Building a Strong Employer Brand
In a competitive and borderless world, organizations need every weapon in their arsenal to attract and retain their most important and valuable asset - talent. Even in economically volatile times, employees, especially those who possess the right technical and behavioral competencies, continue to be a scarce resource and employers will need to poise themselves well to capture the attention, interest and commitment of the best and brightest candidates.
In their quest for a great place to work, candidates are increasingly looking beyond pay and benefits to other factors including career prospects, what the organization stands for and how the organization serves its clients, the community and the world. Therefore, an organization’s understanding of its employees and what attracts people to work for the organization should be as robust as its understanding of its clients and customers.
The composition of the workforce today is changing significantly. International mobility of highly skilled workers across borders is on the rise and Generation Y is an ever-increasingly important segment of the labor force as the first wave of Baby Boomers begins to retire.
In addition, there is an increased emphasis on knowledge workers. These trends are drawing organizations to the front line for the best and brightest talent and are bringing to light the need for effective employer branding.
Organizations that are not prepared to confront these challenges and fail to understand the need for increased investment in employer branding to enhance talent attraction and retention will almost certainly see their business performance negatively affected in the long term.
Research has shown that recruiting and retention of talent ranks at the top of the list for business concerns even in tough economic environments as strong talent is a key competitive edge for organizations today.
Reputation management has evolved to become a board-level concern and a key component of market value. Chief executives and boards of directors now find reputation management high on their agendas.
Technological advancements have afforded the talent pool greater access to information; candidates can search the web and immediately discover information on an organization’s value relative to other job opportunities. Employees’ expectations need to be managed so that attrition, especially for competent and experienced talent, can be minimized.
With today’s volatile economic conditions, no organization can afford to overlook the value of top talent. Organizations have to start from the inside and work their way out, until brand perceptions of all employees to external candidates are in line.
Building a strong employer brand is not the sole responsibility of Human Resources. It is a team approach that starts from the leadership and includes Human Resources, Marketing and Finance. In fact, everyone in the organization is an Ambassador of the Brand.
With a strong employer brand, organizations will be able to attract, nurture and retain talented people who are willing to invest their skills and knowledge towards the business objectives. And that is what today’s competitive advantage is all about.
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