Research Scope The scope of the research is described by the definition of the following relevant terms:- This research focuses on a Financial Services Institution ability to attract and retain talent based on the employer brand. The research will draw from the experience as evaluated by using existing, past and potential employees. 1.3.1 Employer Brand Employer Branding is a context that is focussed on the package of functional, economic and psychological benefits provided by the employment and identified with the employing company (Zikmund, 2003). Public perceptions of the Employer Brand can be analysed using the Best Company to Work for (BCTWF) survey questionnaire to establish the role and relevance of the Employer Brand to become the employer of choice 1.3.2 Employees and Job Seekers Employer brand is relevant and of interest to all participating in the employment sector particularly in financial services. This includes existing, looking to leave and past employees of the institution. Active job seekers are considered to be particularly well positioned to pass comment on the perception about how the role of the Employer Brand has an effect on the attraction and retention of talent. 1.4 Research Motivation Motivation#1 The research is motivated by an interest to understand and explore existing frameworks followed in using the Employer Brand to attract and retain talent. There is a rise on the importance of corporate and global brand and in recruiting for talent; the use of the intangible asset and intellectual capital can be source of strategic advantage. Knowingly or unknowingly, the employer brand gets talked about and it is these conversations that influence the ability of an organisation ... ... middle of paper ... ...ce management London;New York:Routledge. Stahl, G. K., Björkman, I., & Farndale, E. (2007). Global talent management: How leading multinationals build and sustain their talent pipeline. Fontainebleau: INSEAD. Sullivan, J. (2004). Eight elements of a successful employment brand. ER Daily, 23, 501-517. Tarique, I., & Schuler, R. S. (2010). Global talent management: Literature review, integrative framework, and suggestions for further research. Journal of World Business, 45(2), 122-133. doi:DOI: 10.1016/j.jwb.2009.09.019 Ulrich, D., & Brockbank, W. (2005). The HR value proposition Harvard Business School Pr. Xie, H. Y., & Boggs, D. J. (2006). Corporate branding versus product branding in emerging markets. Marketing Intelligence & Planning, 24(4), 347-364. Zikmund, W. G. (2003). In Cengage Learning (Ed.), Business research methods (7th ed.) South-Western.
Many corporations struggle with bringing in quality talent into business (Paradise, 2010). Consequently, as the workforce continues to change at warp speed, talent benchmarking strategy is the biggest challenge management faces now and the next five years in all forms of succession planning (Sims, 2014). A strategy to overcome talent benchmarking is having talent reviews along with meeting notes (Sims, 2014). Documenting what took place in the talent review is essential for management to get planning underway and refer to the order of what should happen first, second, and so forth in talent management (Sims, 2014). Although it might be true that talent benchmarking being the mightiest challenge in informal succession
Gaining and retaining the best possible employees is something every company wants to do. The best way to accomplish this is by implementing talent management into the fabric of human resources. It may take a high level of commitment and planning, but the rewards can be astounding. From specific training, to motivation, optimizing each aspect of talent management allows for businesses and groups to reach their goals. “It is difficult to identify the precise meaning of talent management because of the confusion regarding definitions and terms and many assumptions made by authors who write about talent management” (http://www.irproje.com/media/userfiles/610013.pdf).
Sarkar, A. N., & Singh, J. (2005). New paradigm in evolving brand management strategy. Journal of Management Research, 5(2), 80-90. Retrieved from http://search.proquest.com/docview/237238894?accountid=28644
The research focuses on the use of different branding strategies, particularly brand equity, in order to retain brand loyalty. China is the fastest growing consumer market in the world, the study of Chinese consumer’s perception, attitude and purchasing behavior will assist in realizing the value of branding and it is important to implement the knowledge when striving to understand any particular subject. When the subject is put to practical use it is better to comprehend and find a logical conclusion. Every research has its own impacts and thus, it can be used as an increment of facts and ideas. Brand equity and loyalty highly contributes in obtaining a major edge in increasingly competitive markets therefore, it is essential to understand the importance of branding and how firms market themselves to build brand equity and attain brand loyalty. The primary purpose of this research will be to investigate the relationship between brand equity and brand loyalty and their significance as it is a crucial part of a firm’s marketing activities and how the research will be conducted using pertinent methodology and appropriate research paradigm along with its proposition.
Brands have become such a major economic force in the global economy that they have become more important than the very firms which sustain them. They have become the means of delivering market value, shareholder wealth, livelihood, prosperity and culture. You think I am overrating them? Read on.
What is branding? Branding has been advocated as a potentially successful response to heightened market concentration; it offers the possibilities of centralized control and format standardization, and an added value or cost driven strategy can be used to differentiate the retail offering and reinforce market positioning. Brands provide informational cues for buyers about the store's merchandise quality, and favourable images of brands positively influence patronage decisions." Successful retail branding can provide a form of "insulation" against price competition and states: "Where the store brand name is itself a brand name based on a quality appeal, it will be easier to position the own brand as a premium product under the same name" (Schmidt, R., & Pioch, E., 2005). Further as consumers, we tend to think about brands as symbols like the Nike swoosh or McDonald’s golden arches; the working definition of a brand is broader. A brand is usually defined as a name, logo, symbol, words, or combination of these, intended to distinguish a particular company’s offerings from those of competitors. In this sense, the modern use of the word “brand” harkens back to its older meaning which is a distinguishing mark or burn to identify wine, livestock or other commodities by their owner (Koehn, N., 2013).
Global talent management plays a central role in improving employee engagement, commitment and retention rate at all levels through developing a strong international mindset (Sparrow, 2006). A separate operating units strategy is recommended, it would allow Cafe Expresso clearly focus on local needs and culture, thus, maximizing employee performance
McKeown, J. (2002) states that, “Effective retention begins before the hire- in tour recruitment literature, of course, but also in corporate and product literature, advertisements (for recruitment and for sales), press releases, product branding, company image, management reputation, and a myriad of other messages that your organization puts out into the marketplace about what it is, what it does, and how it does it.” (p.20). It is well known that in order for companies to gain that competitive edge they need to offer something that the other companies in their market are not offering in order to attract and retain top talent. The second way is by helping the company raise morale and job satisfaction. WorldatWork (2007) notes that according to a 2004 Overworked in America Study, that employees were less likely to feel overwhelmed if they had jobs that afforded them the chance to continue their education.
The talent management is defined by the Five STAR program where managers “begin a process of cascading, aligning, and translating these imperatives into clear goals and SMART (specific, measurable, attainable, realistic, and timely) objectives that relate specifically to each of the five STAR points” (NCHL). The programs institutes and refines goals, stipulates accountability and heighten company objectives correlating with each employee’s potentials. The principles of the succession planning and talent management strategy are to review and assess key talents to foster innovation and advancement in their careers.
The role of the brand in higher education has been considered as very important. The brand is possibly the most important connection a prospective student has with an institution. The brand of a university carries with it a promise of a particular level of service and student outcomes. In the case of education, the service is more than a simple set of tangible features but is a complex bundle of benefits that satisfy customer’s needs (Clarke, 2009).
[5] Nandan, S. (2005) An exploration of the brand identity-brand image linkage: A communications perspective, Brand Management. (pp 264 – 278)
Secondly, some light has been thrown on the previous researches by various authors on the similar topics by providing with a summarised form of the same. It helps in better understanding of the ongoing concepts and perceptions on the concept of brand and its importance.
This can be manifested in an ability to attract and retain customers and employees, achieve strategic alliances, gain the support of financial markets and generate a sense of direction and purpose. Corporate identity is a strategic issue. Corporate identity differs from traditional brand marketing since it is concerned with all of an organization’s stakeholders and the multi-faceted way in which an organization communicates.” (Ballmer, Bernstein, Riel et al. 1997)
Early on in the twentieth century, when mass marketing and production became commonplace, company branding allowed consumers to identify with a company. The consumer made a one sided personal relationship
Branding on consumer purchase decisions. In order to comply with this a questionnaire was prepared and survey has been conducted among 100 respondents and data revealed that brands have strong influence on purchase decision.