22
How to Cite:
Ferreiro-Seoane, F.J., Álvarez-Herranz, A., Llorca-Ponce, A., & Cid Bouzo, A. (2023). The most attractive companies in the labour
market based on culture place of origin. Amazonia Investiga, 12(65), 230-245. https://doi.org/10.34069/AI/2023.65.05.22
The most attractive companies in the labour market based on culture
place of origin
Las empresas más atractivas del mercado laboral en función de la cultura del lugar de
origen
Received: May 2, 2023 Accepted: June 4, 2023
Written by:
Francisco-Jesús Ferreiro-Seoane1
https://orcid.org/0000-0002-3984-3158
Agustín Álvarez-Herranz2
https://orcid.org/0000-0003-1438-2495
Alicia Llorca-Ponce3
https://orcid.org/0000-0002-5426-4090
Ana Cid Bouzo4
https://orcid.org/0000-0003-0168-8794
Abstract
This paper analyses the differences in the
attractiveness of companies according to their
country of origin. The aim is to expand
knowledge about which characteristics make
organisations more attractive to workers based
on their place of origin (Anglo-Saxon, Northern-
Central European, Mediterranean, Asian
regions). In addition, it is analysed if the COVID-
19 has caused changes in the elements that make
up the attractiveness.
The sample comprises the ranking published by
the journal Actualidad Económica about the most
attractive companies to work for in Spain, during
2013-21. The variables used in the ranking are:
Talent-Management, Remuneration, Work-
Environment, CSR and Training. Other control
variables like geocultural area are used. For this
purpose, an econometric model of unbalanced
panel data with random effects is proposed.
Results show there are differences in the
assessment of professional attractiveness
according to the companies' place of origin and
culture. Remuneration and permanence in the
ranking are the only variables which are relevant
regardless of the culture. Talent Management,
Working Environment and Training, size, and
stock price influence Western countries
1
Department of Applied Economics. University of Santiago Compostela. Santiago de Compostela, A Coruña. Spain.
2
Department of Economics, Econometrics and Economic and Institutional Spanish and International History. University of Castilla
– La Mancha. Cuenca, Cuenca. Spain.
3
Department of Business Organization. Polytechnic University of Valencia. Valencia, Valencia. Spain.
4
PhD Candidate. Doctoral Program Economics and Business. University of Santiago de Compostela. Spain.
Ferreiro-Seoane, F.J., Álvarez-Herranz, A., Llorca-Ponce, A., Cid Bouzo, A. / Volume 12 - Issue 65: 230-245 / May, 2023
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unequally. The opposite occurs for SCR, which
only affects Asian companies. Also, COVID-19
has affected unequally the assessment of the
attractiveness of companies.
Keywords: organizational culture, cross-country
differences, talent-management, remuneration,
work-environment.
Article classification: Research work.
Introduction
Over the last decades, the economy of knowledge and human capital have acquired relevance. This work
aims to expand knowledge about the attractiveness of companies for job seekers. Firstly, to shed light on
which aspects and/or attributes of organizational culture make up their attractiveness; secondly, to
determine if there are differences in these aspects according to the organisation's country of origin and,
thirdly, to assess whether COVID-19 has modified the attributes that make up said attractiveness.
The companies ranked among the 100 best Spanish companies to work for by the Revista de Actualidad
Económica (RAE) motivated the publication of this study. The ranking, published annually, takes five
parameters into consideration, which the literature recognises as key indicators in assessing the
attractiveness of companies by workers and professionals; these variables are: Talent Management,
Remuneration, Working Environment, Corporate Social Responsibility (CSR) and Training. This ranking
has also been used in studies on organisational learning capacity (Guinot et al., 2015). In addition to these
five parameters, other variables have been studied, such as their size, whether the company is listed on the
stock market or not and the continuity in the ranking over the years.
The results of the aforementioned ranking for the period 2013-21 revealed a crucial circumstance to elicit
this research: the presence of different multinational companies (MNCs) operating in Spain. This
phenomenon highlights the international scope of the ranking published by RAE, and it leads to a more
profound reasoning: Are differences in the attractiveness of companies dependant on their place of origin?
Is the way companies address employer branding and projected image conditioned by their culture? How
has COVID-19 influenced attractiveness?
Based on the ranking published annually by the RAE for the period 2013-21, along with other control
variables such as size, listing on the stock market, field of activity and continuity in the ranking of the
highest-rated companies, the main objective of this article is to analyse whether there are differences in the
level of attractiveness and in the different elements described when assessing attractiveness according to
the nationality of the parent company (Anglo-Saxon, European, Mediterranean or Asian). Variables which
are likely to influence professional attractiveness will also be analysed to study how the COVID-19
pandemic might have affected them. This knowledge will produce useful information for companies
regarding human resource management with the aim of improving the recruitment and retention of talent.
Literature Review
There are numerous studies on the attractiveness of organizations, focusing on the five variables mentioned
above, and the influence that the origin of companies has on organizational culture.
Attracting and retaining talented employees has become a fundamental aspect for organisations around the
world (Eger et al., 2019). In fact, recent studies reveal that the vast majority of companies have a real
interest in providing an ideal work environment for their employees (Senarathne, 2020). This occurs
because the current state of business values talent as a key factor for the successful performance of
companies (Alparslan & Saner, 2020; Vilciauskaite et al., 2020). Finding an appropriate strategy to attract
and retain talented employees requires investing in employer branding policies (Monteiro et al., 2020). A
good design and implementation of human resources strategies, including the employer's brand, are key
aspects for attracting and retaining employees and for the growth and competitiveness of the organisation
(Amarakoon & Colley, 2022). Although this concept has been established for more than two decades, its
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process and consequences have not been analysed in full yet (Gregorka et al., 2020). However, it is strongly
believed that a solid employer brand may help organisations stand out in the market and attract the best
professionals. Ultimately, the brand facilitates the communication of the uniqueness of an organisation, and
it also contributes to determining its intangible value (Rath & Vasantha, 2018).
The attractiveness of organisations to job seekers. Influential factors
Companies included in the study are taken from the ranking The 100 best Spanish companies to work for,
which was published by RAE. This ranking has been selected because it includes variables that are
recognised in the literature as the most suitable indicators to measure the attractiveness of a company.
Job satisfaction, affective organisational commitment, and turnover intention are considered important
concerns in the talent management literature, (Alferaih, 2017). Several works also observed a positive
relationship between talent management and job performance, (Kwame Mensah et al., 2016). High-
performance and ethical organisational cultures have strong effects on attracting and retaining talent,
(Kontoghiorghes, 2016).
Findings from a study conducted in the UK, US, Greece and Australia suggest that the main strategies for
retaining talent include a friendly and open access culture, teamwork, compensation, training and
development, as well as the involvement of staff, (Marinakou, 2019). Studies carried out in Belgium
indicate that talent retention practices occur mostly in promotion opportunities and financial rewards, rather
than those related to social environment or a balance between work and personal life (De Vos &
Meganck, A., 2009). Various studies on the health sector in Germany point to remuneration as one of the
most important factors to increase the attractiveness of the job, Herget et al., (2021). Other sectors such as
construction have shown that remuneration is among the most important motivational factors, (Aghayeva
& Ślusarczyk., 2019). The same is also stated in another study about the information technology sector,
which indicates that the motivation of employees is related to additional payments, (Chistyakov et al.,
2021). In the case of the shipping industry in China, the results show that promotion is the most significant
factor in job satisfaction, followed by salary and benefits, (Li et al., 2014).
There have also been studies found on the importance of the work environment. With that being said,
Aghayeva & Ślusarczyk (2019) conclude that one of the more discouraging aspects for professionals was
the aggressive treatment from their supervisors/bosses and the conditions of an unsafe workplace that
generate an unhealthy work environment. Li et al., (2014) concluded that one of the main aspects that are
valued by the Chinese professions were work environment and the usage of status-describing titles.
Empirical studies carried out in various sectors of different countries conclude that there is a positive
relationship between workers' perception of CSR and the organisational attractiveness: Belinda et al.,
(2018), in the USA; Menaga & Shanmugam (2021), and Bharadwaj & Yameen (2021) in India; Choi et al.,
(2020) in South Korea; Ouyang et al., (2021), in China, or Tarigan et al., (2021) in Indonesia. The constructs
of corporate social responsibility have significant influence on the evaluation of the employer brand,
(Xinsheng & Yoon, 2016).
‘Millennials’ are of special interest, highlighting their greater sensitivity to CSR practices when assessing
the attractiveness of a company, Waples & Brachle (2020) in the USA; Catano & Morrow (2016) in Canada.
Besides their attractiveness to job seekers, CSR practices also lead to greater employee motivation and job
retention rates, which in turn has had a positive impact on corporate performance, (Sharma & Mishra,
2019).
Empirical evidence supports the positive relationship between training employees and job satisfaction, (Choi et
al., (2020), Paais (2019), Cerdin et al., (2020); Gaspar et al., (2021)). Training positively influences internal and
external job satisfaction according to a study conducted in Chinese state-owned enterprises, (Zhang & Lee, 2016).
A study conducted for Japanese companies in Malaysia concludes that the elements that make up attractiveness
differ with age, with skill training being more attractive for students, (Mori et al, 2019).
Cross-Country Differences
Globalisation has caused organisations to operate in a huge number of culturally diverse countries
(Valverde-Moreno et al., 2021). As a result, multinational companies (MNCs) are becoming increasingly
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common in many economies. However, authors like Guthrie et al., (2008) already emphasise the existence
of substantial differences among MNCs according to their country of origin.
Consequently, organisations in today’s globalised world must determine whether it would be better to use
one corporate strategy or to customise their employer brand according to the cultural differences among
nations. Therefore, MNCs are under the complex pressure of finding appropriate balance between global,
national and local practices, especially in the area of human resource management (Hussein & Kachwamba,
2009). This is the reason why the country-of-origin effect (COE) on employment practices in multinational
enterprises has become an important area of international human resource management research (Zhu &
Jack, 2017). According to theories of ethnocentricity, MNCs tend to transplant the dominant business
strategic practices of the country of origin into their subsidiaries and apply them wherever they operate
(Hussein & Kachwamba, 2009).
Various works in which comparative research is conducted using several econometric techniques highlight
contrasts between human resources practices across countries (Amossé et al., 2016; Grimshaw & Rubery,
2009). With regard to this approach, little research has been done into different cultural perspectives
towards talent management (TM) around the globe. In emerging market economies (such as Asia, Eastern
Europe, Middle East, Africa, and BRICS), it is a largely unexplored area of practice and research (Dirani
& Nafukho, 2018). Furthermore, most research on TM is conducted in the West, while the current state and
indigenous practices of TM in most countries of the world are not explored.
There are some studies in this respect, but they are too specific. Research conducted by De Guzman et al.,
(2011) about the current Human Resource (HR) philosophy and the specific roles practiced by HR
professionals among Asian companies in four Asian countries demonstrates that differences among
countries exist depending on the type of organisation, the size of the organisation, and whether the HR
managers work for HR departments or for other functional departments. Likewise, Poocharoen & Lee
(2013) have investigated public sector TM schemes in Thailand, Malaysia, and Singapore, concluding that
while the countries have comparable names of TM schemes, a closer look at these reveals that there are
also many differences.
Studies about remuneration and compensation mostly focus on comparatives between remuneration
policies for CEOs, especially in countries such as Japan or the United States. That is the case of the study
conducted by Pan & Zhou (2018), whose results show strikingly large differences between the Japanese
and American systems that are difficult to explain by differences in conventional incentive contracts. These
findings differ from other recent studies, which portray that international differentials in CEO wages have
largely disappeared since the mid-2000s. However, no scientific studies have been found which evaluate
remuneration differences within non-executive positions in the companies around the world.
Similarly, there are very few studies on the variable work environment. Indeed, articles that deal with
these issues from an overall perspective are scarce, thus reducing the amount of available works related to
these factors, as well as the number of authors who have analysed these variables from a perspective centred
in places of origin.
Regarding Corporate Social Responsibility (CSR), differences appear among practices implemented by
companies in developing countries (BRICS) and two developed countries (USA and UK), which result in
developed countries having higher CSR disclosure scores than developing countries (Bhatia & Makkar,
2019). Regarding the rest of the studies, their scope is too specific. For instance, a study reflects that
consumers in Albania, as post-communist countries, have more expectations in terms of CSR than Germans
and Italians, Minoja et al., (2022).
Identifying cross-country differences in personnel training is easier through the existing literature. On the
one hand, statistically significant differences have been found among training practices in the sample of
nine Central and Eastern European (CEE) countries, Berber et al., (2020). If we look at specific countries,
a study in China finds both similarities and differences between Chinese and German companies,
particularly in terms of the links between the national training system, the national labour market, and the
social setting, Li et al., (2014). A case study for companies listed at the Korean capital market has provided
empirical evidence on the effect of training on companies and it has identified the need to analyse firms in
other countries, such as Japan, the USA and China, (Kwon, 2019). In contrast, a study regarding the
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relationship between training and development of employees and the observed organisational performance
in countries of the Danube region has not detected significant differences, (Slavić & Berber, 2019).
Multinational companies face fierce competition to attract local talent. In this sense, Kim et al., (2018)
analyze the influence of professionals' cultural values when assessing the attractiveness of Japanese
companies in Malaysia. The results indicate that the attractiveness of the employer for a professional or job
seeker depends on the fit between the cultural values of the latter and those of the country of origin of the
employing company of the individual cultural value with the country of origin of the employing company.
The work of Jyoti & Kour (2017) points to cultural intelligence as a key element for the success of
organizations, especially in the case of multinationals whose culture is linked to their country of origin but
who are forced to interact with professionals from different cultures. Cultural intelligence allows interaction
to a greater extent with professionals from different cultures and increases their productivity.
Methodology
Hypotheses
Hypothesis 1 (H1): The assessment of Talent Management made by workers regarding the labour
attractiveness of companies differs according to the place of origin of the parent company.
Hypothesis 2 (H2): The assessment of Remuneration made by workers regarding the labour attractiveness
of companies differs according to the place of origin of the parent company.
Hypothesis 3 (H3): The assessment of the Work Environment made by workers regarding the labour
attractiveness of companies differs according to the place of origin of the parent company.
Hypothesis 4 (H4): The assessment of CSR made by workers regarding the labour attractiveness of
companies differs according to the place of origin of the parent company.
Hypothesis 5 (H5): The assessment of Training made by workers regarding the labour attractiveness of
companies differs according to the place of origin of the parent company.
Hypothesis 6 (H6): The assessment of economic activity made by workers regarding the labour
attractiveness of companies differs according to the place of origin of the parent company.
Hypothesis 7 (H7): The assessment of company size made by workers regarding the labour attractiveness
of companies differs according to the place of origin of the parent company.
Hypothesis 8 (H8): The assessment of the stock price made by workers regarding the labour attractiveness
of companies differs according to the place of origin of the parent company.
Hypothesis 9 (H9): The assessment of continuity of a company in the ranking made by workers regarding
the labour attractiveness of companies differs according to the place of origin of the parent company.
Sample
The RAE publishes an annual ranking of the 100 most important companies to work for in Spain. We have
a total of 894 records in the years of 2013-2021. The total number of companies that appear in the ranking
amounts to 300, of which 4.7% appear on all nine rankings.
Table I provides a breakdown of records by international categories, with Mediterranean companies being
the most present (55,0%) followed by Anglo-Saxons (24.7%), Northern-Central European (18.3%) and
Asian (2%). There are two large clusters: one gathers Western companies, with a smaller presence of
Eastern companies.
Table I.
Classification of companies in the RAE ranking by region (2013-21)
Region/Country
Nº records
Companies
Nº
%
Anglo-Saxon
249
74
24.7
Canada
1
1
0.3
United States
147
46
15.3
Ireland
12
3
1.0
UK
89
24
8.0
Asian
17
6
2.0
China
2
1
0.3
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South Korea
5
1
0.3
Japan
10
1.3
Northern and Central Europe
157
55
18.3
Germany
57
21
7.0
Belgium
1
1
0.3
Denmark
3
3
1.0
Finland
6
1
0.3
Luxembourg
2
2
0.7
Norway
1
1
0.3
Sweden
44
12
4.0
Switzerland
22
7
2.3
Netherlands
21
7
2.3
Mediterranean Europe
471
165
55.0
Spain
363
134
44.7
France
75
26
8.7
Italy
24
3
1.0
Portugal
9
2
0.7
Overall
894
300
100.0
Source: Own elaboration, using data published in Actualidad Económica
Variables and Methods
Table II describes the variables used by the RAE that make up the five indicators used in the preparation
of the annual ranking. The ranking is drawn up using a questionnaire with a hundred questions. The
questionnaire canvasses experts in human resources from more than 500 companies. The companies eligible
for participation in the ranking must meet the following criteria: to operate in Spain, to have been in
operation for more than five years and to have a workforce of more than 100 employees.
Table II
1
.
Variables used by the RAE
Variable
Description
Maximum score
Talent management
Projection, performance and undesired turnover
240
Remuneration
Assesses fixed and variable wages, non-monetary
remuneration and social benefits
225
Work environment
Working hours, teleworking, work-life balance and
working conditions
205
Corporate Social
Responsibility
Social and volunteering policies involving personnel
50
Training
The investment received by the employee
220
Total
Total score
1,000
Source: Own elaboration, using data published in Actualidad Económica
Table III shows the control variables added to carry out the study.
Table III.
Control variables added to the study for companies in the RAE ranking
Variables
Justification
Nationality
To classify the quantitative information of the ranking by nationality. They are
grouped by cultural regions.
Economic activity
To know the economic sectors to which companies belong and, for this purpose, they
are classified according to CNAE code, grouped to the first digit.
Size
To know the size of the companies that are in this ranking.
Stock Market Listing
Classifying companies according to whether they are listed on the Secondary Stock
Market or not.
Continuity in the
ranking
Number of times the company appears in the ranking.
Source: Own elaboration
1
A variable named "Employees' perception" was included only until 2021, therefore it was left out of the analysis. Likewise, the
rating scale was changed in 2020, thus newer values have been adjusted to the original ratio for data homogeneity.
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The information available has led us to compile two econometric models of unbalanced panel data with
random effects. Using this type of econometric model, we can assess whether the individual coefficients αi
and/or the temporal coefficients ϕt are not fixed effects in the regression-independent term, but rather are
left to vary randomly over time and across companies. The general expression of the panel data regression
model with random effects would be the following, equation 1:

   (1)
Where Yit is a linear function of K explanatory variables (i=1.2,...N companies and t=1.2,...T observations
in time), but the error term has the following structure, equation 2:
   (2)
Where:
󰇟󰇠 󰇟󰇠 󰇟󰇠 (3)
󰇟󰇠
;󰇟󰇠
;󰇟󰇠
(4)
  󰇟 󰇠     (5)
Equation (1) in this work has been broken down into two equations, the first of which will include the
variables that make up the six indicators of the RAE ranking and the control variables minus the economic
sector variable, whose expression is shown in equation 6:

 
   (6)
Its disaggregated form is expressed as equation (7), in which the dummy variable D2021 has been
introduced, which takes a value of 1 in the years 2020 and 2021 and 0 in the rest of the years, to check if
COVID-19 has caused a change in the structure of equation (6), both at the origin and at the slope. This
will show whether COVID-19 affected the characteristics that workers value in a company. In other words,
this work aims to answer the following question: Has COVID-19 caused workers to change their priorities
when evaluating a company?
   
  
   
     
   
   
   (7)
The second equation would only take the control variables, equation (8):
   
 
    
  
 

 
(8)
Results and discussion
Table IV shows that the companies most valued by workers are the Anglo-Saxon ones, with an average
score of 723.9 points, highlighting the American ones (729.7) followed by the British ones (721.3).
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Table IV.
Average values by region and country, period 2013-21
Region/Country
Talent
Management
Remuneration
Work
Environment
CSR
Training
Total
Anglo-Saxon
184.5
163.7
159.3
41.4
175.1
723.9
Canada
160.0
140.0
100.0
35.0
120.0
555.0
United States
186.0
162.9
162.1
40.9
177.7
729.7
Ireland
172.7
145.7
151.6
44.8
172.2
687.0
UK
183.7
167.6
156.3
41.9
171.7
721.3
Northern and
Central Europe
176.7
164.2
156.4
40.1
173.9
711.3
Germany
173.5
166.4
150.3
39.8
171.0
700.9
Belgium
136.2
199.0
149.3
34.8
137.9
657.3
Denmark
152.4
154.1
157.6
37.1
146.4
647.6
Finland
196.0
165.9
149.1
37.9
176.2
725.0
Luxembourg
162.5
145.0
130.0
35.0
160.0
632.5
Norway
165.0
135.0
145.0
30.0
165.0
640.0
Netherlands
179.2
169.3
162.6
39.4
174.7
725.3
Sweden
175.6
149.8
153.1
39.1
176.0
693.6
Switzerland
183.1
165.2
168.5
45.7
184.9
747.4
Mediterranean
Europe
177.5
163.4
153.9
41.4
174.1
710.3
Spain
176.7
161.3
154.3
41.2
172.4
706.0
France
182.1
164.1
152.1
42.2
180.2
720.7
Italy
180.3
187.1
156.9
42.0
178.2
744.3
Portugal
166.2
177.0
142.9
41.7
182.3
710.1
Asian
183.5
165.0
156.5
41.4
160.9
707.4
China
175.0
150.0
120.0
30.0
130.0
605.0
South Korea
189.0
176.0
174.0
43.0
186.0
768.0
Japan
182.4
162.6
155.1
42.9
154.6
697.6
Overall
179.4
163.6
155.9
41.2
174.1
714.2
Source: Own elaboration, using data published in Actualidad Económica
Table V shows the summary results of the econometric model obtained from Appendices I to IV, which
will be contrasted with the result of the hypotheses.
Table V.
Summary of significant variables sorted by the significance of the standardised coefficient and classified
by geo-cultural región
Anglo-Saxon
Northern and Central
Europe
Mediterranean
Asian
Std. Coefficient
Std. Coefficient
Std. Coefficient
Std. Coefficient
Variable
Pre-
COVID-19
(2013-
2019)
Post-
COVID-19
(2013-
2021)
Pre-
COVID-19
(2013-
2019)
Post-
COVID-19
(2013-
2021)
Pre-
COVID-19
(2013-
2019)
Post-
COVID-19
(2013-
2021)
Pre-
COVID-19
(2013-
2019)
Post-COVID-
19 (2013-
2021)
Variables excluding economic sectors (Appendix 1a,2a,3a,4a)
Talent
Management
-
0.2822***
-0.2822***
-0,2591***
-0,2591***
-0,2446***
-0,2446***
Remuneration
-0,3347***
-0,5674***
-0,3595***
-0,3595***
-0,3682***
-0,3682***
-0,3766***
-0,3766***
Work Environment
-0.3300***
-0.3300***
-0,4103***
-0,4103***
-0,2239***
-0,7796***
SCR
-0,2327***
-0,2327***
Training
-0,1959***
-0,5023***
-0,2859***
-0,2859***
-0,1601***
-0,8900***
Size
-0,0506**
-0,0986**
0,0415**
-0,0415**
Stock Market
Listing
-0,0656**
-0,0656**
Continuity in the
Ranking
-0,1100***
-0,0077**
-0,0641**
-0,0641**
-0,1314***
-0,0391**
-0,4896***
-0,4896***
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Variables including economic sectors (Appendix 1b,2b,3b,4b)
Size
-3,9339***
-3,9339***
Stock Market
Listing
-0,2801***
-0,2801***
-2,2765***
-2,2765***
Continuity in the
Ranking
-0,5253***
-0,5253***
-0,5394***
-0,5394***
-0,8152**
-0,8152**
Financial and
insurance (K)
-0,1576***
-0,1576***
-0,3073***
-0,2323***
Information and
Communication
(J)
-0,0964**
-0,0964**
Professional,
scientific, and
technical
services(M)
-0,1381***
-0,0905**
Administrative and
auxiliary services
(N)
-0,1013**
-0,0805**
-0,0805**
Wholesale and
retail trade (G)
-0,2375***
-0,2375***
-0,1177***
-0,0508*
-1,8608***
-1,8608***
Energy supply (D)
-0,1372***
-0,0491*
Healthcare and
social services (Q)
-0,2021***
-0,2021***
Source: Own elaboration, using data published in Actualidad Económica
(H1): The assessment of Talent Management made by workers regarding the labour attractiveness of companies
differs according to the place of origin of the parent company.
Talent management is an attractive factor for all the regions considered, except for Asian companies (see table
V and appendices Ia,IIa,IIIa,Iva). According to the regions considered, the relative significance reached by this
variable varies, so we can affirm that hypothesis I is fulfilled (see table V). It can be seen that Anglo-Saxon
companies are the ones that achieve the highest score in Talent Management. In addition, it is the variable that
reaches the highest score among the set of variables (see table IV).
If we compare the situation before and during the pandemic, its relative importance decreases. This reduction is
more intense in the case of regions with the greatest presence of companies, the Anglo-Saxon
1
(3→4) and the
Mediterranean (2→4), (see table V).
Numerous authors highlight Talent Management in organisations as an attractive factor for professionals and job
seekers (Alparslan & Saner, 2020; Vilciauskaite et al., 2020). Other authors highlight the positive relationship
between talent management and job satisfaction, Victor & Hoole (2017) and Marinakou (2019). Ferreiro‐Seoane
et al., (2021) had studied the importance of Talent Management in the most attractive companies to work for.
However, there are few studies that verify the existence of differences in Talent Management according to the
cultural perspective or the place of origin of the organisation, (Dirani & Nafukho, 2018). Existing studies have
been focused on the West (Bonache & Trullen, 2021), although there are also analyses which study Asian
countries (De Guzman et al., 2011).
(H2): The assessment of Remuneration made by workers regarding the labour attractiveness of companies differs
according to the place of origin of the parent company.
Remuneration is a factor that makes the company attractive to workers for all the regions considered (see table
V and appendices Ia,IIa,IIIa,IVa) and the score differs based on the place of origin of the companies (see table
IV). With these results, it can be affirmed that hypothesis 2 is fulfilled (see Table V).
It can also be observed that the COVID-19 pandemic has triggered changes in the relevance of this variable,
losing relative significance, especially for Mediterranean companies (1→3), (see table V).
The importance of Remuneration is recognised by professionals and job seekers Herget et al., (2021), and
Chistyakov et al., (2021). However, there are no studies that analyze and compare the impact of remuneration on
the attractiveness of the company considering companies from different regions. The results of the analysis
realized show that Remuneration is a factor of influence for all regions and its relevance differs by region.
1
This indicates that the Talent Management variable occupies the third position as an influential factor and that it has moved to fourth
position with COVID-19.
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(H3): The assessment of the Work Environment made by workers regarding the labour attractiveness of
companies differs according to the place of origin of the parent company.
The work environment is an attractive factor for all the regions considered except in the case of Asian companies
(see table V and appendices Ia, IIa, IIIa, IVa). Moreover, in the regions for which this variable stands out, its
intensity differs depending on the place of origin, scoring higher in companies from Northern and Central Europe
(see table V). With these results, it is affirmed that hypothesis 3 is fulfilled. COVID-19 affected the score of this
variable: its relevance increased for Mediterranean companies (3→2), with an opposite impact on Anglo-Saxon
firms (see table V).
(H4): The assessment of CSR made by workers regarding the labour attractiveness of companies differs
according to the place of origin of the parent company.
SCR influences attractiveness only for Asian companies (see table V and appendices Ia, IIa, IIIa, IVa). While in
the rest of the geographical areas it is not considered an attractiveness variable, so Hypothesis 4 is fulfilled.
There are numerous works that indicate the existence of a positive influence between job seekers' perception
CSR and the attractiveness of a company, Menaga & Shanmugam (2021), Bharadwaj & Yameen (2021), Choi
et al., (2020), Ouyang et al., (2021), Xinsheng & Yoon (2016) in China, or Tarigan et al., (2021). However, the
number of studies decreases when isolating those which try to link the influence of CSR on attractiveness
according to the country of origin of the company (Table V). It is concluded that CSR is an influential factor in
the attractive only in Asian companies.
(H5): The assessment of Training made by workers regarding the labour attractiveness of companies differs
according to the place of origin of the parent company.
Training is a factor influencing attractiveness for all regions considered, excluding Asian. Differences in its
values are observed between regions being the Anglo-Saxon companies are the most valued. Thus, hypothesis 5
is fulfilled (see table V, appendices Ia, IIa, IIIa, IVa and table IV).
When incorporating the year 2020 and 2021 (impact of COVID-19), changes in the variable are observed,
especially in Mediterranean (4→1) and Anglo-Saxon (4→2) companies.
There are many authors who highlight the importance of training in companies in the attractiveness of
organizations (Cerdin et al., 2020). Empirical evidence supports the positive relationship between the training of
workers and job satisfaction, (Choi et al., 2020; Paais 2019; Cerdin et al., 2020 and Zhang & Lee, 2016). This
work confirms that training is an influential factor on business attractiveness, in line with what was concluded
by the cited authors, except in Asian countries. This finding once again highlights the differential behaviour
between Western and Asian countries.
(H6): The assessment of economic activity made by workers regarding the labour attractiveness of companies
differs according to the place of origin of the parent company.
Differences in the obtained scores for all variables are observed between both industry sectors and regions, with
no specific sector being equally significant for all regions (see table V and appendices Ia, IIa, IIIa, IVa), therefore
hypothesis 6 is fulfilled. The two most valued sectors are energy and financials, highlighting Mediterranean
companies. The third most valued sector is professional services, in which Anglo-Saxon companies stand out
(see table VI).
Before COVID-19, the region in which most of the sectors have a high score is the Mediterranean region (6),
followed by the Anglo-Saxon region (3). There have been little to no changes in this variable since the start of
the COVID-19 pandemic (see table V).
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Table VI.
Mean values by economic sector and geo-cultural region, period 2013-21
Sector
Anglo-
Saxon
Northern and
Central Europe
Mediterranean
Europe
Asian
Overall
Administrative and auxiliary services
715.4
726.6
665.5
705,8
Wholesale and retail
735,2
678.1
684.2
714,9
704,6
Construction sector
725.0
723.1
723,6
Financial and insurance
726.4
723.6
746.7
739,1
Hospitality
709.0
624.0
652,3
Manufacturing Industry
716.4
700.9
699.4
700.0
704,6
Information and Communication
701.1
731.0
695.0
700.9
702,5
Real Estate
677.1
713.1
687,7
Professional, scientific and technical
services
734.9
729.4
702.1
719.0
Healthcare and social services
784.6
604.0
686.1
Energy supply
615.0
747.8
741.8
Transportation and storage
665.0
671.3
671.0
Source: Own elaboration, using data published in Actualidad Económica
(H7): The assessment of company size made by workers regarding the labour attractiveness of companies differs
according to the place of origin of the parent company.
Ferreiro‐Seoane et al., (2023) had concluded that the size variable was significant for the most attractive firms
during the COVID-19 pandemic but had not studied its influence according to the origin of the firms. There are
differences in the assessment of company size, measured through the number of workers, depending on the place
of origin of the companies (see table VII). The results show that size is a relevant factor to the attractiveness of
companies in the Anglo-Saxon and Mediterranean regions. Hypothesis 7 is fulfilled. With COVID-19, the
relative influence of this variable on attractiveness has increased (see table V and appendices Ia, IIa, IIIa, IVa).
The pandemic increased workers' concern about the possibility of losing their job and seriously affected the
income of many companies and workers. It could be that size is considered a security element when it comes to
keeping a job, since larger companies have a higher survival rate.
Table VII.
Mean size of companies by geo-cultural region, period 2013-21
Listed on the stock market
Region/Country
Mean size
No
Yes
Anglo-Saxon
1,880.7
709.5
731.3
Canada
860,0
555.0
United States
1,930.6
713.9
736.0
Ireland
5,002.5
649.1
724.9
UK
1,388.8
714.4
725.9
Northern and Central Europe
2,626.3
674.2
724.8
Germany
1,191.8
667.2
716.4
Belgium
120.0
657.3
Denmark
1,101.3
647.6
Finland
650.0
725.0
Luxembourg
11,373.5
632.5
Norway
784.0
640,0
Netherlands
2,341.8
693.5
737,3
Sweden
7,891.9
657.4
704,3
Switzerland
1,756.3
699.7
755.4
Mediterranean Europe
6,367.3
690.8
726.5
Spain
7,478.1
684.9
730.1
France
3,390.5
724.2
720.1
Italy
986.8
780.7
722.5
Portugal
722.2
710.1
Asian
3,089.2
680.8
745.4
China
1,000.0
605.0
South Korea
270.0
768.0
Japan
4,916.7
699.8
689.0
Overall
4,398.4
693.0
727.8
Source: Own elaboration, using data published in Actualidad Económica
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(H8): The assessment of the stock price made by workers regarding the labour attractiveness of companies
differs according to the place of origin of the parent company.
60.9% of the most attractive companies to work for are listed in the stock market (see table VII), although
there are differences based on their place of origin (see table V and appendices Ia, IIa, IIIa, IVa). The results
show that the relationship between the attractiveness of companies and the Stock Market Quotation is only
significant in the case of companies from Northern and Central Europe. Hypothesis 8 is fulfilled.
(H9): The assessment of continuity of a company in the ranking made by workers regarding the labour
attractiveness of companies differs according to the place of origin of the parent company.
The number of companies that remain in the ranking for the full period of 2013-21 is low (4.7%). This
percentage differs according to the region considered: Anglo-Saxon (5.4%), (4.8%) and Northern-Central
European (3.6%). The results of the econometric models show that there is a relationship between
continuity in the ranking and the obtained score on attractiveness in all regions (see figure I). However, the
influence of this variable differs depending on the place of origin (see table V and appendices Ia, IIa, IIIa,
IVa). If we include the effects of COVID-19, this variable loses influence compared to other variables.
Hypothesis 9 is fulfilled.
Figure I. Evolution of job attractiveness values by international areas and by years of continuity in the
ranking.
Source: Own elaboration, using data published in Actualidad Económica
Conclusions
The international nature of the studied listing is proved by the presence of companies from 20 different
countries (Table I). Western companies are classified in 3 predominant regions: the Mediterranean (55.0%),
Anglo-Saxon (24.7%) and Northern-Central European (18.3%). Only three Eastern countries are present in
the ranking.
One conclusion is that Talent Management is an influential factor in the attractiveness of a company, whose
significance depends on the company's place of origin, being relevant in companies from western regions
and not in eastern ones. The effect of COVID-19 has reduced the influence of this variable on attractiveness
in favour of other factors (Table V).
Anglo-Saxon and Mediterranean companies obtaining the highest scores in the assessment of remuneration
(see table IV). With COVID-19, their relative influence has decreased for Mediterranean companies. We
can interpret these results as the consequence of a greater fear of losing one's job with higher unemployment
rates causing a reduction in salary expectations (see table V).
In companies in Northern and Central Europe, work environment is the most influential factor and with
COVID-19 ranked in second place. This change could be explained considering that a situation of
maximum turbulence causes workers to value companies that take care of the work environment more
620,0
640,0
660,0
680,0
700,0
720,0
740,0
760,0
780,0
800,0
1 2 3 4 5 6 7 8 9
Anglo-Saxon Northern and Central Europe Mediterranean Europe
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highly. On the contrary, in Asian companies, this factor does not influence attractiveness, showing the
differences between eastern and western companies when assessing attractiveness (Table V).
It is concluded that CSR is an influential factor in the attractive only in Asian companies, there is no
evidence that the factor is influential in companies from western areas. These results may be due to cultural
differences between East and West, if we take into account that Eastern standards value the group over the
individual more than Westerners, where individualism is more valued.
This work confirms that training is an influential factor on business attractiveness. But once again highlights
the differential behaviour between Western and Asian countries. Another noteworthy aspect is the effect of
COVID-19 on the indicators that describe the attractiveness of the company. In the case of Mediterranean
companies, in the COVID-19 period, training has reduced its influence on attractiveness (see table V). This
fact could be due to the fear of losing one's job, which led to re-establishing the priorities of employees,
giving more importance to security in maintaining their jobs.
The results also show the relevance of the activity sector on the attractiveness of a company, establishing
differences based on the place of origin (see table V).
The influence of size on attractiveness appears to have increased (see table V). This fact is consistent with
the situation caused by COVID-19: workers are aware that their job may be in danger due to the cessation
of activity and closure. It is reasonable to think that larger companies will be less likely to cease their
activity than small companies, thus size becomes more valued by the worker.
The stock exchange listing is only a factor of influence for companies in Northern Europe, which is logical
if we take into account the fact that companies in this region tend to be multinational companies, therefore
they need to attend to the capital market to a greater extent.
Continuity in the ranking is an important factor of influence for all areas, although with different intensity;
it is very relevant in the case of Asian companies and less so for the rest. Due to COVID-19, the influence
of this variable has decreased, being surpassed in valuation by another variable, size. With COVID-19,
workers prefer a large company that has appeared in the ranking for more years.
As a final conclusion, it is worth noting that only two variables that are part of the attraction, remuneration
and continuity in the ranking are influential factors for all the international areas considered, and the degree
of influence differs by the culture of origin of the companies. Three variables, Talent Management, Work
Environment, and Training have an influence on the attractiveness of companies in Western culture, but
they are not variables that influence countries of oriental culture. With SCR, the opposite happens. The
influence of size and stock price listing is unevenly manifested in western areas.
Finally, it should be noted that COVID-19 has affected the indicators responsible for company
attractiveness and that this impact has been unequal depending on the regions considered. It can be
concluded that there are differences in the attractiveness of firms according to their place of origin. Thus,
human capital attractiveness strategies will have to take into account the traits that characterise the firm’s
country of origin and adapt to each environment.
Future research should focus on highlighting these changes in other countries with two objectives. Firstly,
to expand knowledge about what other factors might influence the attractiveness of firms and secondly, to
investigate the differences according to the geographical scope of the firm.
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