Skip to main content

Recruit and Keep Top Talent with Employment Brand

While the unemployment rate stays at record high, is it too early to talk about recruiting and keeping top talent? I believe leaders will always be ahead of the game. Since we have shared several news articles in this blog about the slow recovery of the industry, now, it is time to plan for the future.

The Corporate Executive Board discussed the importance of recruiting and keeping top talent. It is crucial for a company to build an Employment Value Proposition (EVP), which is also known as a company’s employment brand. Research has found that companies who effectively manage their EVP see significant results compared to those who do not in a variety of ways:
• The voluntary turnover rate reduced by 8%.
• The application rate of qualified candidates increased by 25%.
• The ratio of person-job fit among new hires raised by 32%.

The question is how can we accomplish this goal? The Corporate Executive Board shared the following four-step process:
1. Use both quantitative (e.g. survey) and qualitative methods (e.g. focus groups, in-depth interviews) to assess the current stage of EVP, including perceptions, awareness, and prioritized elements.
2. “Design a credible and compelling EVP to showcase the strengths and differentiators of the company.”
3. Maximize EVP’s visibility in current employees and job candidates.
4. Use consistent tools to measure and monitor the effects of a company’s new EVP.

If you are hiring now, you know you will receive the biggest attention and attract the most responses from the applicant pool. Yet, building EVP or employment brand takes time. It may be too late when the economy bounces back. What do you think?

References:
Bloomberg Businessweek: http://tinyurl.com/linchikwok06232010
Picture was downloaded from: http://www.caravat.com/node/133813

Comments

Popular posts from this blog

Luxury vs. Millennials and Their Technology: The Ritz-Carlton (By Julia Shorr)

Embodying the finest luxury experience, The Ritz-Carlton Hotel Company, LLC has been established since 1983. In 1998, Marriott International purchased the brand offering it more opportunity for growth while being independently owned and operated. They are known for their enhanced service level as the motto states, “Ladies and Gentlemen serving Ladies and Gentlemen”. The luxury brand now carries 97 hotels and resorts internationally and is attempting to keep the aspects of luxury while keeping up with the trends of the technologically improving generations. The Varying Demographics of the Target Market The Ritz-Carlton’s typical target market includes: business executives, corporate, leisure travelers, typically middle-aged persons and elders, and families from the upper and upper-middle class section of society .   This infers a large range of types of travelers in which all are similar in that they are not opposed to spending extra for the luxurious ambiance. However, with

The challenges of SB 93 (California Senate Bill No. 93) will impose on the employers and their human resource management team (by Brittany Schaffer)

The COVID-19 pandemic started in early 2020, and it has caused massive changes within a short period of time. One of the most rememberable effects of the COVID-19 pandemic was that businesses had to come to a complete halt, forcing them to lay off employees. California's unemployment rates went up.  Now that the stay-at-home orders have lifted, people start to come out. Businesses are now reopening, looking to rehire their laid-off employees. Before the pandemic, employers had the option of recalling only a certain number of laid-off employees they would want to rehire based on employees' job performance. That option had been changed after Governor Gavin Newsome signed into law - Senate Bill 93, which went into effect on April 16th, 2021. The California Senate Bill No. 93 (SB 93) According to SB 93, companies in specific industries, mainly the hospitality industry, have the obligation to provide job opportunities in written form to qualified employees being laid off due to COVI

Want to win in future competitions? Invest in data-driven decisions now

Speaking of the permanent changes in the hospitality industry, many people will probably agree that demands for “bleisure”/“work-from-anywhere” travel and contactless self-service will continue to grow in the near future. Not everyone, however, realizes that data-driven decisions will become a key driver for growth in the industry, which has already affected how we do business now.   Automatic service enables businesses to capture more operational and consumer data for business decisions   One advantage of using automatic service comes from its ability to spontaneously capture and store real-time operational and consumer data for additional analysis. In the old-time when businesses still relied on workers to serve customers, operational data were collected usually through careful book-keeping, documentations, and observations; consumer data through market research were often limited to their perceptions, behavioral intentions, or past experience.     Now that automatic service is provi