Competitive labour market is defined as having employees competing for engaging top talents. For attracting and retaining top talents, the large organisation ought to position itself appropriately. This is through competitive analysis, employer of choice and employer branding.
Employer of Choice– As evidenced in CIPD (2022), employer of choice identify the scope of organisations set strategies, policy development, benefits and conditions at workplace promote the organisations operations. In UK for example, organisations which are an employer of choice are categorised in the Sunday Times 100 organisations of working (AwardList, 2022). As evidenced in CIPD (2022), employer of choice is important for ensuring an organisation successfully achieve organisation benefits. This entail increasing employees loyalty, attraction of new opportunities, engaging highly and happier employees with maximum business outcomes attained which is in form of profitability. By becoming an employer of choice, Mouton and Bussin (2019) highlight that an organisation is appropriately positioned in attracting the best employees. This is while employment relationships being promoted. An appropriate reputation, advancing in their career and work-life balance.
Competitive analysis involves carefully comparing an organisation’s own reward offerings, policies and practices to those of its direct competitors .This helps identify what similar organisations in the same industry are offering employees and where an organisation’s own offer is stronger or weaker. Data that would be compared include salary/pay scales, bonus/commission structures, benefits packages covering healthcare, retirement plans, discounts etc. (McKee, 2023). Comparisons help an organisation assess whether their overall reward package will enable them to successfully attract candidates or if adjustments need to be made.
Employer branding– This identify the image of the large organisation in the minds of their different job seekers. An appropriate employer brand assist the case organisation under restructure of its people function in achieving diversity and inclusion. Also, positive work relations, employee value proposition and communication of mission and vision achieved. Additionally, Employer branding includes developing a strong identity and positive reputation as an employer. This is done through carefully crafting a compelling narrative about employee experience and value proposition. Key activities include strengthening brand awareness through effective advertising of vacancies, maintaining an attractive employer website and profile on job sites/social media (CIPD, 2022). The brand can also be enhanced by highlighting employee testimonials, career progression opportunities, learning/development support available, and work culture/environment through such channels. Regular communication keeps the brand top-of-mind among active and passive candidates. A strong employer brand increases application rates from qualified talent and employee advocacy.
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