Businesses should look to consumer branding strategies to win the war for talent
Surge in employee turnover expected with economic upturn
A Deloitte survey of 319 senior business leaders found that 65% of executives report they have a high or very high concern about retaining high-potential talent and leadership in the year after the recession ends, and an identical number are either highly or very highly concerned about losing critical talent.
Deloitte, the business advisory firm, argues in a new report Employee Value Propositions that to succeed in retaining talent, employers should learn from the world of branded consumer goods, where competition for the retention of customers is even more acute. At this stage in the business cycle, the employment market remains tight and companies have to focus on activity to nurture talent and engage employees.
Deloitte research found that 52% senior business leaders predict an increase in voluntary turnover at their companies at the end of the current recession.
Eddie Barrett, a director in Deloitte’s human capital consulting practice, said: “Successful companies are deploying ever more sophisticated techniques to attract, engage and retain talented individuals.”
“As with previous recessions; any upturn in the economy will unleash pent up demand by employees acting on their desire to move on. Companies really need to be thinking about this and seek to attract and engage those already within the organisation.”
The Deloitte report argues that as successful consumer branding strategy carefully manages every touch point between a brand and consumer so must an employer. Similarly a strong employer brand is brought to life across a range of touch points inside the organisation; these include training and development, exposure to leadership and access to social responsibility and community involvement programmes. Successful brands match their rhetoric with the actual experience and live up to their marketing messages, the report says.
Eddie Barrett said: “A strong employer brand strategy that goes beyond recruitment campaigns and a desire to simply be seen as an employee of choice will be crucial if companies wish to engage and retain employees that generate a disproportionate amount of value and organisational strength.”
All statistics are from Managing Talent in a Turbulent Economy, a three part Deloitte survey: www.deloitte.co.uk/talentinaturbulenteconomypart3
In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms. Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu (‘DTT’), a Swiss Verein, whose member firms are legally separate and independent entities. Please see www.deloitte.co.uk/about for a detailed description of the legal structure of DTT and its member firms. The information contained in this press release is correct at the time of going to press.