BRAND EQUITY IN EMPLOYEE ATTRACTION AND RETENTION

Nowadays every company out there has to project and differentiate themselves to their customers and the top job seekers. Recently I have come across one article where it was written that Many companies don’t give all that much thought to their brand as an employer. Yet investing a little bit of time (and potentially money) in the brand would seriously impact and improve the quality of applications you get and yes this will definitely provide the base to build the culture and foster more engagement and retention of employees. So, more priority should be towards Building an effective employer brand and the added value of favourable employee perceptions, their opinions of the organisation can be characterised as ‘employer brand equity. The overview of employer brand equity is straightforward, when building a strong EBE, organisations need to talk about the perceptions of current and prospective employees also about their opinions, giving them a chance to contribute to the decision-making process and promote positive attitudes about relationships with the organisation. When organisations showcase strong brand equity, it builds the morale of employees, their employees are committed, and activists on behalf of the organisation, and tend to be more loyal; so, the organisations will be less likely to lose employees to the competitors. We know every organisation need talented and skilled manpower and to attract, recruit and retain these employees is chief. Employer branding is a subject that has an equity theory that clearly tells about employee contribution and their ROI and in what way it equates with a different organisation.

Today’s corporate world emphasising the necessity for talented and skilled employees with collective substantial demographical and sociological changes in society, this even put front new challenges for companies. Inside this confounded and complicated setting portraying the present workforce and labour market, associations need to expand centre around business branding procedures and activities to draw and need to increase focus on taking into consideration different employer brand strategies to attract talented and highly skilled employees. So for this the companies must pose themselves fairly in all aspects, they should support and consider their employee's suggestions and make them a part of important decisions, they must provide assistance if the employee is lacking something and he/she is eagerly aligned towards learning, they must communicate clearly there must exist open communication and transparent work culture should be shown, all the benefits whether monetary or non-monetary should be fair and showcase that the companies values their employee and most importantly what they have promised should be fulfilled on time and can take care of them in a manner that eventually shows their brand image that differentiates them from their rivals. Organizations that have strong EBE attract a larger pool of candidates than organizations with weak EBE.

EBE impacts employee attraction and retention: -

Improving employees’ perception of working, Providing comfortable working conditions and reward equivalent to performance and giving stages of competencies and showcasing clear career paths and career ladders in the association. It will tend to be much more effective and efficient to enhance the employee perceived employment experience which is aimed at raising and influencing great experience with an employer. Additionally, the daily performance of obligations or promises in relation to employee rewards and benefits is major in enhancing employee loyalty towards the employer. Correspondingly, implementing these practices related to raising EBE elements results in a high level of EBE and ultimately, it will influence employee attraction and retention. It has a more prominent effect on employee-side company preference and purposes which stay between audiences of employer branding. Additionally, EBE put focus and light on keeping the existing employees inside the organization by providing benefits both monetary and non-monetary and offering a great experience and delivering attractive benefits to maintain a positive relationship. Thus; EBE is positively associated with employee intention to stay with the employer. The impact of Employer brand equity influenced individuals’ perceptions such as company preference and intention to stay, and it is important to examine the other effects it has on behaviours and emotions of employees, which may also establish a link between EBE and employee performance.

In today’s world which was certainly hampered by the pandemic still trying to come with a strong employer brand strategy to build the employer brand equity in such a way that attracts the potential candidates and retain the existing candidate. All companies are performing and representing themselves in a way that showcases how much they value their employees and the manpower’s out there in the market by utilising every small branding strategies to gain success with mutual benefits.?