Employer Branding: Imperative for talent attraction and retention
March 02, 2022, By Suresh Anubolu
Suresh Anubolu, SVP & CHRO, Aragen Life Sciences talks about effective employer branding attracts key talent, especially in niche industries.
Employer branding has been gaining prominence in recent times. The emergence of the digital age and the proliferation of social networking sites have provided greater visibility to employer branding. Organizations are now increasingly acknowledging the importance of employer branding to foster a positive image for their organizations and drive their talent acquisition strategies.
A recent survey has shown that 75 percent of active job seekers are likely to apply for a job if the employer actively manages its employer brand.1 This is the power and influence employer branding plays in the current scenario.
Employer branding in the CRO/CDMO industry
The Contract Research and Contract Development and Manufacturing Organization (CRO/CDMO) sector was not considered a mainstream industry by job seekers until recently. For research-centric and technical roles, the pharmaceutical and biotechnology industry was the preferred choice.
However, with the increasing complexities of drug discovery and development, the pharma/biotech industries are recognizing the importance of CRO/CDMO players in their operations, resulting in the rapid growth of this sector. It has opened up new career opportunities that allow candidates to work on some of the most cutting-edge scientific projects that can deeply impact lives.
However, the availability of talent continues to be a challenge within the CRO/CDMO sector that faces stiff competition from the already established pharmaceutical players.
Effective employer branding could help CDMOs position themselves as the employer of choice, showcase their evolving work environment and value proposition to attract talent.
Impact of employer branding in 2022
2022 is an important year as we are hoping and expecting that we will have better control over the COVID-19 pandemic, which has thrown up several challenges and disrupted the rhythm of every industry, including the CRO/CDMO industry. It has not only impacted the health of many individuals but has also changed the behaviour, expectations, and priorities of employees.
Earlier, remuneration and compensation were the most important criteria in selecting a job opportunity. However, today employees are increasingly prioritizing health & wellness, work-life balance, flexibility, work culture, and health benefits.
So, in 2022, employers need to revive and revitalize their employee value proposition (EVP) to meet the changing needs and priorities of employees. It has brought in a proactive change prompting organizations to relook at the changing equations and expectations to design their EVP.
Employer branding helps showcase how a company cares for its employees and thereby creates a distinct position for itself in the eyes of prospective employees and the industry.