In the digitised and connected world we live in today, where social media, website reviews and online forums are commonplace, there are more options than ever for people to talk about your finance company. And with a great branding strategy, you can harness this to influence the conversation positively.
By developing your employer brand, you can differentiate yourself from other finance businesses, improve staff acquisition and retention, and give yourself the edge in an increasingly competitive marketplace.
The top finance candidates of today are looking for much more than a good salary and title; they want an inclusive, forward–thinking company that matches their own values, and where they will receive the support, value and career pathway to enable them to achieve future success.
By developing your employer brand, you will show potential employees the value you offer to them, and position yourself as their employer of choice.
In this article, I’d like to expand on how you can build and maintain a great employer brand to help your finance business achieve success, but first let’s take a look at what exactly an employer brand is, and why it’s critical to your business success.
What Is Your Employer Brand and Why Is It Important?
According to the CIPD, a brand is the way organisations differentiate themselves from competitors in the labour market.
Your branding encompasses things like your mission, vision and goals at the top level. It is the way the world perceives you as a business, and it‘s your opportunity to showcase what you offer.
Your brand also includes your Employer Value Proposition or EVP. This is the part of your branding that you use to attract top tier talent to your organisation.
Your EVP demonstrates your values and company ethos, company culture, the value you place on your employees and what you offer them in terms of opportunity, training and career development.
Get this part of your branding right, and you will achieve an excellent reputation, retention of staff and the ability to engage the ideal professionals for your finance team.
Before we delve deeper into what employees are looking for in your brand, and how you can attract them to your finance business – it’s worth considering the potential pitfalls of not establishing and maintaining a good employer brand.
The Dangers of Ignoring Your Employer Brand
Often, employer branding is commended as the ultimate way to reduce your risk of frequent turnover and avoid any talent gaps. Unfortunately, many finance companies are still overlooking the importance of reputation in their attempt to retain staff.
In a candidate-driven marketplace, it’s no longer a case of asking applicants to prove that they’re right for your role – more and more it‘s down to the company to convince potential employees to choose them as an employer.
A lack of employer branding means that applicants don’t know what to think about your company.
From their point of view, a well known respected brand might be a more reliable option.
Additionally, it’s an accepted fact that “like” attracts “like”.
So, if you have a vague or uncertain reputation in the marketplace, then you’re more likely to capture the attention of people who aren’t sure what they’re looking for, and your HR team or recruiting partner will have a more challenging time ‘selling’ your brand to job-hunters.
What Are Employees Looking For?
Harvard Business Review suggests that employer branding is becoming more critical as CEOs and market leaders plan to boost their reputation by 2020.
So, what characteristics do you need to show to attract the best finance talent?
The Randstad global workforce report for 2017 found that although salary and security are still at the top of the list when it comes to factors that candidates care most about, the number who prioritise these factors has dropped significantly in the last few years by around 10%.
So, finance companies who are prepared to offer other benefits are the ones who will attract the best talent. Let’s look at what those benefits might be –
How to Build (and Maintain) Your Employer Brand
The statistics on company reputation confirm it’s crucial in attracting candidates to your finance business.
A Glassdoor survey found that 87% of candidates accept offers specifically because of cultural fit, while 80% will willingly leave an employer who doesn’t offer the right business environment.
So, how do you define and build an attractive employer brand?
The first step is to define your EVP. What can you offer? Articulating your key strengths – both remuneration and benefits – will help establish you as a preferred employer. Think about the benefits you could offer such as remote or flexible working opportunities, increased holiday allowance, free gym membership, learning and development opportunities and a pleasant office environment.
Define your brand by thinking about what you stand for as a company, what you hope to achieve in the future and, potentially, the legacy you will leave.
The Millennial and Gen Z employees entering the workplace care deeply about the environment and the ethical side of the businesses they work for, so showing you are engaging with charitable work or altering your business approach to become more environmentally friendly will attract this talent to you.
Finally, remember that for your employer brand to work, everyone needs to be on board.
That means everyone from your temp staff to the CEO. Stable and committed leadership will strengthen your brand and encourage your employees to act as ambassadors for the company.
Once you have your employer brand and EVP strategies in place, you can build your reputation online: ensure your news is current on your webpages, add blogs and share information relevant to the finance industry, and consider targeted campaigns on social media to boost your place in the market further.
Maintain this information regularly to promote your brand – and ensure all information is accurate, timely and positive wherever possible to encourage top talent to your finance company.
The top finance professionals of today want to work with companies that they feel they can trust.
And in the competitive arena with many businesses vying to attract talent, candidates will quickly develop stronger relationships with those finance businesses who demonstrate values that are important to them.
So, make sure your employer brand and EVP are clear, comprehensive and appealing – and you will be successful in attracting the top candidates to your finance business.
P.S. If you’re looking for your ideal finance role, contact Rebus Financial Recruitment or call us on 01282 930930 and let’s have a conversation to explore your options. With our help, you can achieve great things.
About Rebus Financial Recruitment
Rebus Financial Recruitment provides a specialist and focused recruitment service to its customers, which historically range from a wide variety of organisations including SME’s to large PLCs.
We strive to offer both the client and candidate a seamless recruitment experience. Using our expertise, we get to the heart of employer and employee needs; and, in doing so, we match the two perfectly. To find out more, get in contact with one of our team today, or you can call us on 01282 930930.