Did you know that salary and perks are not the only factors that draw in potential employees today? About 84% of job-seekers regard the reputation of the employer as an important criterion when deciding where to apply for a job (Talent Now). 50% of job-seekers revealed that they would not work with a company with a poor reputation not even for a pay increase.
What is Employer Branding?
Every company has a reputation. Every organization incites a certain emotional/psychological reaction in people through its products, services, history, and leadership. Corporate branding is considered important as it helps in making people aware of what the company has to offer. Moreover, great company branding is considered quintessential for fostering consumer loyalty.
Just like company branding, employer branding has become a critical factor in the recent decade. As the term suggests employer branding is all about how your organization is perceived as an employer by past, present, and future employees.
Organizations want to attract talented, dynamic, and highly driven individuals. For that, it has to convince people that it’s a great place to work for. From pay packages and perks to career advancement opportunities and the way, employees are treated can greatly impact how present and potential employees view your organization.
According to LinkedIn, employer branding includes not just the market’s perception of your organization as an employer but also your promise /employee value proposition to employees in exchange for their experience, skills, etc. Employee Value Proposition (EVP) may include:
- Pay package and perks like vacation time and medical insurance, child-care, housing subsidies, etc
- Organizational Values and Culture
- Career Advancement Opportunities
- Chances to hone skills
Work-life balance - Job security.
If you can convince future employees that you are invested in helping them build a career with you, not just serve on your payroll, this can help you attract more talent.
This is where having a great Learning & Development program in place can help you promote your company as a great place to work for.
Here’s How L&D initiatives Can Help You Boost Your Branding as an Employer :
Employees are more likely to give their best and also stick around for a longer time if they feel that their work is valued and they will get ample opportunities to grow as a professional. If you can provide the right mentorship and upskilling resources, you will get a more productive and loyal workforce.
A study conducted by Harvard Business Review that investigated the driving factors of employee retention and engagement found that growth opportunities and an inclusive work culture contributed a lot to employee retention.
The Right L&D program Can Help You Increase Employee Retention
According to a LinkedIn report, the amount of employee retention, quality of hire, cost of hire, and the number of job applicants applying to your organization are all determining factors that indicate the strength of your employer’s brand.
Lack of growth opportunities can make employees apply to other jobs at the drop of a hat. However, if they are provided opportunities to develop skills pertaining to their job role and desired career trajectory, they may decide to stay back.
Now a quick dose of reality for employers. Not all employees you nurture would want to develop their careers with your organization. However, that shouldn’t deter you from providing training opportunities for all.
Even if some employees end up leaving you for another organization, they will still put in good words/positive reviews when asked how it was like to work at your company. That will work wonders for your reputation.
Can Help You Cut down Recruitment Cost
According to Harvard Business Review, a negative employer reputation can cost organizations at least 10% more per hire.
It is expensive to replace a current employee. You may face an endless amount of costs in recruiting the right staff and then preparing them for the new role.
Providing up-skilling/cross-skilling opportunities for existing employees will save you a lot of funds and headache in the long run.
Moreover, happy employees will themselves become an organic source of attracting more talent.
Prospective employees will read testimonials of current employees on websites such as Glassdoor before making a decision.
Provide Employees with Job Security
Do you want to be known as that organization that provides zero job stability to the workforce? Many companies have become (in)famous for the wrong reasons like laying off multiple employees. We often come across bitter anecdotes of how some organizations have no job security and employees live in fear expecting to be handed the pink slip any minute. Being known as a company that lays off employees at the drop of a hat will damage your employer’s reputation as no job applicant will want to touch such an organization with a bargepole.
Providing training opportunities to employees across all roles and departments will help them stay at the top of their game. This will help you get the productive and driven team you have always wanted and reduce the need for lay-offs.
Once job applicants perceive that an organization helps its employees develop long-term careers, they will automatically be drawn to you.