Attracting and keeping top talent is one of the biggest challenges for most companies. In a recent study by the National Center for the Middle Market, staffing is the number one issue these companies have as they look forward over the next 12 months. Harris Allied’s Tech Hiring & Retention survey similarly found (for the 4th straight year) that hiring top talent was the number one concern for tech companies.
Over 60% of CEO’s interviewed in a Harvard Business Review study stated that talent related issues were their top concern.
So, if you want to attract the top talent, what do you think these prospective employees think about your company? What is your company’s reputation or Employer Brand? Even though the term Employer Brand was coined in the 1990’s, few companies are doing an effective job at managing a unified brand – a brand platform that is universally applied internally as well as externally.
The same brand management principles applied to your customers, such as being authentic, consistent, and having a clear value proposition, need to be applied internally. Yet, companies often struggle with developing a unified brand.
Only Going To Get Harder
The changing employee landscape is only going to increase the need to be clearer about what it means to work at your company. The rise of social media and entrance of millennials not only into the mainstream workforce, but increasingly holding senior level positions, is transforming companies and sometimes forcing them to become more transparent, whether they like it or not.
What it’s like to truly work in a company is an important consideration for any prospective employee, and easy to find out. Just as companies increasingly use social media in the hiring process, prospective employees are using sites like LinkedIn, Glassdoor, and profiles on The Muse to get a sense of what a company culture is really like as they conduct their due diligence.
Internal Brand Management
When companies think about their brand, they often focus on the external facing element of how customers perceive their brand. However, that is only part of what it takes to effectively manage your brand. In a similar fashion to how a company has a value proposition for its customers (or why should I give you my money and time), a company needs to develop and apply a clear value proposition for their employees.
The good news is that a company doesn’t need to rebrand themselves or put any extra time and effort in redefining their brand – they just need to ensure that they apply the same brand management principles internally as they do externally.
Authenticity is key to attracting and keeping top employees as much as it is to finding and keeping customers.
Things To Do
· Start with the basics and find out how well your employees understand your company’s mission, vision, and most importantly, values. How well are new employees on-boarded and how well do current employees live the brand?
· Does your company have an employee value proposition? If not – think about what image your company wants to portray externally as a place to work. Also consider what your company needs to do to help promote that image. Social media is not only critical in these efforts, but should be a mandatory tool to help promote your Employer Brand.
· Investigate how well your employees make value-based decisions. In other words, if one of your top values is putting the client first, how is this value applied in every interaction with your customers? Or if work/life balance is a value, what is your company doing to communicate and manage to this value? If your values are fully incorporated into how your employees work every day, they shouldn’t have to pull out an employee handbook to figure out what to do. It will be instinctual, because, “this is just how we do things around here.”
· Don’t leave this responsibility solely in the hands of the HR team. It’s important that defining the Employer Brand begins with the CEO and is just as much a responsibility for the leaders of the organization and marketing as it is for HR.
At the end of the day, having a clear employee value proposition is just plain good for business.
It should be a no brainer that attracting and keeping top talent will only lead to better financial results in the long term. The Middle Market study, further showed that companies with a clear employee value proposition had nearly a 3:1 top line revenue performance difference compared to companies that didn’t have one.
And finally, it will only strengthen your brand overall. When your employees understand your brand, and if your brand is consistently applied internally as well as externally, employees will deliver upon your mission, vision, and values in every interaction with your customers. It’s simply a win for everyone and worth every effort required to make it happen.