With the demand for top talent in the financial business, it is important for commercial banks to worry about how their brand is perceived by their employees and the outside world.
A LinkedIn Ability Arrangements report shows that companies with dependable business brands experience a 28% decrease in worker turnover.
Importance of Employer Branding in Banking
Studies highlight the significance of employer branding and its impact on a private bank’s ability to attract talent, grow as a brand, and increase revenue.
According to Accenture, 52 percent of banking graduates seeking employment said they were willing to trade some part of personal compensation in exchange for working at a company that embodied a commitment to the environment or the social impact of its products and services.
In Assessing the Impact of Employer Branding on Job Engagement: A Study of the Banking Sector, Geeta Rana and Ravindra Sharma investigated the impact of employer branding practices on job engagement in the banking sector.
The study found that employees who perceived a workplace as socially supportive while allowing creative space resulted in higher ROI for the company and also showed an increase in employee satisfaction. As a result, employees were more likely to stay committed to their jobs.
Strategies for Creating a Compelling Employer Brand
- Encouraging a Positive Corporate Culture
LinkedIn’s Worldwide Ability Patterns report states that 86% of experts would consider accepting a decrease in salary to work for an organization that aligns with their qualities and culture.
Fostering a positive organizational culture requires offering adaptable work practices catered to employees’ needs and focusing on providing representation and appreciation to all workers.
Employees are real humans with real needs. By addressing their concerns and finding solutions, firms are showing their workers that they care for them.
79% of responders in PwC’s 2022 Global Annual Review said that they could talk to their team or leaders about their well-being and ask for any support that they need.
- Incorporating Corporate Social Obligation (CSO)
A report by Energy Star indicates that 88% of Americans are swayed by CSO commitments in their everyday purchasing decisions, especially those that focus on social and financial impacts.
More studies are showing that today’s talent is more aware and attentive to their footprint in the world. Commercial banks can incorporate CSO practices in their employer brand to attract this large pool of talent.
- Embracing Criticism
Effective criticism is a great way to improve your employer’s brand. It allows you to focus on areas of development that you may not have necessarily focused on. Through surveys and 1:1 chats, you can get an insight into what’s not working and what could be improved.
However, it is important to create an atmosphere of open communication, so employees feel comfortable sharing their suggestions.
Commercial banks are adopting effective strategies to improve their employer brand. By embracing criticism, encouraging a positive corporate culture, and being mindful of their social impact, you can open doors for top talent and win the war for competitive talent.
Looking for high-value advisors, consultants, and managers to join your commercial banking firm? Contact The Anderson Search Group today!