The top core values that candidates search for in their employers are salary & employee benefits, long-term job security and financial health
According to the latest Randstad Awards India report, the gap in candidate preferences and employers core areas of investment, although significant, has been closing down. Within the Indian context, the top core values that candidates search for in their employers are salary & employee benefits, long-term job security and financial health. This is in contrast to what employers focus on providing the employees. The report states that the focus of employers is on financial health and strong management as the areas within their employer branding activities.
But such revelations are not so surprising. Barring certain segments within the Indian ecosystem that are pioneering the development and the GDP growth leading to wage development, there remains an array of people who are still looking for job security and financial betterment. Although the per capita wages have been on a rise, one finds a parallel rise in the wage disparity, affecting a large part of the demography. Although the wage increase in India has been a response to increasing inflation, the real purchasing power of the people has remained static, which makes employees desire more when it comes to salaries and benefits. On the other hand, one finds a similar reason at work when it comes to the employees focus on job security, given the change in their lifestyle preferences and expectations.
When it comes to the sectoral breakup of the success of employer branding activities, IT/ITES sector and the telecommunications sector are outperforming the rest of the sectors to become most attractive sectors to work in, followed by the auto industry and FMCG industry. For most companies, brand recall is the most effective strategy as people get familiarized with the product before they get to know about the companies. For IT companies, their popularity rests on the fact that they were the growth drivers in the country and often hired in huge numbers and were the first companies to innovate in the compensation and benefits space.
A proactive vs. a reactive approach
To get employer branding right, companies need to take a holistic view of its talent demography and its talent demands, and should then address the needs of the segment scientifically and proactively. This approach can allow companies to execute a more comprehensive plan which will also help them plan for future development. Another approach involves formulation of employer branding plans reactively, which is a much slower process and first advantage is usually lost to companies who react to the changing ecosystem with low awareness of what and how things need to be changed. Either you drive the change or it happens to you. If you can sense the wave that is coming and stay ahead of the curve, you can lead the change you want to see. Companies should make a concerted effort and use different tools to push for employer branding.