Every strategy is in place to achieve an ultimate goal. Similarly, an employer branding strategy too is in place to achieve certain objectives like attracting and retaining talented employees. A strong employer branding strategy that gains recognition in the industry will also help attract investments and PR for your company.
An employer brand is an important part of the employee value proposition and is what your organisation communicates as its identity to both potential and current employees. It encompasses your company’s mission, values, culture, and personality. It’s beyond communication of internal marketing messages or attracting employees to work in the company.
Employer branding has a straightforward objective. In creating an Employer Value Proposition (EVP), a company conveys to prospective and existing employees that it offers a rewarding and unique working environment.
Employer brand has a significant impact on hiring, and even more of an impact on a business’s success.
While employing an employer branding strategy, companies should keep in mind that the ultimate goals are the following: –
1) Make the company attractive to potential candidates
A well-strategized plan will help build the company’s reputation in the market as an employer. When your company’s brand is strong, you would incur lower costs to help attract potential candidates as your employer brand will do most of the talking for you.
2) Help recruit candidates to your company
An employer brand plays a vital role during evaluation of job offers. Recruiting the right candidates successfully and closing the deal is one of the overarching goals of employer branding.
3) Retain current employees
Keeping your company’s present employees satisfied is a much easier and cost-efficient process than having to recruit new talent and repeatedly incurring time and money costs of training them.
As long as all three aspects of creating an employer brand are established and executed properly, they will increase and strengthen your overall company profile.
Why employer branding is beyond compensation
Increasing employee engagement within the company, and thereby strengthening employer branding should be centred around more than just equitable pay, health insurance & comprehensive benefits.
Candidates now often make decisions based on various factors including whether the mission of the company aligns with their values and motivations, the people are they would be working with and whether there will be a chance to learn and develop further skills. The overall company culture, corporate social responsibility initiatives, and wider employee wellbeing programs play heavily into the decisions made by potential candidates while evaluating job offers.
Ultimately, creating a strong employer brand is significantly affected by your employer value proposition. An employer value proposition should have nothing to do with compensation. In order to inspire passion in potential candidates, you should emphasise your company’s positive impact on the world or its deeper purpose. People want to feel their work is meaningful, often even though it might mean they’re earning less.
Ultimately, if your company has a strong, positive reputation, your company will have an easier time attracting the right talent.