Businesses today are facing a paradigm shift. Organizations globally have started to recognize their workforce as the most vital asset to succeed. With promising talent being rare, valuable, and extremely hard to replace, it’s time businesses embody employee-centricity and take actionable steps to be an employer of choice.
Modern concepts such as employer branding are becoming increasingly relevant. The system also ensures a company’s ability to remain competitive and influential in the business world. It is imperative for hiring teams to understand the importance of employer branding both in recruitment and in maintaining the reputation of the company.
Organizations must step into the shoes of today’s talent and re-evaluate if their needs are met. And that starts with one simple question, “Is good compensation incentive enough to attract and retain good talent?”. While competitive compensation is undoubtedly essential, talent today yearns to balance their work with their physical, mental, and emotional needs.
With today’s talent growing more conscious of the kind of workplaces they wish to be a part of, employer branding plays a vital role in establishing the business’s promise to its current and prospective talent. After all, talent today not only care about the business offerings but also about the intangibles like vision, mission, values, and work environment. A well-thought and carefully crafted promise, also known as EVP (Employer Value Proposition), goes a long way towards attracting the right talent to the organization.
When done right, employer branding not only enables higher talent attraction but also reduces recruitment costs in the long run. Moreover, it improves the hiring processes and also talent retention. It is not only possible to add enormous value to your team if you attract talented employees, but it is also possible to avoid the multitude of costs associated with replacing an employee.
In fact, according to LinkedIn’s research, great employer branding reduces employee turnover by an incredible 28%. And one of the best ways to boost an organization’s employer brand is through its present employees.
An authentic narrative establishes the organization’s outlook on its people practices and demonstrates the opportunities at hand. Encouraging employees to vocalize their positive experiences creates an impactful and discernible talent brand narrative that influences the prospective talent’s consideration for the organization.
However, many organizations today may realize they need to improvise their practices to attract new talent. Whether they are looking to revamp the work culture, appeal to tech-savvy talent, or realign their core values, an employer branding exercise will transform their perception in the marketplace.
While research on employer branding highlights its effectiveness in attracting and retaining a highly skilled workforce, the concept is surprisingly underutilized in most demographics. That said, it’s a welcome sight to see more and more organizations today realize the importance of employer branding. The catch, however, remains not knowing where to start. Well, it turns out that that talent today yearns to be heard. Employers need to make the right efforts to listen to them.