Brands are potentially assets of enormous value to their owners. To illustrate this, in 2016, Interbrand valued the world’s top two most valuable brands, Apple and Google at $178,119M and $133,252M, US Dollars respectively..
Two of the most important areas responsible for brand building are technology and employee engagement, with strong synergy between the two.
This aspect is significant as the optimal way to build brands is from the inside out.
Your workforce is, in essence, the face of your company, and believing in your brand not only makes staff great ambassadors, but powerful advocates as well. This in turn contributes positively to brand equity, with significant potential to increase financial brand value and overall company worth.
In addition, top employee brands are also able to attract the best talent, which is a major advantage. A 2017 Fortune 500 Report quotes research: Over 80% of leaders acknowledge that employer branding has a significant impact on their ability to hire talent. (2017 LinkedIn Global Trends Report)
To illustrate the significance of technology on company performance, a recent KPMG report found overall that ASX 300+ companies are currently undergoing significant digital transformations. These companies are now spending significantly on software, websites, apps and omni- channel technology to capture both customer and employee attention and grow market share through their brands.
In 2016 ASX 300+companies spent $420M in these areas, up by 18% from the previous year.
In tough trading conditions, businesses that invested in these areas experienced 4% growth on average, as opposed to a -2% outcome for non-investors, representing a significant differential of 6%. The study found that Cloud based IT services, such as Mumba Cloud, now constitute a key focus in the quest for growth and sustainable advantage.
On the issue of employee engagement, DDI (Development Dimensions International) compiled an engagement database of thousands of employees across 200 organizations.
Analysis of this database is reflected in the following quote: Employees with higher engagement scores are more satisfied with their jobs, less likely to leave their companies, and more capable of achieving their performance goals. We estimate that in an organization of 10,000 employees, moving a workforce from low to high engagement can have an impact of over $US42 million. The benefit for brands in this area are considerable.
Highly successful brands that put employee engagement at the forefront include:
- Apple This is one of the first big names to really put employee engagement at the top of its agenda and structure its business around that model
- Google Google uses core values of transparency, inclusion, and trust, to build engagement. That includes collecting employee feedback on a wide range of activities and sharing relevant feedback with other team members. It’s a simple practice, but has a huge impact.
- Zappos The company’s emphasis on engagement starts from the moment someone is hired.
- Pfizer One of the world’s largest pharmaceutical corporations, Pfizer taps significantly into the power of online tools to engage its employees.
To add further perspective, Viktoria Tegard, Head of Internal Communications at Virgin Atlantic Airways, states: Internal communication plays an important role in nurturing and encouraging a corporate culture that drives innovation. In recognition of this, innovation is a crucial part of the strategic narrative we use for internal messaging in digital, as well as face-to-face channel.
As demonstrated, technology and employee engagement are both crucial to the success of high performing brands. In this regard Mumba’s unique Enterprise Mobility Solution with employee communication modules provides companies with a solution with enormous upside for brand building and for the bottom line. For more information please contact us today.