In today's job market, a positive employer brand is critical, writes Sarah Lybrand in her article "What Is Employer Branding and How Can It Grow Your Business?". She adds that hiring and retaining the best employees gets challenging without an employer brand, and too much money is required. A company needs talented, work-oriented, and intelligent players to take your business forward, and the best way to find them is to present the company as a great workplace. Everything from the salary package to the additional benefits a company provides to the employee will impact how the employees feel at the workplace. As an employer, one should take care of the employee's physical, mental as well as social well-being of the employees.
A positive work environment depends on factors like work-life balance, motivation, recognition, and appreciation. An employee must feel safe and secure throughout whatever tenure they are associated with the organization. And even after the employee leaves, they should always carry the employer's brand and represent a positive company image.
Organizations can't remain complacent about recruitment strategies in the fierce job market, as the national unemployment rate has decreased by 4%. Getting the right kind of talent for the correct position has been challenging for a company, irrespective of domain and job grade. An organization must build an authentic and compelling employer brand to stay ahead of competitors. Recruiting.com refers to research from Bersin, in which it has been found that 40% of companies indicated that employer branding is a "must-have" in their talent acquisition strategies. In comparison, 59% of HR leaders globally intend to invest more in their employer brand.
While we speak about employer brand, we must acknowledge the term Employee Value Proposition (EVP), which means the unique set of benefits an employee receives in return for the skills, capabilities, and experience they bring to a company. Building a compelling employer brand and communicating EVP is not easy. It takes research, time, and people resources, not to mention behavioural change across the organization, to make it work. In the same article, Recruiting.com lists the top three reasons why your business needs to develop a winning employer brand now:
- Decrease the time needed to fill while increasing candidate quality:
Let's face it – people build the business. Structuring a solid employer brand can save time by hiring the right people. A well-presented EVP through internal communications can drive awareness and consideration of the organization, resulting in an expedited hiring process. A positive reputation can lead to 50% more qualified job applicants.
- Reduce the turnover by bringing in the right talent:
As an employer, to build a brand, a company should focus on any one unique criteria while hiring. Crystal-clear communication is one example because when candidates clearly understand your culture, mission, and values, they can better decide how they will fit into your organization and self-select to opt out if it's not the right fit or opt in if their values align. Research from LinkedIn has shown that companies with strong employer brands have new hires that are 40% less likely to leave after the first six months.
- Improve your company culture and increase employee engagement:
There is often a discrepancy between the projected EVP and the reality of the actual work culture in an organization. As a result, the employees are unhappy working in the company for extended periods. An effective EVP, on the other hand, helps an organization hire more engaged candidates committed to the cause and value. There is an estimate that when a company has more involved employees, productivity increases, increasing revenue by 20% year over year.
Having a strong employer brand has a direct impact on a company's reputation and overall market progress. An effective EVP enables organizations to attract and retain great talent while motivating current employees to drive the organization forward.
- Recruiting.com – Why you need an employer brand - (https://www.recruiting.com/blog/why-you-need-an-employer-brand-now/)
- Sarah A. Lybrand - (March 1, 2018) - What Is Employer Branding and How Can It Grow Your Business? (https://www.linkedin.com/business/talent/blog/talent-acquisition/employer-branding)