What is Employer Branding and how does it matter?

Employer branding is one of those terms that gets thrown around a lot in recruitment.There are plenty of blog posts and articles out there which talk about employer branding and how companies can improve their brand. However, the big question is why is employer branding so important?

Employer branding initiatives take time (which most HR and recruitment professionals don’t have an abundance of). So, to get buy-in for employer branding, you need to know the exact value it can bring to your business.

What are the tangible benefits of having a strong employer brand? And what are the negative consequences of ignoring employer brand development altogether?

1. A great employer brand can make up for lower remuneration

Do you find yourself often losing out on talent because you don’t have the budget to match your competitors’ salaries?
While you might not have a huge salary and bonus package to be able to offer your candidates, a strong and appealing employer brand can help to win them over.

Jobseekers look for more than just remuneration when applying for a role; if your company has a positive reputation as an employer, this can help to give you the edge in a competitive market.
Make sure that your values are communicated within your job adverts and on your careers site, as well as any lifestyle benefits, such as flexible working. Remember that money isn’t everything to candidates.

2. It can help you to retain your employees

A developed employer brand that’s communicated clearly within the recruitment process means that employees will know exactly what to expect when they start within your business.

If you don’t communicate your employer brand or set unrealistic expectations of yourself as an employer, candidates might feel confused or misled.

It’s important to be honest and open throughout the hiring process. By all means, showcase the positive parts of your company and brand that you’re proud of; however, you should also be realistic and address any issues so that candidates are fully prepared for them when they start within your business.

3. A good employer brand can reduce your costs

If you have a positive, well-known reputation as an employer then, generally speaking, you won’t need to spend as much on your recruitment advertising.

A good employer brand acts as a great advertising tool in itself; if you have a positive reputation then jobseekers will always be on the lookout for a role with you.

You can use this to your advantage by allowing candidates to register for job alerts on your website, so that when a new vacancy pops up, they’re notified straight away. You can also allow candidates to submit speculative applications, forming a talent pool that you can dip into when you need to recruit.

4. A positive employer brand can save you time

It takes much less time to fill a vacancy if you have a positive reputation as an employer.
Finding the candidates who have the right skills and experience to fill your vacancy is a feat in itself. However, no matter how much hard work you put into your candidate sourcing efforts, if you have a negative employer brand then candidates are likely to be put off working for you.

In fact, 69% of candidates would not take a job with a business that had a bad reputation, even if they were unemployed, statistics from Glassdoor suggest.

5. It shows the human side of your company

A company is so much more than their corporate website. When a candidate is considering applying for a job with you, they don’t want to see a website loaded with jargon, they want to hear about employee experiences, your culture and the things that will resonate with them and make them want to work for you.

Your employer branding efforts through careers sites and social media platforms can really help to put a face and voice behind your employer brand identity. You’ll likely have developed a corporate brand with a voice and style which should ring true to your customers. Your employer brand should do the same but to your potential employees.
Use your careers site and social media accounts to show photos and videos of your team. This will allow potential employees to visualise themselves within your offices.

6. People talk about good brands…and bad brands

A fantastic employer brand can lead to an increase in referral hires; the more employees you have who speak positively about your company, the more referrals you’re likely to receive.

However, this also works the other way. If you don’t have a great reputation as an employer, word is likely to spread quickly and candidates might be put off from applying for a role with you.

Employer branding isn’t just a buzz phrase, nor is it a passing trend; it’s something that can directly affect how successful your business’ recruitment and retention efforts are.

Give it some thought OR even simpler – get in touch with us here.

When do you need an Executive Search partner and why?

No matter the unemployment rate, the degree of difficulty involved in finding top-tier talent remains the same.  That was true before the Great Recession, and it’s true today.

Actually, it could be argued that for companies attempting to find the candidates they need on their own, the difficulty is even greater.  That’s because with as many job seekers as there are in the marketplace, those companies can quickly be overrun with resumes and applications. As a result, it takes longer to find the candidates they want to interview and potentially hire, and by the time they do find them, those candidates are typically no longer available.  Needless to say, that’s a misuse of time, energy, and resources.

Making a bad hire in your C-suite can have disastrous consequences. There’s an art to finding qualified, top-performing executives and the search for the right candidate can make the process far longer and far tougher.

Some numbers to understand Quality of Hire

The Harvard Business Review has stated that over 80% of employee turnover can be attributed to poor hiring choices. Similar research conducted by the US Department of Labor states that the price of a bad hire is 30% of the employee’s first-year earnings at a minimum. As the position becomes more impactful to the business, this number increases exponentially. Our own research estimates the true long term cost of a bad hire to be $211,000 based on a $95,000 salary. Most companies would agree that given these numbers they may want to think twice about their own hiring practices. Taking steps to avoid making costly hiring mistakes may begin with internal processes but it also may result in consideration of hiring a professional search firm.

When the cost of not filling an executive role has negative ramifications on the success of your business and the well-being of an entire department, do you really want to take the risk of resorting to quick, low cost alternatives like posting a job ad, scouring LinkedIn or hiring a contingency recruiter?

So what do Executive Search firms bring to the table?

1) Access to a high-quality network of executive professionals

If you’ve blown through your list of referrals and network connections and still aren’t able to find an executive candidate that ticks all the boxes, it may be time to call in an executive search firm.

2) Some positions are too important not to invest in

The implications of a bad hire so far up the managerial chain are huge. Top retained search firms are well practiced in understanding the rare skills mix needed for a C-suite position and can easily identify the right fit, be this via an internal hire or an external candidate.

3) The Role is beyond Internal Expertise

Often times leadership roles are the toughest to recruit for due to the fact that there may not be an internal team member who can fully appreciate and understand the role. If they cannot fully grasp the challenges of the role, it will make the process extremely difficult to define the parameters, recruit talent, and make a sound decision. Because the role is outside the internal recruiter or business leader’s own knowledge base, it will be very difficult to fully assess a candidate’s answers in an interview and determine the right fit for the company.

4) Internal &External Confidentiality

There are occasions in which ultimate discretion is needed, such as hiring a replacement when an executive is still in the role. By outsourcing the task, you’re relieved of workplace secrecy but still have all the control, trust and transparency of having the job taken care of by someone impartial.

 

 

5) Succession planning to future-proof your C-suite

Being prepared for every eventuality is crucial for business stability. Unexpected resignations can cause unwanted disruption within teams and hinder how successful you are at reaching goals.

Hiring an executive search firm to come in and assess your workforce is a reliable way to get a fuller picture of the in-house talent you already have and also lets you know which options are available to you externally.

We help support careers in one of two ways: 1. By helping find the right opportunity when the time is right, and 2. By helping recruit top talent for the critical needs of organizations.

If this is something you would like to explore further, please click here.

The ‘Gig Economy’ & the future of Contract Staffing.

In the consulting/knowledge working context, the gig economy is often referred to as the open talent economy, a term largely attributed to Deloitte Consulting. It’s a way to work or conduct business in a borderless and technology-enabled market where businesses and professionals seek each other out to collaborate on a particular project.

In a gig economy, the job market is characterized by the dominance of limited-period contracts rather than permanent jobs. So, instead of a regular wage, workers get paid for “gigs”. In Asia, the concept of the open-talent or gig economy is in its infancy, though it has definitely become part of a changing cultural and business environment. There is a distinct shift in tenor and tone, and we are seeing the emergence of a new segment which looks at people with high-end skills in marketing, human resources, finance, etc.

Owning its growth to a host of reasons, gig economy is slowly transforming the nature of work in urban spaces. A recent Indeed report on the job markets of India points to this shift. The report mentions how employees are increasingly willing to sacrifice the additional benefits that come with a permanent job, such as gratuity or health insurance, in exchange for a greater amount of flexibility that allows them a healthy work-life balance and the opportunity to simultaneously pursue multiple interests. Indeed data shows an increasing preference by the employers for flexible work arrangements, especially in larger cities, where daily transport might be difficult and cumbersome.

 

So who are the early adopters?

In India, while start-ups were the early adopters, multinational companies, consulting firms and large enterprises are embracing the concept. Flexing It’s research indicates that over a third of the 500-plus organizations surveyed expect to rely up to 50% on flexible talent in the next five years

While the Indian market has many freelancers/non-employees ready to engage in short-term projects—but these have been focused primarily on lower-value projects. High-end skilled freelance work is on the cusp of take-off. Freelancers and specialist boutique firms will need to network, integrate and organize themselves in order to fulfil complex client needs while guaranteeing the quality and security of client intellectual property and commercial information.

Organizations today have acknowledged this new trend and have realized the multiple benefits associated with flexi staffing & engaging with freelancers. Companies no longer need to worry about the compliance requirement, employee engagement, employee training and headcount liability as everything is managed by 3rd party or by consultants themselves. IT staffing industry is currently worth USD 3.04 billion and is expected to register 14-16% growth till 2021, e-commerce & start-up alone are expected to witness 17.3% growth in IT flexi staff.

Companies like Airbnb, UBER, Lyft, UrbanClap have all emerged as a result of gig economy, focusing on labor & capital intensive resources. Companies like Infosys, Wipro, Oracle & other major IT firms are benefiting largely through contract staffing, majority of the hiring for them is project driven & they are getting away with concept of having an active bench which leads to huge cost savings. IT services firms are going through huge transformation as most of the jobs are automated and clients are demanding new age technologies. Companies prefer contractual staff over core employees as there is a risk of skills becoming obsolete over a period of time.

What does the future hold?

The Indian staffing industry has already organized itself to ensure high compliance standards and has developed engines for a speedy delivery. IT systems have become more mature, and many leading staffing companies are leveraging the power of social media to reach out to associates. According to more industry insights, the temporary workforce in India is likely to make up 15% of India’s formal employment workforce in the next years. Currently, India has the third largest contract staffing workforce in the world, after China and the US. The Government of India continues to be the biggest employer of temporary workforce amounting to nearly 15 million. This is trailed by the IT and ITeS, and retail sector. The Indian staffing industry is expected to grow by at least 20% by 2020.

With several policy-related initiatives of the government including liberalization of certain archaic labor laws, the market share of temp workforce is expected to increase further. Given the current situation, it is believed that the current challenges facing the staffing industry are also somewhat limited and therefore, staffing companies like ours all putting all their might behind their might behind us.

 

 

 

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