Talent management is getting more complex with the passage of time. Organizations must come up with innovative strategies to attract the best candidates and retain their employees. Employer branding is essential to make the employees, as well as the job seekers, feel that the specific organization is a better place to work.
The webinar conducted by Blue Ocean Academy on the topic ‘Managing Talent in Modern Times’ focussed on the different perspectives of talent management and factors that attract jobseekers and boost performance with a specific focus on employer branding.
Following are the important points discussed in the webinar:
Employer branding is a known concept (and sometimes even a household word) among forward-thinking HR and talent acquisition teams today because no matter how you look at it, a positive employer brand makes a proven and significant difference in your company.
Whether for obvious reasons like making it easier for your company to attract new talent, or for more indirect reasons like reducing the cost of hiring, improving employee engagement, or raising employee retention rates, employer branding is fast becoming a top priority for companies of every size, type, and industry.
Why employee branding matters
- Improved Hiring
Employee branding decreases cost per hire, gives better quality metrics from potential hires and increases internal referral hire rates
- Improved productivity
Employee branding improves productivity, increases annual profit and results in less employee turnover
- Improved results
Surveys have shown that employee branding improves the results for organizations including improved customer satisfaction and better performance in the market.
10 parts that make up your employer branding
- Career page
- Job listings
- Website and blog
- Culture and corporate values
- Employee stories and advocacy
- Social media activity
- Candidate communication
- Company reviews
- Public perception
- Awards and accolades
Employer Value Proposition (EVP)
The Employer Value Proposition (EVP) encompasses everything an employer is doing to attract and retain employees. It consists of benefits, compensation, work environment, career and culture. As per research, compensation is vital for attraction as well as retention. However, companies must also give priority to the satisfaction of emotional needs like career development, culture and work environment. Organizations can use EVP to attract candidates and give them a holistic view of what they can offer for the employees.
Top Performance Drivers
Though compensation is important in attraction and retention, it is a poor driver of performance. Research has shown that employees tend to continue in an organization where they have good managers. They are especially looking for managers who does what he/she says, helps to remove obstacles, differentiates between high and low performers, treat employees with respect and clearly communicate goals/assignments.
HR Metrics and Analytics
HR Metrics and Analytics is central to the future of HR. The professionals in talent management must understand the ways of analyzing data and forming meaningful patterns from them.
- Human Capital (HC) Metrics- Units for measurement of human capital data
- HC Analytics- The discovery and communication of meaningful patterns in HC data
- HC Dashboards and Reports- Tools to communicate HC data