Subscribe to Entrepreneur for $5
Subscribe

How can employer branding benefit your business?

Building a strong employer brand can represent a competitive advantage for a company.

By
This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process. Opinions expressed by Entrepreneur contributors are their own.

Have you ever wondered why so many people want to work for brands like Netflix or Coca-Cola ? The answer is easy: they are brands famous for the working conditions they give to their work teams, aware of the value of attracting and retaining the right human talent for their growth and that it has an important impact on the business, beyond the benefits to the work environment.

Depositphotos.com

For example, Netflix has been disruptive not only in its technology and business model, it has also been disruptive in its labor policies. In the case of maternity or paternity, it allows its collaborators to be absent during the first year of their child's life and to return totally or partially to their work after that period. In addition, your employees can choose which days to take vacations and the periods of these; Despite this, people take fewer days than they would by right in a traditional model.

Making a business a place where people want to collaborate is critical to the success of a business. That is why today special attention is paid to the offer of value to the collaborator, to find those who will help the growth of the company and who, above all, wish to remain in it, because leaving them represents significant costs. According to Deloitte, the cost of losing an employee ranges from $ 10,000 to 200% of their annual salary. Gallup claims that replacing an employee costs the business 150% of their annual salary.

In a UBITS course on the topic “Employer Branding as a competitive advantage of the business”, Elías Celis explains that every company is made up of three main pillars: the products or services they offer, the processes they have to carry those products and services to the market and the people who execute these processes. Taking care of the first two pillars is relatively easy, the third implies talent, knowledge, relationships and creativity. Why? Because they are the ones that print that special thing to each business, they provide intangible differences.

Employer Branding, which was born in the 60s but began its true success in the 2000s, helps to take care of this third pillar. It helps in the creation of a value offer to the collaborator, based on their needs, the real ones, the ones that all of us have. This is why companies began to see it as something strategic and relevant to the business.

This practice must be based on a base model that creates connection between company and workers, highlighting the value that people have for the organization. Above all, and it is something that should not be lost sight of, is that we must take care that its impact is on the business, since this will translate into an increase in productivity and staff loyalty, also generating a competitive advantage.

Today companies compete not only for customers, but also for talent. And attracting or retaining that talent is becoming increasingly challenging among organizations. Before, people sought to stay in a company, aligning themselves with business policies and corporate promotions. Today, they value more the development and expression of ideas, the freedom to decide on their time and have an independent work scheme.

Now, we already know that it is important to retain people, so how do you do it? Celis describes an Employer Branding model that manages to feed the six essential needs that we all have - according to the Anthony Robbins model - it will be a source of satisfaction and fulfillment for your team, and they will gain greater commitment and loyalty from them. These needs are the following:

  1. Certainty It refers to feeling safe, from the most basic things like food, to being in control of a situation and avoiding risks. It can be covered by transmitting to the collaborator the interest in maintaining a long-term relationship.
  2. Variety or uncertainty . It is the need to feel surprised through the change or suspense. This can be covered by the company offering flexible work schedules.
  3. Importance . We all need to feel recognized and valued, even being the center of attention from time to time. For example, a boss may recognize the skills and results of a collaborator in front of an entire team.
  4. Connection . It has to do with relationships, with feeling integrated, accepted and loved by others. Here the organization can create initiatives that benefit the families of employees.
  5. Growth Need to exceed our standards in terms of achievement, quality of life, knowledge, learning and experience. An idea to solve this need in the collaborators of our company would be to promote challenges that help the collaborator to raise their capacities.
  6. Contribution . Today people not only want to do a job, but also to feel that they are transcending. In this section, the company can promote an inclusive work culture with a high sense of professional ethics.

If your company manages, through its culture, practices and processes, to add to the satisfaction of the six mentioned needs, it will considerably increase the possibility that people are strongly connected with it, gaining their loyalty towards the employer brand, and giving benefits that directly impact your business.

So, are you ready to start an Employer Branding project in your company? If your answer is yes, it is key that you consider these four elements for the development of the model and its implementation to be successful:

  1. The needs of your company and the main characteristics of the target market you want to attract.
  2. The offer of value to be provided to the employee. Define what will be the economic and material benefits that will make your employer brand attractive.
  3. The emotional salary that will be offered to employees to meet their personal, family and professional needs, improving their quality of life and promoting work-life balance.
  4. Have a strategic and adequate communication to transmit and highlight the messages you want to your target talent market.

Likewise, remember that each employee is a brand ambassador, so it is important to cultivate and transmit the desired culture in all areas and levels of the company, starting with senior management. Also do not forget that it is important to be advised by experts, who are capable of communicating with force, impact and coherence the most important aspects of your employer brand.