This week we wanted to take a moment to speak to the many companies and hiring managers out there currently faced with hiring challenges. The economy is hot, unemployment is at an all-time low, and talent is as scarce as ever. Hiring, it appears, is more difficult than ever.
We wanted to introduce the idea of “Talent Brand” briefly, a hot topic in the staffing community. You may have heard the term, also referred to as “Employer Branding,” or it may be brand new to many of you who are face down in the trenches hard at work.
So, what is a Talent Brand and how does it influence my business (if at all)?
To keep it simple, a company’s Talent Brand is the culmination of perceptions by current, past, and perhaps most importantly – potential employees – on what it is like to work at or with your company. It is far from concrete in nature but has a lot to do with attracting new talent. Think of it as “the word on the street” about all facets of your business operations – from your CEO’s public decisions to your company’s benefits package, the overall management style, down to the work/life balance your firm provides. It can even go so far as to what type of technology you use. Sites like Glassdoor.com and Linkedin.com help paint a rather precise picture of the employee experience. Potential employees can now research – before they hit send on an online application – what it might be like to be an employee of your business, and make choices based on that information. Your talent brand starts to answer the question “Do I want to work at Company X? Why (or why not?)” and could make the difference between a mediocre hire and a great hire.
And, there is indeed potential ROI for many aspects of focusing on your talent brand. For example, by focusing on your talent brand, you may:
- Increase overall attractiveness to your company brand.
- Establish a foundation for attracting candidates – often before a job ever opens. By cultivating and sourcing candidates early, the cost to hire is significantly
- The best candidates are attracted to your firm and, as a result, may be more flexible in their salary demands.
- Leverage, when it comes to hiring, in a highly competitive market for top talent.
With talent scarcity at maximum levels, it is important to be critically aware of your talent brand in the marketplace. Do your employees feel engaged? Respected? Are they treated fairly at all times? Do you provide an active, fun culture? With the opportunity for advancement and personal enrichment? The more attractive your company is perceived by the outside world, the easier it is to find talent who want to be a part of your big picture operations.
So keep your talent brand in mind whenever you are hiring, outsourcing hiring, or engaging consultants to help you with your business. What you do today has a significant effect on your hiring tomorrow, so keep your sights set on building an active and attractive talent brand. The Masiello Employment team is always here to represent you as a real extension of your talent brand.