The key role of employer branding in attracting top talent
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The war for talent is real. With advances in technology, job roles and the skills required for them are changing on the go. To ensure business success, consistently attracting top talent is an absolute imperative for all organisations.
Employer branding refers to efforts that companies put into positioning themselves positively to prospective candidates, and is one of the first steps in attracting new talent. With effective branding, companies can attract more qualified applicants while retaining employees and making it easier for them to recommend the company as a potential employer.
Attracting high-quality candidates
Why has scouting for top talent become such a challenge? The answer lies in the fact that the market has moved from being predominantly employer-driven to one that’s more candidate-driven. Earlier, companies could advertise open positions and pick from a list of qualified candidates applying for these positions. The tables have now turned. Candidates with the right skill sets have the world at their feet, with employers vying to convince them to join their organisation. Companies that have done their employer branding right have an advantage with such candidates, making the task of getting them onboard easier.
Improving candidate experience and engagement
Employer branding helps candidates have a good and positive experience during their stint with an organisation. When employees are part of a company that has a positive and desirable perception, they feel upbeat and more valued, ensuring higher levels of loyalty, motivation, and productivity. They even tend to share this optimism and positivity with friends. This leads to higher chances of recommending their workplace to their contacts who are potential future hires for the company.
Decreasing cost per hire and turnover rates
A study by Metlife in 2022 showed that only 66% of employees are satisfied with their jobs. This figure was a drop from the previous year’s 72%. Unsurprisingly, low satisfaction brings with it reduced loyalty to organisations. Loyalty has dropped over the years and employees feel open to shifting and seeking new opportunities whenever and wherever available. When employer branding is done the right way, attrition rates drop, resulting in reduced employee turnover. Another study done by Harvard Business Review also found that a poor reputation costs a company at least 10% more per hire.
Enhancing company reputation
Companies that put in efforts to brand themselves as good employers make it to the top of the minds of candidates. They stand to gain a competitive edge in the talent marketplace and can differentiate themselves from competitors. Candidates with high calibre and talent are automatically drawn to such organisations. Tech titan Google is one such company that has built a brilliant reputation for itself through strong employer branding. The company, reputed to be one of the best paymasters and known for its generous employee benefits, unique workplace culture and vibrant work environments, among other things, has candidates flocking to become a part of its ecosystem.
Thus, we can see that companies, clearly, need to come up with effective strategies to up their employer branding game. What are some of the ways this could be done?
Defining an employee value proposition is one of the basic tenets of employee branding. This involves clearly articulating why your organisation should be a company of choice for potential candidates.
An organisation’s employees need to be well taken care of. They should be given ample opportunities to learn, contribute and grow at the workplace. When employees feel happy and engaged at their workplaces, they become brand ambassadors for their organisation. They do this by sharing their positive experiences on social media and with those around them. This helps showcase the company’s employee-centric culture. A case in point is Adobe. The company understood employee advocacy quite clearly. Their employee brand ambassadors often post on social media using their branded hashtag #AdobeLife, which helps one get a peek into the company’s culture and values.
When employees give feedback on how things can be improved at their workplace, it must be considered and acted upon. Doing so tells the employees that their organisation cares. The act of giving feedback shows that the employee is also involved and invested in the growth of the organisation. Microsoft is one such company that takes employee feedback seriously. Microsoft Digital has built an internal employee-engagement application called AskHR. The application helps with supporting enquiries to Microsoft’s HR department and managing ongoing cases related to those enquiries. Employees can submit any kind of request on the application, ranging from the simple to complex ones such as moving to a new location or job role or dealing with an illness. Microsoft HR then engages with these employees to ensure that their requests are met and fulfilled in a timely and efficient manner.
Further, living in a digital world as we do, a company’s reputation needs to be monitored regularly on social media and other platforms to understand and shape the views that people have about it.
All organisations need to look for strategic ways to strengthen their employer branding. Careernet’s Talent Branding solution helps attract quality talent and curate the talent pool to align with your business goals and objectives. Careernet enables employers to build talent communities and engage with them to create a desirable brand image.
