Companies are finding it increasingly difficult to find and retain the best talents to drive their organizational growth. A majority of the HR professionals report face difficulties in acquiring talent and retaining them even with the best of pay and perks. It’s already time for companies to look towards employer branding to compete effectively in this fight for finding and retaining the best talent. A prospective employee is more conscious of an employer brand reputation as opposed to a general corporate brand. The top companies have realized this and have adopted the practice of treating employer branding equally as their corporate brands by creating employer brand guidelines and employee value propositions.
Here are some of the reason why companies should look to strengthen their employer brand:
Makeup for Lower Remuneration
It is evident that smaller companies with lower budgets can’t compete with giant corporations in terms of providing a lucrative salary package. However, the pay scale is not the only consideration for prospective employees while choosing a company. A strong and appealing employer brand can influence them to compromise on the monetary aspect to settle for benefits like flexible working hours, better work-life balance, working culture, and other perks. On the contrary, a company with a bad reputation has to pay higher salaries for new hires.
When an employer brand is consistent with its communication towards its employees, the employees will know what exactly to expect from the organization. Setting unrealistic expectations or not being honest throughout the hiring process may confuse or mislead the employees. This can demotivate the employees in the future, leading to an increased employee churn rate. A consistent employer brand image will ensure employee retention and drive employee satisfaction.
Facilitate the Hiring Process
These days, due to the rising popularity of social media and sites like LinkedIn and Glassdoor, employees can hugely influence the employer brand. A positive review on Glassdoor can influence candidates to apply for the job in that particular company. This way, companies can get a higher amount of applications, enabling them to choose from a larger talent pool. On the other hand, a bad review can put off skilled candidates from applying for the job.