The turnover of staff in audit firms compels their owners to seek new ways of attracting qualified personnel, retaining professional experts with experience and ways to "grow" their own experts. However, in the current competitive environment, it is becoming increasingly difficult to win in this confrontation every year. Therefore, recently, company executives are focusing on the development of the employer brand and consider it a strategic direction of development.
How to Build Powerful Employer Brand
Just as a corporate brand (which offers valuable proposal to customers, defines products or services in the market), the employer brand includes the market perception of your company as an employer, but also describes your value proposal to employees in exchange for their experience, talents, contacts or skills.
Therefore, employer branding is one of the features which make candidates for a vacant position choose your company among others. Such traits can be unique cultural differences, a strong corporate culture, career opportunities and professional development, the opportunity to work in an innovative and progressive company with the latest technological advances and so on.
To build a strong employer brand, it's important to start by articulating your company's mission, values, vision and culture. It can be helpful to identify the business needs and then work backwards to understand what type of talent you need to attract to achieve those goals.
The company, whose HR brand is well-built, has certain qualities that distinguish it from its competitors: it offers its employees special favorable conditions of cooperation and its competitiveness in the labor market is very high.
While in the case of conventional branding, brand value is extra feature that consumers are willing to pay for the name of the service provider (if it is a successful networking company), for HR branding this factor is the value for which employees are ready to reduce their requirements to a compensation package to work for a company with a strong HR brand.
Why does company need to develop HR brand
One of the key goals of the company's HR brand development is to attract new qualified employees.
Qualified professionals, carriers of knowledge, vast experience will choose the best employer in their opinion. To get into the list of the best employers means for the company not only that it will be positioned more favorably against its competitors, but also that it will save the HR-department budget at the expense of saving the money for selection and staff training. All the best freelance professionals will knock on the door, you just have to choose. In addition, the cost of training and retraining will be less.
Equally important purpose of building the employer brand is to save the "face" of the company in the eyes of existing employees.
This will help to increase productivity: employees will strive to meet the stated level of their company, work as best they can (for example, to keep their positions or get promotions).
Attractive brand will help reduce staff turnover.
If employees are confident in the success of their company, they profess the same value system and all their professional and moral requirements are met, they become brand advocates and will never leave the company for the job at the competitor.