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Madhur Ramani is the Co-Founder and Managing Partner of Stratum Consulting – A business innovation firm that provides innovative and technological solutions to start-ps and family businesses to compete in global market.
The modern day business landscape is constantly evolving. Employers today are faced with a complex environment due to unprecedented technological change, challenging economic conditions and ever increasing competition. There is no doubt that finding and retaining the right talent is crucial to achieving business agility and sustaining competitive advantage.
Attracting the right kind of talent and retaining them has become a critical aspect for the success of an organization and right branding is the means to this end. Branding is a strategy employed by an organization to create an Employer Value Proposition (EVP) that would convey to potential, current and prospective employees why the organization is an exceptional work place. ‘Mahindra and Mahindra’ is considered as a national vanguard when it comes to ‘Employer Branding’ and an organization that believes in encouraging innovation and creativity. The organization has taken a series of initiatives encouraging employees to give innovative ideas by involving them in strategic planning. Through its ‘Rise’ philosophy it seeks to drive positive change through alternative thinking by tapping into the immense potential of its employees.
A strong employer brand reduces the cost of employee acquisition, improves employee relations and also helps increase employee retention. Companies with strong employer branding incur a cost per hire that is much less than that of companies with weaker employer branding. Employer branding is not only a good strategy to attract talent but it is also a smart business investment.
Employer branding also becomes critical in times when the organization is facing an alteration rate. In such scenario, it becomes vital to position the organization in the minds ofthe target audience in order to give it every possible advantage in retaining employees with superior skills and knowledge.
A strong employer branding program should connect an organization’s values, people strategy and HR policies to the vision of the brand or the organization. Employer branding has two aspects -internal and external. The internal factors are the culture, HR practices and the overall employment experience that a current employee has and the external factor is the image being portrayed in front of prospective employees. Maintaining consistency between the internal and external factor should be central to the company with regards to retaining the hired talent as well attracting new talent.
According to David Ogilvy,
Nothing will kill your reputation in the labour market faster than doing a great job advertising a work experience you don’t deliver.
The key to successful employer branding is to ensure that expectations are in sync with the realities of working for the organization.
When it comes to setting a benchmark for employer branding, one of the leading global IT service providers- HCL Technologies Ltd. (HCL) deserves a mention here. It’s unique “Employee First” philosophy has been recognized worldwide for empowering employees to become the drivers of growth. They believe in creating an environment that empowers employees to lead from the front.
The evolution of digital media has had a profound effect on ‘Employer Branding’. It has improved the candidate’s ability to compare recruiter’s claim with employee’s opinion. Online career communities like Glassdoor and Jobeehive are changing the process of job hunting. These communities act as platforms for candidates to anonymously reveal information in the form of salary reports, interview reviews and office photos of companies across the globe. Thus, making it compulsory for organizations to develop a strong employer image online.
Human Resources are the capacity builders for any organization and should see themselves as strategic partners for the overall growth of the business. Employer branding is a prime example of progressive HR practice across sectors.HR provides the right platform for investigating, influencing and defining brand culture. By involving employees in the process, not only can HR create essential brand expressions but it can also reduce resistance that results in the downfall of many new branding initiatives.
Ultimately, an attractive employer branding strategy is essential to any company looking to operate at its full potential and hiring the best talent to help it do so.
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