Building a strong company brand requires a good product or service. It also requires qualified employees that can deliver. To attract qualified employees a business needs an employment brand that is as strong as its company brand; it develops this strong employment brand by meeting its employees’ needs.
A strong company brand equals a strong share of the marketplace. However, companies often come up short when it comes to delivering on their brand promise, and this has a direct impact on client and customer engagement. Loyal customers are an asset for a company, but research from Gallup shows that only 38 percent of customers fully engage, going out of their way to find a product or service and not accepting a substitute. That means that 62 percent of clients and customers are up for grabs, and the company that attracts them with its brand and delivers on brand promises can gain a large market share.
The solution to developing and delivering a strong brand, and capturing market share lies within a company. Gallup reports in Companies Only Deliver on Their Brand Promises Half the Time that companies often don’t live up to their brand promises because they overlook “the single most important component of the promise – their people.” The report states, “The challenge many companies have in engaging their customers has more to do with their workplace than with the marketplace.”
Creating a workplace that promotes company brand means a company must develop an employment brand that attracts top personnel. “Companies spend a lot of time and money on marketing campaigns to attract loyal customers. Unfortunately, they often neglect to develop an equally strong employment brand to attract valuable, five-star talent,” Gallup reports in the Business Journal.
Employees interact with clients and customers. They are the front line delivering the brand experience, and the most powerful delivery comes from the employees prepared and equipped with knowledge and skills. Creating an employment brand that attracts top talent will result in employees who:
• work and communicate with coworkers
• have problem solving skills
• fully engage with their jobs and
• seek opportunities to expand their knowledge and grow professionally.
One relatively new benefit that makes a company and its employment opportunities stand out from the rest and creates a strong employment brand is a loan repayment assistance plan. Employers are competing for talent in a market where it is difficult to find talent to fill all positions. Millennials, who are a large portion of the job seekers, are looking for a benefit that makes one career opportunity better than the others. That benefit is loan repayment assistance.
Prospective employees who have completed their degrees most likely have student debt. The 2015 American Student Assistance survey reported that 76 percent of respondents said a student loan repayment benefit would be a deciding or contributing factor in whether to accept a job.
Loan repayment assistance plans attract high-caliber employees who can help promote a company brand. A Gallup analysis shows that when companies hire talent in the top 20 percent of applicants they realize several benefits including:
• 10 percent increase in productivity
• 20 percent increase in sales
• 30 percent increase in profitability
• 10 decrease in turnover and
• 25 percent decrease in unscheduled absences
Companies with an employment brand that meets employee needs will be able to recruit and retain workers that can promote the company brand and capture a strong share of the marketplace.
Copyright © 2019 Edcor. All Rights Reserved.