Making the Most of Your Brand
Three ways to attract and retain talent with a consumer-driven mind-set.
Smart global companies of all shapes and sizes across every sector know to invest in developing and communicating their brands. And with good reason. According to Forbes, Google’s brand is worth over $65 million, Microsoft nearly $70 million, and Apple a staggering $145 million.
Organizations with strong and clearly identifiable brands generally outperform their market peers, their products, and their services are in higher demand. Plus, they are often able to charge premium prices and, crucially important for HR, they can attract and retain the best talent.
According to recent research from LinkedIn and global brand consultancy, Lippincott, companies with both a strong corporate and employer brand have generated growth in shareholder value of 36 percent over the preceding five years. On the other hand, organizations that fell short in both of these areas actually lost 6 percent of shareholder value in the same period.
Today’s job seekers are more informed than ever. In fact, Talent Board’s recent survey of nearly 95,000 job seekers found that 52.3 percent of candidates already had some type of relationship with the company because of its employer or overall brand. This could stem from being a customer; admiring its ethical or innovative policies; or knowing someone who worked there. If this is the case, across the employment spectrum, more than half of all mobile talent is in some way pre-disposed to an employer. Consequently, those in the front-line of talent acquisition perhaps bear even more responsibility since their task is to sustain a favourable inclination through the entire hiring process. And this rings true for whether an individual joins the organization—or not.
So how does a talent specialist leverage the power of the brand for the biggest impact? Through the approaches and mindset of a consumer marketer. Today’s candidates are consumers and talent acquisition professionals need to act as marketers.
Consumer marketing has made a significant and highly effective shift in recent years to focus on…