Hire and retain talent?
In today’s modern age of transparency and online reviews, it has become increasingly paramount for businesses to do exactly what they claim. Would you go to a burger restaurant that only has pasta on the menu?
That is the same phenomenon that is occurring with hiring processes now. As of late 2017, only 3% of employees in Singapore agree that the public and private personas of the company match. This is an alarmingly low statistic compared to 19% globally. This divide between expectations and reality can result in a stark decrease in recruitment, engagement and retention.
That is why Employer Branding is so crucial. With websites such as Glassdoor so readily accessible, what has become important is to control and accurately market what your employer brand is.
What is employer branding? Employer branding is a company’s ability to differentiate and promote themselves as the optimal hiring firm to the desired group of candidates that they’re interested in recruiting.
A good example of a company that has a good employer brand is none other than Singapore Airlines. The “Singapore Girl” campaign started in 1972 and has since become one of the most enduring brand identities in the world. For many people, becoming a member of their cabin crew is a dream job. This has allowed them to be more selective in hiring as they have a huge applicant pool. In addition, due to the consistency between the public and private personas, it has granted Singapore Airlines not only a strong talent pipeline, but heightened attraction and retention rates.
More than that, a strong employer brand also allows for greater cost savings. A study done in the US by Harvard Business Review suggests that a bad reputation could easily cost a company at least 10% more per hire.
A good method to start building your employer brand is really to up your game on social media. HRinAsia studied this movement and realized more and more companies are increasingly active on social media platforms, such as Linkedin, and utilizes company culture and employee video testimonials to promote their employer brand.
There is a clear global shift towards enhancing employer brands in many parts of the world. It is only a matter of time before other firms in Singapore do the same. There is no better time to get a head start than now.