Especially in the fiduciary sector, the shortage of skilled workers is becoming increasingly acute. Many positions can currently only be filled with considerable recruitment effort, while at the same time employee loyalty is declining.
Today, employees leave their jobs much more quickly, which is reflected in the increased employee turnover rate, for example. How can you as a trust company counteract these two challenges? The first measure is to build up an attractive and above all authentic employer brand!
First things first – more is not always the better
“We are now creating an employer brand so that we too can finally register more applications”. If you go to work with this or a similar attitude, the initial enthusiasm should soon turn into frustration. An employer brand should not have a quantitative effect, but rather a qualitative one.«.
With an attractive and authentic employer brand, you primarily attract those professionals that really fit your company. This means that you will receive fewer applications in terms of quantity, but better quality.
Authenticity please
With the help of employer branding, you differentiate yourself from competing trust companies in the job market and show what distinguishes you as an employer.
Many companies make the mistake of promising skilled workers the moon or filling their job advertisements with meaningless phrases.
Classical platitudes, such as “constant further education”, “flat hierarchies” or “flexible working hours” sound nice and can be found in almost every job advertisement. But often these promises do not correspond to reality.
Step by step to a customised employer brand
Whether consciously or unconsciously – every company has an employer brand. However, you can only achieve a competitive advantage if you know your own strengths, clarify them and communicate them to the right target group. A multi-stage procedure is recommended for this
Step One – a detailed definition of your target audience
One universal employer brand for the entire workforce is often not sufficient to meet the different needs and expectations. For example, fresh graduates are likely to have a more differentiated image of an attractive employer in their minds than folks returning to work after having taken a parental leave.
In a first step it is therefore recommended to clarify the following questions: Which specialists do I want to recruit for my trust company? What expectations do these individuals have of their employers? And what communication channels does the target group use?
A persona as archetype for you target audience
Now, the question arises as to how you can obtain the relevant information about your target group. In addition to studies, the development of a persona, which symbolizes the characteristics, behavior and preferences of a target group, is recommended.
An appropriate persona can be easily derived and defined with an interview. As interviewers, you can draw on existing employees or external specialists from the target group.
Step two – an honest assessment of your company
After the target group analysis, the next step is to focus on your trust company and its strengths and weaknesses. What do the employees appreciate about your company? For example, do you have a particularly informal working atmosphere?
Do you organize great team events that your employees appreciate? Do you have a strong presence on social media? The most straightforward way to analyze your company is with a simple SWOT analysis.
In order to achieve meaningful and, above all, authentic results, you should involve all employees in the development process. This involvement can serve as a motivating factor and gives you an even more comprehensive picture of the strengths and weaknesses.
An example for illustration
Let’s suppose, an established fiduciary company from the Zurich area wants to attract and retain more young fiduciary professionals (target group). Based on this brief starting point, the corresponding SWOT analysis could look like the following:
Based on this analysis, it is now necessary to determine the Employee Value Proposition (EVP). Of course, the analysis tool also helps you to optimally manage weaknesses and risks. From the above analysis you can conclude, for example, that the trust company should definitely expand its online presence.
Step three – the development of an EVP
The Employee Value Proposition (EVP) shows, what distinguishes you as an employer and how you stand out from your competition. Consequently, it is now necessary to link your strengths identified with the expectations of your target group.
Continuing the above example furhter, the EVP for the fictitious trust company could read something like this:
Family working atmosphere: We all pull together and maintain an open and regular exchange with all employees. In our company culture, which is characterized by trust, you can develop professionally and personally and grow with your tasks.
Team-Events: Paris, Munich, Lissabon and Madrid. These are not the vacation destinations of our employees, but the destinations of our annual team weekends.
Mentoring: Finding your way in a new work environment is not easy. That’s why we provide you with a personal mentor who is always at your side. The mentor will support you in your individual career planning and many other matters.
Step four – placing your EVP
Lastly, you have to convey the determined EVP convincingly. Because even the best employer brand is rendered useless if your target audience is unaware of it. On this respect, you can use your knowledge gained in step one.
For example, if young trustees prefer Instagram as a communication channel, you should expand your presence there. If, on the other hand, you would like to attract experienced tax experts to your fiduciary company, placing advertisements in trade journals or attending graduate fairs may promise greater chances of success.
Get started and profit
In summary: The development of an attractive and authentic employer brand is the first measure to create an optimal starting position in the “War for Talents”. The first step is to carry out a sound target group and company analysis.
Based on these two elements, an attractive and authentic EVP can be derived from your analysis. And if you choose the right communication channel, you will soon be able to look forward to suitable employees. The effort is definitely worth it!
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