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The key to staying ahead of the Curve? Harness Positive Employer Brand to Thrive in Economic Downturn
Thaw the freeze with these proactive strategies.
While economists project that Australia will likely evade a recession this year, the impact on the workforce and your crucial employer brand might be under threat.
The current market conditions mean terms like 'dip', 'downturn', and 'decline', may be hard to avoid and hardly inspire optimism.
Even a whiff of job insecurity can pose risks to current employees, future candidates and the overall brand image. A strong line of defence that proactive, future-focused companies can engage is the strategic move to actively build upon a positive employer brand. Particularly during this period of economic downturn.
Reassuringly, market conditions are rarely permanent
While hiring freezes, redundancies, and other cost-cutting initiatives are activated to maintain financial stability, the knock on effect is a risk that can't be ignored. It's well known, these actions can significantly affect employees, leading to heightened stress and diminished morale.
More so, the repercussions on brand perception can be far-reaching, as organisations become perceived as less stable, and therefore less appealing to potential candidates.
To mitigate these effects, proactive steps can be taken to not only support and motivate current employees, but also uphold the employer brand. A proactive measure enabling companies to navigate economic downturns— while safeguarding their workforce and brand image.
By doing so, companies position themselves favourably for the eventual recovery phase.
Harnessing the Power of Positive Branding
After the GFC, when many hiring managers halted their recruitment efforts entirely as a result of the economic downturn, several factors became apparent in the aftermath of the crisis. And maintaining a strong Employee Value Proposition (EVP) for attracting, retaining, and engaging employees was shown to be a vital concept to leverage during the difficult times.
Building talent pipelines is crucial, learnings from the GFC show hiring managers must focus on the significance of maintaining relationships with potential candidates, even during periods of reduced hiring.
By engaging potential candidates, organisations can keep a pool of qualified individuals interested for future hiring needs, allowing for quicker and more effective recruitment when conditions improve.
Moreover, in challenging periods, a strong brand triggers trust and confidence among key stakeholders, including customers, potential candidates, and employees.
Employers who invest in positive branding establish a reputation that attracts high-quality candidates, drives engagement and commitment from current employees, and cultivates a culture of continuous improvement.
Strategic Approaches for Cultivating Positive Branding
During economic downturns, the strategic imperative of building positive branding becomes even more pronounced, as it serves as a lifeline for preserving the employer brand and securing top-tier talent that might be looking for 'more' from the organisation they choose.
Post GFC, surviving organisations learned that a focus on flexibility and adaptability was essential for being competitive in combating the capability gap that arose after many companies lost top talent due to the crisis— taking their vital expertise with them.
Rigid hiring processes and criteria limits the ability to attract and secure top talent. Embracing more agile recruitment strategies, such as adjusting job requirements or considering transferable skill sets, are important for effectively responding to changing market dynamics.
By leveraging the potential of social media and digital platforms. The FlexCareers community offers invaluable avenues for engaging with high calibre candidates, ensure they are well-informed about your company's reputation as an employer of choice, for when opportunities are available.
Proactive engagement on these platforms allows your organisation to remain on the forefront, maintain a competitive edge, and help you build a robust employer brand that magnetises top talent.
What's more— we can create engaging, shareable articles for you to inspire and connect with the audience to share your stories.
By collaborating with specialists that are trusted in the flexible work space, FlexCareers can help your organisation foster a positive brand association while expanding your reach.
Our vibrant community, comprising 20,000 weekly website visitors, are actively seeking long-term career opportunities, even during a time of hiring freezes our community are future planning and looking to align with organisations they believe in.
You're in good company— we partner with the frontrunners in the future ways of work meet them here.
Celebrating small victories, employing the power of storytelling, and sharing positive experiences are pivotal strategies for maintaining consistency in your employer brand, even amidst challenging times.
Partnering with FlexCareers can help share your message to our extensive blog readership of over 153,000 subscribers.
Our insights into what it is and how it is to work with you help share the why behind what your organisation does.
And when you're on board, your potential candidates know you'll give them the commitment to make life and work, work!
Offering flexible work arrangements has consistently emerged as a top driver for attracting talent in recent years.
To bolster your employer appeal, making these options to the modern workforce is a game changer for sourcing the talent required to propel your organisation forward, particularly as the market opens up and competition soars.
Investing in FlexReady Certification is the tick of approval to potential candidates that your organisation is at the forefront of the flexible work landscape and epitomises future-focused practices— freeing them up to apply for the career of their dreams.
Ask us about a discovery session to lay the groundwork for relaunching your employer brand, incorporating the latest insights about your target audience.
Additionally, if you have recently relaunched your brand or updated your assets, now is the perfect time to collaborate with us and strategize activation plans.
Our partners have been exploring innovative avenues like direct mail campaigns and in-person engagement, yielding impressive results! Don't hesitate to talk about unique solutions for your unique business needs.
Do you want to discover how to revitalise your employer brand to keep in touch with your target audience? Be ready in time for when market conditions improve and competition for top talent soars? Take advantage of this moment and let us help you drive success through creative activation strategies.
FlexCareers are leading experts in diversity, flexibility and future of work solutions across the entire employee lifecycle. Our careers platform features Australia and New Zealand's largest marketplace of flexible job opportunities, and connects talented individuals with progressive employers offering flexible work. Our employer services include strategy consulting, coaching, branding and training services as well as our proprietary Return to Work Program. Job seekers can also access career support from our expert coaches.