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Building and Shaping a New Era of Employer Branding in US Banks through Text Mining Approach: Former and Current Employee Views in the Wake of the COVID-19

Student: Emmanuel Opoku-asante

Supervisor: Natalia Volkova

Faculty: St.Petersburg School of Economics and Management

Educational Programme: Management and Analytics for Business (Master)

Final Grade: 10

Year of Graduation: 2021

The rising popularity of crowdsourcing media is becoming rampant as more and more people share information online worldwide. Crowdsourcing media facilitates knowledge, information, and content sharing. These media have a great potential to be used in conjunction with various functions of HR, including attracting, recruiting, selecting, engaging, and even building their company’s employer brand. While each HR function is important, yet employer branding could unarguably be one such which could be leveraged and used to facilitate all other HR functions while simultaneously building a strong employer brand. Crowdsourcing websites like Indeed.com could potentially foster companies to build a strong employer brand. These media allow companies to get insights about what various employer value propositions (EVP) employees prefer. Thus, for the current study, the aim is two-fold. First, to explore the different EVP values current & former employees and managers & executives prefer; to what extent do these values differ before and COVID-19; and what are the various common distinct topics employees refer to on crowdsourcing website. Second, to understand the essential factors that explain a strong employer rating on a crowdsourcing website. The study focused on the US banking sector. Approximately 40,000 reviews from 18 banks listed on the Fortune 500 ranking and banks with the highest market capitalization were collected from a crowdsourcing website name Indeed.com. The reviews were analyzed using various text mining methods, including unigram and LDA-based topic modeling. The results from topic modeling were then used in multivariate logistic regression to check if certain significant factors explain a strong employer rating. The first finding is that employees discuss six distinct topics, out of which 7 are EVP values: social, Interest, Development, management, economic, work-life Balance, and Application Value, and 1 is Workload & Job Stress. Secondly, eight EVP values five most preferred EVP values within the US banking industry development, social, economic, management, and work-life values. Whereas interest, application, and brand image values are the least preferred EVP. Third, there are significant differences between EVP preferences between managers & executives and during & before COVID-19. Finally, it is found that job level, COVID-19, emotional valence, workload & job stress, and 5 EVP values have a significant impact on a solid employer rating. Given the results obtained, HR managers can leverage these insights and leverage their employer brand based on the preferences of various factors within the banking sector. Key words: employer branding, employee value propositions, banking industry; covid-19, topic modeling, text mining

Full text (added May 14, 2021)

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