Why your Employer Brand is even more important in this talent short market
Our Seven Steps to Brand Engagement Strategy focuses on two key sides to branding… our consumers or customers on the one hand, and our employees on the other. The two are inextricably intertwined, and require complete alignment. In this article we look specifically at the current employment crisis facing businesses in Australia at the moment, and how your Employee Value Proposition (EVP) and Employer Brand (EB) can give you a crucial competitive edge.
The role your brand plays in getting and keeping staff
We’re about to use a word that has been heard many times over the last two years. Unprecedented. We’re kind of sick of the word, but in its purest form it is the best word to use.
It means, essentially, “nothing like this has come before”.
And therefore it is the most apt word to use when describing the current state of the employment market in Australia. Never before have we had a situation like we’re in now.
Whether you’re a large company or a small one, chances are you employ someone who was not born in Australia. As a young, growing economy we have more growth than our own skilled and unskilled labour can fulfill, and for decades (if not over a hundred years) Australia has relied on people from around the world wanting to move to this great Southern Land. Think back to the “Ten Pound Poms” of the 50’s.
Right now however, we’re in a unique situation in that, since the start of the pandemic, we have shut our borders, and fiercely maintained our island status. The ripple effect is that working visa applications for certain visa classes were completely halted, and only applications with much needed skills were being processed.
So… we have fewer workers entering the workforce.
A very real supply issue.
Now let's look at demand. Figures put out by the (Australian Bureau of Statistic (ABS) in mid-December have shown that unemployment is down to 4.6%, employment increased and monthly hours worked increased by a staggering 77 million hours. Our economy demands more workers.
Our fortunate position, strong economy and financial support through the pandemic has presented us with a challenge. It is increasingly difficult to attract new staff. And our existing staff are getting approaches all the time from competitors - so making sure they’re loyal to us is paramount.
To make matters worse, we’re facing the issue that is globally being referred to “The Great Resignation” - with over 85% of workers claiming burnout, and a phenomenon which will see the biggest movement of talent we have ever seen. People are leaving to start businesses. Or to move for a change.
LinkedIn’s Talent Trends Report calls it “The Great Reshuffle : a time when everyone is rethinking everything”.
They list the following as the “Most important priorities for candidates overall (Australia & New Zealand):”
Good work-life balance
Excellent compensation and benefits
Colleagues and culture
Open and effective management
Job security
So what does this mean for us as employers attracting and keeping our people?
Let’s look at this list again, as now we have made the priorities in bold where our Employer Brand (EB) and Employee Value Proposition (EVP) are directly related:
Good work-life balance
Excellent compensation and benefits
Colleagues and culture
Open and effective management
Job security
That’s right. The top 4 priorities for candidates choosing employment in a highly competitive market are directly related to our EVP and EB.
Any company can offer job security if the company is solid.
Most companies can offer more money if they have to.
But what will get and keep great people are the emotional, softer things.
Candidates will, throughout the recruitment process, look for answers to such questions as:
● What does this company stand for?
● How are it’s customers and staff treated?
● Does the company value me as more than just a worker?
● Does management align with the values of the brand? Do they “walk the talk”?
● Is it a culture where I can contribute?
● Does the company do things to show they value their employees?
● Does what the company looks like on the outside marry with what goes on inside?
Similarly the path to keeping employees during the Great Resignation will be ensuring they have a strong, emotional bond with our company and Employer Brand. If we can get them devoted to our brand - as in Step 7 of our Seven Steps to Brand Awareness strategy, we’re going to be in a much stronger position.
We will certainly be watching how brands interact with candidates and employees in the next year. Without question there will be some interesting case studies emerging as people seek to decompress after the last two - and yes, we’re going to say it one more time - unprecedented years.
To read more on how to articulate your Employer Brand and EVP, read our article on Building Brand Identity and Awareness.
Is it time for brand health check?
If you haven’t conducted a brand health check or audit, now may be a good time to do so - one, to ensure that your brand is still relevant and two, to ensure that you’re protecting one of your most valuable assets.
As the only dedicated dual Brand and HR experts in Australia, Dovetail Brand Engagement are well placed to bring objectivity and the essential expertise needed to best position your brand with a long term vision and to future proof your business for the competitive challenges ahead. More >