#1NWebinar: Talent Brand - The Missing Piece of Your Brand Puzzle
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Talent Development Manager Sarah Mueller describes the untapped element of brand every professional services organization should be taking advantage of: the Talent Brand. Attracting, engaging and retaining top talent is an essential activity for marketers and HR professionals alike, but what really helps a company stand apart from the rest in a highly competitive talent market is a well-defined and unique talent brand. During her presentation, Sarah broke down the meaning of a talent brand, showed what a successful talent brand in action looks like and described the tools needed to start your own talent brand initiative.
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#1NWebinar: Talent Brand - The Missing Piece of Your Brand Puzzle
- 1. #1NWebinar: Talent Brand 14 June 2018 The Missing Piece of Your Brand Puzzle
- 2. 2 Agenda • Importance of this topic within professional services • Role of Marketing & HR/Recruiting/Talent professionals • Data – labor market, bottom line: risks & opportunities, significance of engagement • Evolution & definition of employer & talent brand • Power of employee engagement as the foundation for a strong talent brand • EVP & CVP • Key steps to assess & build your talent brand – Examples of what success looks like
- 4. 4 The Intersection of Marketing & Recruiting/HR Teams • The line is blurred between sales & recruiting • Organizational change intended to improve the employee experience is being marketed to customers & consumers – Customers care about the people providing their service • Brand identity is not just industry reputation, it is about people and culture • Companies are using HR as PR to drive the performance of their business
- 5. 5 Labor Market – Unemployment Rate Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual 2008 5.0 4.9 5.1 5.0 5.4 5.6 5.8 6.1 6.1 6.5 6.8 7.3 5.8 2009 7.8 8.3 8.7 9.0 9.4 9.5 9.5 9.6 9.8 10.0 9.9 9.9 9.3 2010 9.8 9.8 9.9 9.9 9.6 9.4 9.4 9.5 9.5 9.4 9.8 9.3 9.6 2011 9.1 9.0 9.0 9.1 9.0 9.1 9.0 9.0 9.0 8.8 8.6 8.5 8.9 2012 8.3 8.3 8.2 8.2 8.2 8.2 8.2 8.1 7.8 7.8 7.7 7.9 8.1 2013 8.0 7.7 7.5 7.6 7.5 7.5 7.3 7.2 7.2 7.2 6.9 6.7 7.4 2014 6.6 6.7 6.7 6.3 6.3 6.1 6.2 6.2 5.9 5.7 5.8 5.6 6.2 2015 5.7 5.5 5.5 5.4 5.5 5.3 5.2 5.1 5.0 5.0 5.0 5.0 5.3 2016 4.9 4.9 5.0 5.0 4.7 4.9 4.9 4.9 5.0 4.9 4.6 4.7 4.9 2017 4.8 4.7 4.5 4.4 4.3 4.3 4.3 4.4 4.2 4.1 4.1 4.1 4.4 2018 4.1 4.1 4.1 3.9 3.8 4.0 https://data.bls.gov/timeseries/LNS14000000
- 6. 6 Labor Market – Competitive Landscape • On the last business day of April, the job openings level reached a new series high of 6.7 million – The series began in December 2000 • The number of hires was at 5.6 million in April • Approximately 223,000 jobs were created in May https://www.bls.gov/news.release/pdf/jolts.pdf
- 7. 7 Labor Market – Professional Services • Employment in professional and technical services continued to trend up in May (+23,000) and has risen by 206,000 over the year. • Employment in health care rose by 29,000 in May, about in line with the average monthly gain over the prior 12 months. • Employment in construction continued on an upward trend in May (+25,000) and has risen by 286,000 over the past 12 months. https://www.bls.gov/news.release/pdf/empsit.pdf
- 8. 8 Labor Market - Millennials • More than one-in-three (35%) American labor force participants are Millennials, making them the largest generation in the U.S. labor force – Pew Research Center, US Census Bureau • Millennials will make up 75% of the workforce within the next 10 years, regardless of industry – Forbes • Millennials are more likely to take on work that is meaningful to them. The so-called “purpose over paycheck” generation tends to blur work and life together, often checking emails and remaining “on” during after-work hours – Inc.com
- 9. 9 Labor Market - Millennials • Turnover among Millennials costs the American economy over $30 billion every year • About 55% of Millennials are not engaged at work • Over 50% of Millennials see themselves leaving for a new job in less than two years
- 10. 10 The Bottom Line - Risks • Cost of turnover ($11 Billion annually – BNA) • Employers will need to spend the equivalent of 6-9 months of an employee’s salary in order to find and train his replacement • Average turnover rate in the US is at 40%
- 11. 11 The Bottom Line - Opportunities • Companies with engaged employees outperform those who don’t by 202% and productivity increases by 22%. • Companies with strong cultures saw a 4x increase in revenue growth. • Companies with strong employer brands cut their cost per hire by as much as half and are 3x more likely to make quality hires. • Building an employer brand and company culture helps companies increase employee referrals (41%), and have more diverse candidates (32%) • Highly engaged workplaces see a 10% increase in customer ratings and a 20% increase in sales
- 12. “A highly engaged workforce means the difference between a company that outperforms its competitors and one that fails to grow.” – Gallup
- 13. 13 Evolution of Employer & Talent Brand Brand Identity Company Employer
- 14. 14 Evolution of Employer & Talent Brand Brand Identity Company Employer Talent
- 15. Evolution of Employer & Talent Brand 15 Brand Company Employer Talent Culture
- 16. Employer & Talent Brand Defined 16 Employer Brand Employee Satisfaction Tangibles – basic needs Talent Brand Employee Engagement Intangibles - fulfillment
- 18. 10% of an organization’s productivity comes from its top 1% of employees, and 26% of its output can be credited to the top 5% of its workforce.
- 19. Top talent (engaged employees) produces four times as much as the average (satisfied) employee. - Personnel Psychology
- 20. 20 Engagement • Businesses perform as much as 202% higher than competitors • Business profitability increases by 21% – Disengaged employees costs businesses $500 billion every year • Turnover & absenteeism decrease • Work quality improves and defects drop by about 40% • When businesses invest in talented managers, they double their rate of engaged employees, and they achieve about 150% higher earnings per share • Customer loyalty improves by as much as 200% or more
- 21. Brand Identity 21 Brand Company Employer Talent Culture
- 23. 23 Engagement Profit Chain • Engagement has more impact on business unit performance than vice versa (Journal of Occupational and Organizational Psychology) https://www.forbes.com/sites/kevinkruse/2014/01/07/employee-engagement-the- wonder-drug-for-customer-satisfaction/#50b6fb336d46
- 24. 24 5 Key Steps for Assessing & Building Talent Brand 1. Establish/define values & culture 2. Identify & audit touchpoints 3. Create a strategic relationship/partnership between Marketing & Recruitment/HR 4. Evaluate recruitment process 5. Track metrics
- 25. 25 1. Values, Culture & Purpose • The core of your brand identity • Your differentiator • Your purpose or your mission • Meaningful and fulfilling work & experiences
- 27. 27 2. Touchpoints • Careers Site / Careers Page – Easy to navigate & easy to apply – Keep it current • Job Boards – Culture & values – 52% of candidates come from job boards (Jobvite) • Blogs, Forums, & Social Channels • External Networks & Community
- 28. UnitedHealth Group – Careers Site 28
- 29. 29 UnitedHealth Group – Job Boards • Open positions on 7+ of the mainstream job boards • Mission statement appears in job descriptions & company profile consistently
- 30. 30 Target – Community & Corporate Social Responsibility
- 31. 31 3. Marketing & Recruitment/HR Collaboration • What are the themes in how your people think, feel, and what they share about you as an organization? • Meet with high performers • Exit interviews • Create messaging & check for executive buy-in
- 33. What’s Wrong with Owen? 33
- 34. 34 4. Recruitment Process • From the application process to new hire onboarding, all the way through the entirety of the employee life cycle • Consistency – Process itself – Employee experience • Enforcement of culture & values • Train hiring managers & interviewers
- 35. Baird – Recruitment Process 35
- 36. 36 5. Metrics • Source • Quality • Retention – voluntary and involuntary turnover • Acceptance rate • Employee referrals • Giveaway/takeaway ratio • NPS – clients and employees
- 37. 37 Food for thought… • Without a strong culture that supports employee engagement, a strong talent brand cannot exist. • Marketing: How will you get to know your people as intimately as HR & Recruiting do, learn about their motivators, and help them tell their stories? • Recruitment/HR: What are you doing to enhance the employee experience so that marketing has a talent brand to market?