Employee engagement - The Importance of Brand
Unless you've been living under a rock over the last few years, you will be well aware of the power of the consumer and the impact it has had, and continues to have, on business and in particular, on retail.
Big brands are faltering. Unable to deliver the brand experience that a consumer is looking for, behind on the digitization of the consumer purchasing journey and failing to deliver the need for authenticity and personalization.
The age of the consumer and the demand for unprecedented levels of customer service is well and truly here but very few are delivering. And that's why the likes of Amazon, massive disruptors, continue to win.
The Future Laboratory describe the issue beautifully:
"We are living in an age of re-engagement, where businesses and leaders are required to step up on the issues that matter to society..."
We are all fighting to compete in the market, all trying to woo the consumer and all acutely aware of the need to deliver something unique and special that will inspire and convert.
The devastation globally of retail is widely reported. Not a week goes by without another retailer hitting the rails. But what is less widely acknowledged is the effect that this is having on other business sectors too. Brands, whatever the sector, are fighting a similar battle. The battle of attracting, inspiring and keeping talent. We've all heard of the skills gap - fewer people out there to meet the growing needs of business.
Why is this happening?
I'm told that 472 million entrepreneurs worldwide are attempting to start 305 million companies, approximately 100 million new businesses (or one third) will open each year around the world. Talent deciding to leave the corporate world and to go it alone. Disillusioned with empty promises, poor management and limited career pathways, the trend has become to get out there and make the dream your own.
I've had many conversations with businesses and recruiters around this exact same issue, and I've hosted an event which talked about apprenticeships and how to attract talent into businesses such as technology, engineering and construction...
What's the answer?
My response when asked is always the same - business must wake up to the shift in the workplace dynamics. Must understand that what was once a stampede to apply for a job, is often a trickle of interest and maybe not even that.
The culture must be right. The brand story must talk to the individual and it must deliver. Engagement is the word on everyone's lips. If you don't have an authentic, transparent and inspiring brand proposition, then you have nothing. Future employees want to feel good about where they work, they want to feel like they are making a difference. They want to know that their future path glows bright.
A case in point with a client of mine... They successfully recruit for their business. The new starter is excited and inspired by what the business has had to say. Oh. Then they arrive. The office doesn't deliver on the promise. The way of working feels old-fashioned and not right. The future strategy is shaky and uncertain. ABSOLUTELY NO BRAND.
I talk a lot about brand strategy and about having a vision for your business and your brand. People buy into stories. They buy into dreams. They want to believe in the brand that they're working for. They want to feel proud and inspired.
Would it then shock you then to hear that only 40% of employees currently know about their company's goals? Engaged employees are less likely to leave an organisation than their disengaged counterparts, and only 12% of employees actually leave because of the money...
The solution is clear and recognized with 90% of leaders understanding that they need an engagement strategy and they need a brand plan. The truth, however, is that only 25% have actually embarked on creating this plan.
"Driven by fresh attitudes, ethics and unprecedented circumstances, the future looks very different from what has gone before"...
Brands build desire. They build momentum. And they inspire the future talentpool.
Interested in making some changes? Get in touch