Despite recent waves of tech layoffs, data tells us that the battle for America’s best and brightest talent is tougher than ever. The U.S. added more than 750,000 jobs in December and January. At 3.4 percent, the current domestic unemployment rate is the lowest since May 1969. That’s good news for those on the job hunt: Hiring remains an employee’s market.
No one wants to miss out on doing business they can do just because they don’t have the right people on the team, or enough of them. Research studies repeatedly show that a strong “employer brand” gives hirers a competitive edge in attracting and keeping top talent, creates a magnetic work culture, enhances employee happiness and job satisfaction, and even improves productivity.
As a result, companies are investing in their employer brands at higher rates than ever before. According to the latest annual benchmarking research by Universum, 75% of large-scale employers consider employer branding to be critical to hiring the talent they want. That percentage rises to a whopping 86% of “WMAEs” — the World’s Most Attractive Employers (companies such as Apple, Google, Microsoft, and Amazon).
More important is what employees think. According to research by Glassdoor, 86% of job seekers research a company’s reputation and employer brand before applying for a job — so they’re making go-or-no-go decisions about your organization before you even know they exist. What’s more, 92% of employees say they would consider changing jobs with no salary increase at all if the opportunity was with a company that had an excellent reputation. That’s how valuable an employer brand can be.
What is an employer brand, anyway?
Your employer brand is just like your consumer brand, but it’s targeted to those inside your organization (and those you want to be). It is the perceptions you own and the promise you make, delivered at all points of contact to shape a total employee experience. You might think of it as your reputation — what your employees are saying about you when you’re not in the room.
Your employer brand defines what kind of work experience you create for your people. It includes your employer value proposition: What unique value do you create in the lives of your employees that meaningfully differentiates you from other employer choices they can make?
And while your employer brand includes the tangible elements of the experience you create — such as your work environment, dress code, and the benefits you offer — it will not be limited to those. Not by a long shot.
Winning employer brands articulate and manage the game-changing intangibles: Non-negotiable values. Inclusive vision. Your reason for being beyond simply making money — the “why” behind what you do. Your experience-defining culture and work style. Your career growth philosophy. Even the emotional benefits of employment: How does it feel to work for your organization?
So why not just call it a reputation?
You have a reputation among past, present, and potential employees whether you manage it or not. Your employer brand is that reputation managed proactively, with intentionality, at all points of contact. When you build and manage an authentic employer brand intentionally, with care, you are in control of what employees are saying about you when you’re not in the room.
If you’re considering whether investing in your employer brand is worth it or not, ask yourself:
· Are you hungry to attract, keep, and motivate the best and brightest in your industry?
· Do you want happier, more productive employees who stick with you through thick and thin?
· Do you want to transform your people and culture into your greatest competitive advantage?
· Do you want to love what your employees say about you when you’re not in the room?
If your answer is “yes” to any or all of those questions, let’s talk about building you a powerhouse employer brand.
The Frantz Group is partnering with CEO Cheryl Farr, of SIGNAL Brand Innovation to bring this service to our customers.
To organize an initial discussion of your unique situation, contact The Frantz Group, message me here in LinkedIn or via www.thefrantzgroup.com contact me form. I look forward to our discussion.