Thesis MSc. in business studies
Linking internal branding to commitment
Study on the influence of employer brand to employee retention at a private bank
Maarten van Hellemond 0474401
Supervisor: drs. ing. A.C.J. Meulemans Second reviewer: prof. dr. J.H.J.P. Tettero Universiteit van Amsterdam
Amsterdam Business School Faculty of Economics and Business MSc. in Business Studies
1 Preface
After several months of work, discussions with my relatives and supervisor, I
managed to finish this thesis, being the last part of my Masters in Business Studies at the Universiteit of Amsterdam.
As I do work in the private banking sector myself, I could use some of my experience to write this thesis. The field of branding has always been a great interest for me. Not only do I believe that branding is essential in gaining competitive advantage, but also in keeping employees committed to your organization.
Doing practical research in the private banking sector in Switzerland was interesting, however tough, as, due to the existing banking secrecy, there was little support in providing relevant data or publishing this research. Also the fact that ABN Amro Private Banking Switzerland was merged by another Swiss private bank during the thesis period, did not support this thesis.
I would like to thank my family and friends for their support and discussions. Of course the colleagues of ABN Amro Private Banking Switzerland are thanked very much for their time. Finally I would to thank my thesis supervisor, drs. Toon
Meulemans, for his constructive feedback, flexibility and support.
Maarten van Hellemond June 2012
2 Abstract
This thesis reports on a study of the influence of employer brand on employee
retention, with a focus on the private banking sector. An actual question in the private banking sector is how to keep employees committed to the organization.
Overall, at ABN Amro Private Banking employer branding has a positive influence the employee retention, whereby both reputation and economic value have the most significant impact. In addition, in most cases, items within the categories of employer brand are not proportional in influencing employee retention. This is an important conclusion in order to set policy towards branding activities at the private banking sector.
Table of content
1 Preface 2
2 Abstract 3
3 Introduction 5
3.1 Research background 5
3.2 Problem statement and conceptual model 5
3.3 Research methodology 6
3.4 Relevance 7
3.5 Structure of the research 7
4 Theory 9
4.1 Branding 9
4.2 Internal branding 12
4.3 Commitment 15
4.4 Linking internal branding to commitment 17 5 Empirical background of internal branding and employee retention in the
private banking sector 20
5.1 The financial sector 20
5.2 Private banking 21
5.3 Internal branding at ABN Amro Private Banking 22 5.4 Employee retention at ABN Amro Private Banking 26
6 Research design 27
6.1 Hypothesis development 27
6.2 Research context 29
6.3 Research strategy 29
6.4 Data collection and sample selection 30
6.5 Interview methodology 30
7 Results 31
7.1 Descriptive statistics 31
7.2 Hypothesis testing 38
8 Conclusion 45
8.1 Summary and conclusions 45
8.2 Limitations 48
8.3 Contribution to research and managerial implications 49
9 References 50
Appendices 54
1 Survey 55
2 Interview questions 57
3 Survey and interview results 60
3 Introduction
3.1 Research background
As a result of the economic crisis, private banks do their best to emphasize the fact that they are trustful, transparent and reliable. Reliability, transparency and
confidence are nowadays been seen as valuable assets in the private banking sector. For being trustful and reliable, it is important that private banks keep their client-orientated staff for many years at their organization. Not only do clients demand a long-term relationship with their advisor, but also can employees express the
corporate brand outside. Employees of an organization should live these values; when employees feel committed to the corporate brand, they could act accordingly to their clients, which could be a competitive advantage. Mitchell (2002) confirms the crucial role of employees in expressing the brand and states that when employees are
committed strongly to a brand, it enlarges their motivation and loyalty towards an organization (2002, p.99).
The actual question within organizations (in the private banking sector) how to keep employees committed to the organization and consulting external organizations for the branding activities illustrate the societal approach of my research.
3.2 Problem statement and conceptual model
Based on literature research following problem statement can be defined:
“To what extent does employer branding influence the employee retention at ABN Amro Private Banking?”
For answering this problem statement following research questions are defined: 1) What are the different aspects and concepts in relation to internal (employer)
2) What is the empirical background with respect to internal (employer) branding and employee commitment in the private banking sector, with a focus on ABN Amro Private Banking?
3) How can we identify and evaluate the link between internal (employer) branding and employee commitment with respect to ABN Amro Private Banking, based on an empirical analysis of a case study?
The figure underneath gives an overview of the conceptual model that will be used in this research.
Figure 1 Conceptual model
3.3 Research methodology
The research methodology in this research consists of a three-fold approach. First, a descriptive method is used to bring together all the required facts, figures and other necessary information through review of literature. The descriptive method is largely applied in Chapter 4 and 5. Secondly, the part that concerns the identification and evaluation of the link between internal (employer) branding and employee
commitment with respect to ABN Amro Private Banking (Chapter 6 and 7) is based on a case-study analysis and is of explorative and qualitative nature, supported with a quantitative analysis. According to Hutjes en van Buuren (2002, p.7) a case study is seen as a good strategy for qualitative research, beside a quantitative research. They state that case-studies are being used for research, if a survey or experiment alone is not sufficient to draw valid conclusions. For testing the internal (employer) brand
experience and commitment of employees, there will be defined variables, which will be tested via a survey, supported by interviews among the employees of ABN Amro Private Banking and literature. Interviews are often a very important source of information (Hutjes en van Buuren, 1996, p.83) in a case-study analysis.
3.4 Relevance
As private banks had a good reputation in the past, we nowadays, during the financial crisis, see a lack of confidence in the private banking sector. For gaining more
confidence in the private banking sector, branding becomes much more important. As a high employee turnover (i.e. low employee retention) in this sector can be observed during the last couple of years and I do work in the private banking sector myself, this research is being conducted in the private banking sector. When stating the objectives of this research, I separate personal, societal and scientific objectives. My personal objective is to gain insight in internal branding and commitment of employees in the private banking sector. As societal objective the results of this research for private banks could be seen. As scientific objective the insight in factors of internal branding and commitment could be seen, as well as an eventual link between these two
constructs.
3.5 Structure of the research
The research is organized into three (conceptual) parts, aiming in this manner to answer the different research questions, mentioned in Chapter 3.3. Chapter 4 provides a comprehensive overview of the theoretical approaches towards internal branding and employee commitment, and its relationship. Chapter 4 discusses the first research question Chapter 5 discusses the second research question, by addresses the empirical background of internal branding and employee retention in the private banking sector, with a focus on ABN Amro Private Banking. Chapter 6 provides the research design. The aim of Chapter 4-6 is to pave the way for discussing the third research question, which will be answered in Chapter 7. Chapter 8 summarises the main findings and tries to evaluate the problem statement of the study. Additionally, it provides a
discussion and recommendation and suggests further research. See also Figure 2 for a conceptual overview of the structure of this research.
4 Theory
Branding, nowadays, get a lot of attention in the corporate world. It does not only see the relevance of a good branding strategy for attracting new customers, retaining current customers, but also to increase employee satisfaction and committing employees to their organization. In this chapter, branding, internal branding,
organizational commitment and the link between internal branding and organizational commitment will be further described via the concept of employer brand. The aim of this chapter is to discuss the first research question.
4.1 Branding
The concept of the brand can be traced to product marketing, where the role of branding and brand management has been primarily to create differentiation and preference for a product or services in the mind of the customer.
Within the field of branding, there are a number of generally accepted definitions. These variously refer to the brand as “ a product or service, which a customer perceives to have distinctive benefits beyond price and functional
performance (Knox and Bickerton, 2001, p.3) to “a symbol serving to distinguish the products and services of one company from another (Kapferer, 1997; in Knox and Bickerton, 2001, p.3). One frequently mentioned branding myth is the assumption that “brand” is simply a name, logo or a sign. A brand is a intangible concept. Dunn and Davis (2004; in Kotler and Pfoertsch, 2007, p.358) describe branding as (1) a promise, (2) the totality of perceptions about a product or service , (3) a short-cut of attributes, benefits beliefs and values that differentiate, reduce complexity and simplify the decision-making process. Figure 3 gives an overview of the brand identity spectrum (Rajagopal, 2008, p.3).
Figure 3 Brand identity spectrum
Leading brands have five distinctive traits (Clifton, Simons et al., 2003, pp. 69-72). First of all, there is consistency in delivering on their promise. Leading brands communicate their promise to the market, encouraging customers to purchase the product or service. Second, brand leaders are well aware of the sources of brand value. To attract customers and maintain their loyalty, brand leaders must offer them products or services that are superior to others. Third, brand leaders capture what is special about their offering, convey it to the desired audience and allow customers to experience it. Fourth, leading brands understand that an internal culture supportive of the brand strategy has a far better chance of a consistent yet differentiated
experiences. The internal values are aligned with brand values to shape the
organisation’s culture and embed the core purpose. Finally, leading brands constantly maintain their relevance to a targeted set of customers, ensuring ownership of clear points of difference compared with the competition. They sustain their credibility by increasing customer’s trust of and loyalty to them.
Successful brands are among a company’s most priceless assets. They are essential in identifying the maker or seller of a product or service and they result in
brand equity (Hernandez, 2011, p.369). Brand equity can best be described as a set of brand assets and liabilities linked to a brand, its name and symbol, that add to or subtract from the value provided by a product or service to a firm and/or that firm’s customers (Aaker, 1991, p.15). As part of its role in adding value for the customer, brand equity has the potential to add value for the firm as well by generating marginal cash flow in several ways (Aaker, 1991, pp. 17-18). First, it can enhance programs to attract new customers or recapture old ones. Second, brand equity can enhance brand loyalty. The perceived quality, the associations, and the well-known name can provide reasons to buy and can affect user satisfaction as well as employee
satisfaction, which can lead to increased commitment to an organization. Enhanced brand loyalty is especially important in buying time to respond when competitors innovate and obtain product advantages. Third, brand equity will allow higher margins by permitting both premium pricing and reduced reliance upon promotions. Fourth, brand equity can provide a platform for growth via brand extensions. Fifth, brand equity can provide leverage in the distribution channel. Finally, brand-equity assets provide a competitive advantage that often presents a real barrier to
competitors. Figure 4 gives an overview of the five concepts of brand equity, according to Aaker (1991, p.17).
4.2 Internal branding
Branding has focused on external communication via advertising and sales
promotional efforts. Recently, greater emphasis has been given to the delivery of the brand promise to employees. Employees are important bearers of the brand, especially when it comes to service brands. ‘Living the brand’ is an end-goal in the process of engaging employees in the branding process. Making employees live the brand mean that employees incorporate and live brand values and thereby deliver the brand promise fully to consumers (Heding, Knudtzen and Bjerre, 2009, p.16). King and Grace (2008, p.360) state that by internalisation of the brand, employees are better equipped to fulfil the explicit and implicit promises inherent in the brand, and therefore expected by customers. This is because the desired brand values, practices and behaviours are clarified and defined, providing a clear direction for all
organisational efforts. Without such internalisation, the ability for employees to deliver the appropriate customer experience is unlikely. In situations such as this, any external brand-building programme is likely to be unsuccessful.
Internal branding refers to three things: communicating the brand effectively to the employees; convincing them of its relevance and worth; and successfully linking every job in the organization to delivery of the brand essence (Bergstrom, Blumenthal and Crothers, 2002, p. 135). Punjaisri and Wilson (2007, p. 4) state that the core objective of internal branding is to ensure that employees transform espoused brand messages into brand reality for customers and other stakeholders.
The core elements of internal branding transpire from the descriptions and definitions of internal branding found in the literature. First of all, clear, frequent communication is essential (see Figure 5). Internal branding initiatives need support from communication strategy that take account both external and internal
communication practices. Internal communications should be the first point of focus in an internal branding programme, aiming to secure people’s commitment and encourage behavioural change to support the brand, such as customer orientation (Zucker, 2002; in Punjaisri, Wilson and Evanschitzky, 2008, p.411). Bergstrom, Blumenthal and Crothers confirm the importance of communication in the internal branding process. They demonstrate that good communication is essential, looking at leader example, high frequency, multiple channels and environmental changes (2002, p.137).
Figure 5 Internal Branding
A second important factor in the internal branding process is education. The value of a well-coordinated program aimed at educating and training employees on the brand message and how to incorporate it in their work appears to be growing significantly. Through a wide variety of HR plans, processes and actions, it is possible to make a tremendous impact on the branding success of an organization (Aurand, Gorchels and Bishop, 2005, p.164). Gotsi and Wilson (2001; in Aurand, Gorchels and Bishop, 2005, p.165) suggest that HR management practices such as recruitment policies, performance appraisal and training need to be aligned with brand values to avoid sending conflicting messages.
Staff is a third factor to sustain a strong brand. Employees should feel rewarded for upholding the brand (Bergstrom, Blumenthal and Crothers, 2002, p.138). Recruiting, motivating and rewarding staff are all aspects that can influence the readiness among employees to adopt a new or altered strategic direction with respect to the internal brand (Mahnert and Torres, 2007, p.57).
Papasolomou en Vrontis confirm this by mentioning that employees who live the brand should be rewarded accordingly (2006, p. 44).
For successful internal branding, identification with the brand is essential. Identification with the brand identity refers to the acceptance of social influence due to a sense of belonging to the group determining the brand experience, and a
perception of being intertwined with the group’s fate. Strong identification will induce brand citizenship behaviours due to the feeling of personal obligation to the brand as a group, the group of direct colleagues, the CEO or the immediate superior. Identification can be advanced through emphasis on brand distinctiveness,
competition, through charismatic leadership and individual mentorship, as well as through a strong organisational culture with common rituals and symbols (Burmann and Zeplin, 2004, p.285).
Management is mentioned as fifth factor influencing internal branding. This dimension is concerned with the degree and nature of visible support given by
management to the internal branding programme (Mahnert and Torres, 2007, p.57). In order to be regarded as legitimate by the target audience, management has to lend its support to the programme, as well as visibly adhere to it. Tosti and Stotz (2001, p.31) confirm this by stating that leaders of the organization must thoroughly understand, support and actively demonstrate commitment to the internal branding process.
Organization could be seen as sixth factor influencing internal branding. For implementing a successful internal branding campaign, the organization should keep in mind the different levels of culture within the organization. Schein distinguishes three subcultures within the organizational culture: the operator, engineering and executive culture, (1996, pp. 13-14). Also the relationship with colleagues and leaders is mentioned as one of the factors, and could be seen as part of the organization.
Strategy is identified as seventh factor influencing internal branding.
Alignment of business objectives, budget and timing is essential (Mahnert and Torres, 2007, p.56).
Finally it is essential in an internal branding campaign to provide employees with market information and specific information about brand direction. Is this way information can be identified as eighth factor influencing internal branding (Mahnert and Torres, 2007, p.56).
Schlager, Bodderas, Maas and Cachelin (2011) describe the concept of employer brand, that integrates the components, related to internal branding and
employer. The concept of employer brand describes the degree of a company’s attractiveness to current and potential employees (Collins and Stevens, 2002; in Schlager, Bodderas, Maas and Cachelin, 2011, p. 498). Employer brand could
therefore be considered as a link between internal branding and commitment. The link between employer brand and commitment will be discussed in more detail in Chapter 4.4.
4.3 Commitment
Meyer and Herscovitch (2001; in Collier and Esteban, 2007, p. 23) define commitment as “a force that binds an individual to a course of action that is of relevance to a particular target.
Organizational commitment is commonly defined as employees’ interest in and connection to an organization (Hunt, Chonko, and Wilcox, 1984; in Valentine, Godkin and Lucero, 2002, p. 351). Employees who are committed to their firms tend to identify with the objectives and goals of their organizations and want to remain with their organizations (Hunt, Wood and Chonko, 1989; in Valentine, Godkin and Lucero, 2002, p. 351). Organizational commitment is associated with increased satisfaction, performance and organizational adaptability as well as decreased absenteeism and employee turnover (Valentine, Godkin and Lucero, 2002, p. 351)
Allen and Meyer distinguish three types of commitment: affective
commitment, normative commitment and continuance commitment (1990, pp. 3-4). Affective commitment can be described as the ‘relative strength of an individual’s identification with and involvement in a particular organization’ (1990, p. 2). Employees are committed to and remain with an organization because of an
emotional attachment to it and identification with its goals. Continuance commitment is that what occurs when there is a profit associated with continued participation and a cost associated with leaving, like seniority and benefits (1990, p. 3). The normative component of commitment will be influenced by the individual’s experiences both prior to and following entry into the organization. For example an employee would have strong normative commitment to the organization if significant others have been long-term employees of an organization and/or have stressed the importance of organizational loyalty.
Collier en Esteban postulate that the strength of an individual employee’s organizational identification will be a function of the attractiveness of perceived organizational identity, the match between personal and organizational identity attributes, the distinctiveness of perceived organizational identity in relation to other organizations, the degree to which the perceived organizational identity enhances self-esteem and the length and intensity of organizational (2007, p.28).
Kimball and Nink mention that managers who take time to discuss employee strengths and how these can make a difference forges essential ties and connections that lead to employee commitment. For employees to engage and commit to their employer, the need: a strong relationship with their manager, clear communication from their manager, a clear path set for concentrating on what they do best and opportunities to learn and grow (2006, p.67)
Rosethorn describes the key components of employee commitment via the figure underneath (2009, p.40). Commitment of employees to an organization can be separated in culture and environmental factors, rewards and recognition, opportunities and corporate reputation and branding. In this thesis the influence of internal branding on commitment will be further explored via the constructs as defined by Rosethorn as these are concrete and specified.
4.4 Linking internal branding to commitment
Internal branding refers to three things: communicating the brand effectively to the employees; convincing them of its relevance and worth; and successfully linking every job in the organization to delivery of the brand essence (Bergstrom, Blumenthal and Crothers, 2002, p. 135). Punjaisri and Wilson (2007, p. 4) state that the core objective of internal branding is to ensure that employees transform espoused brand messages into brand reality for customers and other stakeholders. As described in the previous chapter, internal branding is influenced by the constructs communication, education, staff, identification, management, organization, strategy and information.
Past studies have recognised the importance of employees with regard to branding, pointing out that customers sense the employees’ behaviour and attitudes during interactions (Brodie, Whittome and Brush, 2009; in Schlager, Bodderas, Maas and Cachelin, 2011, p. 497). Therefore, one of the company’s tasks is to manage employee attitudes and behaviours appropriately, because they become visible in the employee-customer interaction (Pugh, 2001; in Schlager, Bodderas, Maas and Cachelin, 2011, p. 497).
The concept of employer brand describes the degree of a company’s
attractiveness to current and potential employees (Berthon, Ewing, and Hah, 2005; in Schlager, Bodderas, Maas and Cachelin, 2011, p. 498). Hence, a strong employer brand generates favourable attitudes in potential employees. The first definition of the employer brand was given by Ambler and Barrow (1996; in Schlager, Bodderas, Maas and Cachelin, 2011, p. 498), who defined the concept employer brand as the package of functional, economic and psychological benefits, provided by employment and identified with the employing company. Companies with a strong employer brand can reduce costs for acquiring employees by enhancing favourable attitudes among current employees, and, in doing so, also increase employee retention. As described in the previous chapter, employee retention is influenced by corporate reputation and brands, culture and environment, rewards and recognition, and opportunity. Similarly, companies can decrease compensation for equally qualified and skilled employees, compared to companies with a weaker employer brand. Companies that embrace employer brand tactics are well placed to gain a strong position in the competitive labour market (Schlager, Bodderas, Maas and Cachelin, 2011, p.499).
The framework in Figure 7 (Schlager, Bodderas, Maas and Cachelin, 2011, p. 498) illustrates that a company should first create the service brand through internal marketing between the company and the employees. A strong employer brand contributes to triggering favourable employee attitudes. This, in turn, leads to the interactive marketing perspective. Here employees are the main drivers for customer experiences and thus for service branding. Consequently, it can be assumed the employer brand fosters the attitudes of customer-contact employees, which directly influence customer attitudes toward the brand. Moreover, the potential employees’ perceptions of the brand are reinforced as they sense the current employees’ positive attitudes.
Figure 7 The perceived employer brand and service branding The first dimension adapted from the conceptualisation of the perceived employer brand is economic value (Schlager, Bodderas, Maas and Cachelin, 2011, p. 499). It comprises items as ‘a good salary’, ‘reasonable retirement benefits’. Benefits might constitute the most obvious factors in a person’s choice of workplace and have been mentioned as being an important determinant of employer attractiveness
(Weathington, 2008; in Schlager, Bodderas, Maas and Cachelin, 2011, p. 499). It is stated that an increasing payment is directly related to job satisfaction and
identification with the organization (Beutell and Wittig-Berman, 1999; in Schlager, Bodderas, Maas and Cachelin, 2011, p. 499).
A second concept for employer brand is developmental value. This refers to variables such as ‘good training opportunities’ and an ‘empowering environment’ (Schlager, Bodderas, Maas and Cachelin, 2011, p. 500). The perceived opportunity for
development and promotion has been assessed as being positively related to employee satisfaction (Schnake, Williams and Fredenberger, 2007; in Schlager, Bodderas, Maas and Cachelin, 2011, p. 500).
A third dimension of employer brand, social value, encompasses a strong team spirit and a respectful working environment. The items constitute that social value appear to be important drivers for positive employee attitudes (Saari and Judge, 2004; in Schlager, Bodderas, Maas and Cachelin, p. 500).
The fourth dimension, diversity value, refers to interesting job characteristics. Studies have shown that interesting job characteristics , and thus diversity value, are one of the most important determinants of job satisfaction (Schlager, Bodderas, Maas and Cachelin, 2011, p. 500).
Finally, reputation value, can be identified as fifth construct. The employer’s reputation is described as a job seeker’s beliefs about how other people evaluate an employer (Cable and Turban 2001; in Schlager, Bodderas, Maas and Cachelin, 2011, p. 500). Several researchers have pointed out that current employees find value in working for a company with a good reputation. As a result, scholars state a higher degree of identification with the company (Wilden, Gudergan and Lings, 2010; in Schlager, Bodderas, Maas and Cachelin, 2011, p. 500).
In summary, we state that employer brand is influenced by economic value, developmental value, social value, diversity value and reputation value. For the purpose of this research these parameters will be researched, in order to link internal branding to employee retention (i.e. commitment).
5 Empirical background of internal branding and
employee retention in the private banking sector
In this chapter we will discuss the second research question by addressing the banking sector at large, the recent developments in the private banking sector, with a focus on ABN Amro Private Banking. Next to this, the branding activities and employee commitment will be described for ABN Amro Private Banking.
5.1 The banking sector
The financial markets are critical to the economy’s overall development. Strong financial systems provide reliable and accessible information that lowers transaction costs, which in turn bolsters resource allocation and economic growth. The banking industry comprises the largest group of companies (e.g., Citigroup, Royal Bank of Scotland, the Deutsche Bank, JP Morgan Chase) in the world, in terms of earnings and market capitalization (World Bank 2012).
A bank is a financial institution and intermediary that takes deposits and transfers deposits, either directly or through the capital markets, into lending pursuits. A bank links clients that have capital deficits to clients with capital surpluses. Most banks are private-owned companies aiming for profit maximization, the others are public owned or are non-profit organisations. A bank can generate profits in different ways, whereby charging interest to clients is its main method (i.e. the difference between the level of interest it pays for deposits and other sources, and the level of interest it charges in its lending activities). Other sources of profit include transaction fees and financial advice.
The core activities of banks can be divided into:
• retail banking (i.e. dealing directly with individuals and small business entities);
• business banking (i.e. providing services to mid-market business entities); • corporate banking (i.e. providing services to large business entities);
• private banking (i.e. providing wealth management services to high net worth individuals and families); and
• investment banking (i.e. relating to activities on the financial markets).
In most countries, although it varies, banks are highly regulated due to their critical status within the financial system and the economy generally. Most banks operate under fractional reserve banking, where they hold a small reserve of the funds
deposited. Based on an international set of capital standards, a.k.a. the Basel Accords, they are subject to minimum capital requirements. The financial crisis, which began in the United States (US) in 2007 and rippled through the world 2008 onwards, has affected the regulation in the financial sector. In addition, the financial crisis has its impact on the positioning of banks and their branding.
5.2 Private banking sector
As described in the previous chapter, private banking consists of investment advising, banking, and other financial services provided by banks to private individuals who invest significant assets. The term ‘private’ refers to client service rendered on a more personal basis than in retail banking, usually via dedicated relationship managers or private bankers.
Private banks provides services, including savings, wealth management, inheritance, and tax planning for their clients. Wealth management is often referred to a high-level form of private banking. The earnings model for private banks is a fee based on the number of transactions, the annual portfolio performance or a ‘flat-fee’, which is usually calculated as a yearly percentage of the amount invested. A recent trend is the advisory fee earnings model, because margins on transactional commissions might go down in the future.
The US and Switzerland are the largest countries in the scale of private banking because of respectively the high number of wealthy people who live in the US and the regulation in Switzerland. In Figure 8 the twenty largest global private banks in 2011 are listed, which includes five Swiss banks (including two private banks) and eight American banks. ABN Amro Private Banking is the 13th largest private bank in the
world. ABN Amro Private Banking services 120.000 clients through its domestic and international offices in 12 markets worldwide. It ranks in the top three private banks in the Eurozone, top seven in Europe, and top twenty in Asia. Recently ABN Amro Private Banking Switzerland was sold to another Swiss private bank.
Figure 8 Top 20 Global Private banks in 2011
5.3 Internal branding at ABN Amro Private Banking
Developing an effective internal branding programme is dependent upon
understanding the corporate values in a brand management perspective. Corporate culture is evolved based on corporate values. These values are helped shaped by management and employees over time. In order to create an internal branding programme, the corporate culture needs to be discussed in corporate branding terms. In essence, the corporate culture defines its values and the corporate values are developed into a corporate brand. Employees’ input, at all levels, regarding their thoughts of what the organisation represents in terms of values, vision, and culture needs to be collected. The development of the internal corporate brand is likely to fail if employee input is not collected because it will not have the support of its internal organisation making it more difficult for employees to live the corporate brand and to support the brand promise. Leaders of organisations can attempt to instil specific
organisational values within their employees to develop a specific culture, but they need to consider the differing values of all their employees at all levels of their organisation to properly align each set of values (Horrigan and Juskiw, 2010).
De Chernatony and Cottam (2008; in Horrigan and Juskiw, 2010, p. 2) have suggested that there are three sources that inform values within an organisation that need to be incorporated into developing and communicating a corporate brand:
corporate vision; organisational culture; individual employee’s values. The corporate brand is what gives the employees something they can connect with or find relevance with in order to motivate them to work as a team, develop commitment, and live the brand promise. The more the individual employee’s value differs from the corporate brand values, the greater the likelihood that the employee will experience dissonance toward the organisation. This dissonance could result in decreased job satisfaction and morale causing employees not to fully support the organisation’s brand promise.
ABN Amro defines its corporate strategy and vision as: ‘As an entrepreneurial bank, we aim to achieve healthy returns without taking risks that we do not
understand or cannot justify. We intend to further strengthen the bank’s financial position in the years ahead by enhancing efficiency and reaping the benefits of the recent integration. Focusing on the activities and markets in which we are strong, we aim to continue growing our market position in the Netherlands and in specialised activities abroad. In doing so, all our decisions will be based on a long-term, sustainable perspective. Our current success and our future growth depend on the exceptional know-how and professionalism of our staff. We are therefore committed to promoting the continuous professional development of all our employees’.
ABN Amro introduced new corporate values in 2009. Their values act as an ethical compass, form the core of their corporate culture, and are the basis of everything they do. They aim to put always its clients first and create sustainable long-term value for all of its stakeholders – including clients, shareholders, employees and society at large. ABN Amro defines following corporate values: trusted,
professional and ambitious Trusted
We at ABN Amro believe trust is all about establishing and maintaining lasting relationships. We take the time to get to know you by listening to your specific needs and aspirations. Our goal? To find the products and services that are right for you.
When we make a promise, we always live up to it; when we communicate with you, we are always straightforward and never have any hidden agendas. Our commitment to responsible banking means we carefully weigh risks and returns so that you know your money is in good hands at all times.
Professional
We at ABN Amro understand banking. We genuinely believe in our profession and take responsibility by saying “no” if saying “yes” would not do right by you. We create solutions that are simple, understandable and workable, and we strive to improve ourselves every day by working together and learning from one another – and from you.
Ambitious
We at ABN Amro are always stretching our boundaries and striving to achieve more for you. We make it our business to know what’s going on in the market and to respond proactively, and we do everything possible to understand what you really need and to craft innovative solutions. Our optimism about the future drives our ambition to offer you more.
Looking at the shield and colours of ABN Amro following is said:
“ Symbolism is the most primitive and penetrating form of language. Many symbols guarantee recognition at a single glance. A shield stands for reliability, tradition, security and protection. This is of vital importance for all our clients, as they must be absolutely sure that their money and business are in trusted hands. Our shield
symbolises dynamism and power, communicating our scale and potential for growth. The shield evokes an image of experience and professionalism. It's also an
international symbol, powerful in its simplicity. The straight lines of the design provide us with a modern look, while still retaining traditional values.
Colour is also vital to communicating the message of the ABN Amro shield. Green and yellow have strong subconscious associations. Green symbolises unchanging values and stability. Yellow symbolises optimism for the future.
Used together, these colours convey aspiration. Aspiration towards increased esteem in one's eyes and the eyes of others, and an ambition that inspires recognition. Our shield captures the essence of what people want from their bank: trust, security and ambitious optimism for their future, driven by strong unchanging values”.
An internal branding campaign encourages employees to appreciate and adopt the organisational values and share these values among themselves and with their customers. In this internal branding campaign, internal branding training programs can positively affect the attitudes of the employee by increasing their morale and instilling pride in their role as an employee of their organisation (Murray and
Efendioglu, 2007; in Horrigan and Juskiw, 2010, p.2 ). In order to create a successful internal branding training programme, input from employees and trainers responsible for delivering the training is needed. Such a needs assessment is recommended in order to measure the level of understanding of the current corporate values by the employees, which values are important to the employees, how the employees perceive the future of the company, and how to potentially design or reshape the corporate values in the future (Capps and Capps, 2005; in Horrigan and Juskiw, 2010, p. 4). In addition, assessing trainers’ needs can offer insight into the most productive delivery methods for the programme. This two-way communication approach is efficient and effective because it gives the impression to trainers and employees that the
organisation cares about their opinions, and it ultimately offers valuable
organisational learning and input into the design of the programme (Campbell, 2004; in Horrigan and Juskiw, 2010, p. 4).
At ABN Amro there is no internal brand training given. However, there are leadership programmes given that discuss the essence of the brand ABN Amro and there is organized a yearly Private Banking day for the entire Private banking staff, where the organization is discussed. Looking at the communications aspect, ABN Amro provide its employees with information via the Intranet. Values are
communicated, there is a daily column of CEO Gerrit Zalm and there are discussion items on this intranet. Employees receive a monthly employee magazine and a quarterly Private banking magazine.
5.4 Employee commitment at ABN Amro Private Banking
To meet the increasing demand for high-quality service in the private banking sector, people are the key asset and there is believed in the private banking sector to
continuously strengthen people resources via well-planned training and development programs to enhance staff knowledge and skills for establishing sustainable
relationships with clients to reaffirm private banks as a professional, trusted advisor. Due to the limited supply of experienced and high quality staff in the private banking industry, hiring from competitors is commonly seen in the market. ABN Amro Private Banking tries to offer it staff a career rather than just a job. Providing training at Insead, Executive Programme for all its employees ABN Amro Private banking tries to retain their employees for the organization. Next to this, ABN Amro offers the possibility to rotate jobs into another field of the organization. Career counselling and coaching are offered.
ABN Amro offers market based salary and pension plans. Finally, ABN Amro offers a yearly employee engagement research, that is held and communicated among its employees.
6 Research design
After in the previous chapters the background of this research and literature study were described, the research design will be discussed in this chapter. In this chapter the hypothesis development, research context and strategy will be described. Finally, the data and sample collection and interview strategy will be discussed.
6.1 Hypothesis development
Based on the research question and literature research a number of hypotheses were developed. Looking at the link between internal (employer) branding and employee retention, the variables as defined by Schlager, Bodderas, Maas and Cachelin (2011), for the description of employer brand will be used. They state that employer brand is influenced by economic value, developmental value, social value, diversity value and reputation value.
The first hypothesis will test whether there is relation between economic value and employee retention.
Hypothesis 1a: Economic value has a positive influence on employee retention Within the economic value variable we will test if each item within this group is proportional in influencing employee retention.
Hypothesis 1b: Each item of the economic value developmental variable is proportional in influencing employee retention
The second hypothesis will test whether there is relation between development value and employee retention.
Within the developmental value variable we will test if each item within this group is proportional in influencing employee retention.
Hypothesis 2b: Each item of the developmental value variable is proportional in influencing employee retention
The third hypothesis will test whether there is relation between social value and employee retention.
Hypothesis 3a: Social value has a positive influence on employee retention Within the social value variable we will test if each item within this group is proportional in influencing employee retention.
Hypothesis 3b: Each item of the social value variable is proportional in influencing employee retention
The fourth hypothesis will test whether there is relation between diversity value and employee retention.
Hypothesis 4a: Diversity value has a positive influence on employee retention Within the diversity value variable we will test if each item within this group is proportional in influencing employee retention.
Hypothesis 4b: Each item of the diversity value variable is proportional in influencing employee retention
The fifth hypothesis will test whether there is relation between reputation value and employee retention.
Within the reputation value variable we will test if each item within this group is proportional in influencing employee retention.
Hypothesis 5b: Each item of the reputation value variable is proportional in influencing employee retention
6.2 Research context
The purpose of this research is to investigate if and to what extent there is a link between internal (employer) branding and employee retention at ABN Amro Private Banking Switzerland. This research is being conducted by a theoretical research, data from a survey amongst current and previous employees of ABN Amro Private
Banking and by interviews with employees of ABN Amro Private Banking Switzerland (and branding department).
6.3 Research strategy
The research methodology in this research consists of a three-fold approach, as described in Chapter 3. First, a descriptive method is used to bring together all the required facts and other necessary information through review of literature. The second part of the research of this thesis is based on a case-study analysis and is of explorative and qualitative nature, supported with a quantitative analysis. By using data that will be received via a questionnaire amongst current and former employees of ABN Amro Private Banking Switzerland, there will be conducted whether the hypotheses, that investigate the link between internal branding and employee commitment, can be accepted. This part will be supported by interview results and literature, which is of explorative and qualitative nature.
According to Hutjes en van Buuren (2002, p.7) a case study is seen as a good strategy for qualitative research, beside a quantitative research. They state that case-studies are being used for research, if a survey or experiment is not sufficient enough to draw valid conclusions. Interviews are often a very important source of information (Hutjes en van Buuren, 1996, p.83) in a case-study analysis As we expect that
employees will express their emotions and perceptions with regard to employer branding, there is chosen an interview for this qualitative part of the research.
6.4 Data and sample collection
Data are collected via surveys that are distributed amongst employees and ex employees of ABN Amro Private Banking Switzerland. The population is 120 employees.
The age of the employees ranged from 25 to 60 years, divided in three age classes. Participants rated a varied range of items, aimed at determining an
employee’s evaluation of the respective dimensions of the employer brand: development value, social value, reputation value, economic value and diversity value. These five items are considered as independent variables. Commitment is seen as dependent variable. For this survey, a five point Likert scale was used, 5 indicating maximum agreement and 1 indicating no agreement to the influence of the factor to commitment. The survey is included in Appendix 1.
6.5 Interview methodology
The interviews will be held amongst (former) employees of ABN Amro Private Banking Switzerland, who decided to leave to a competitor, as the bank was taken over by another private bank, and employees who decided to remain at the new private bank. The interviews are semi-structured and will be held amongst employees of both sexes and all ages and working experience. It was decided to held 25
7 Results
In this chapter the results from the empirical research, the link between employer brand and employee commitment, are discussed. First the results from the surveys are discussed. Second the hypotheses concerning the link between internal branding and employee retention will be tested.
7.1 Descriptive statistics
For this research 120 surveys were distributed amongst current and previous
employees of ABN Amro Private Banking Switzerland. Employees were asked to rate the employer brand of ABN Amro Private Banking Switzerland via several constructs on a scale from 1 (strongly disagree) to 5 (strongly agree). The response rate of the surveys was 83.3% (100 of 120 surveys were returned). 40% of the respondents is male, 60% is female. The employees were divided into three age classes: 14% of the respondents is between 25 and 35 years old, 63% of the respondents is between 35 and 45 years old, and 23% is older than 45 years old. The period of working for ABN Amro was also examined: 27% of the respondents worked less then five years for the company, 50% worked between 5 and 15 years for the company, and 23% of the respondents worked more than 15 years for the organization.
Overall link between employer brand and commitment
Concluding from the results from Figure 9, respondents valued reputation value and economic value as most important factors determining their commitment to the organization. Reputation value was rated 4.45 on average (on a scale of 1 to 5), economic value was rated 4.01 on average (on a scale of 1 to 5). Within the group of reputation value, respondents stated that clear corporate values and mission statement are most important. There has to be mentioned that all scores within reputation value are close to each other. An explanation for the high value of reputation value could be the fact that the Private Banking market in Switzerland is a more competitive than in the Netherlands. There are almost 350 private banks and brand name is very
Within the group of economic value good salary and job security are rated as most important factors. The current economic situation and the fact that there is hardly any social security in Switzerland could be an explanation for this score.
Figure 9 Impact of Employer Brand on employee retention (N = 100)
Male employees versus female employees
40% of the respondents was male, 60% was female. If we compare the results of male versus female employees, we see that male employees rate the importance of
economic value (4.19) higher than their female employees (3.89). Also the diversity value (3.77) is for the male respondents more important than for their female
colleagues (3.29). For both male and female employees the reputation value is the most important value for commitment to the organization, followed by economic value.
Figure 10 Impact of Employer Brand on employee retention for men (N = 40)
Age
The respondents were divided into three age categories: 25-35 years old, 35-45 years old and 45 and older. We see that the oldest group has the highest score on economic value compared to the two younger groups (4.76 versus 3.84 and 3.54). People of 45 years and older state that a good salary and good pension plans are important for them. They state this factor as most important factor determining their commitment to an organization. People in the youngest category state that diversity value is an
important factor for them determining commitment. They need to be challenged in their tasks. They outscore the other two groups on this category (4.00 versus 3.54 and 3.23). For this youngest category reputation value is the most important factor for their commitment, followed by diversity value. Reputation value is also the highest score for the middle-age-class category.
Figure 12 Impact of Employer Brand on employee retention for age [25-35 year] (N
Figure 13 Impact of Employer Brand on employee retention for age [35-45 year] (N
= 63)
Figure 14 Impact of Employer Brand on employee retention for age [>45 year] (N =
Working years at company
Respondents were divided into three classes of working for ABN Amro Private Banking Switzerland. The first category worked 0-5 years at the company, the second group 5-15 years and the last group 15 years or more. All groups rated reputation value as highest factor influencing their commitment to the organization. We see a decrease in the impact of diversity value as people have a longer working period at ABN Amro Private Banking. The youngest group rates diversity value higher than the other 2 groups (3.65 versus 3.46 and 3.19).
Figure 15 Impact of Employer Brand on employee retention for period of work [0-5
Figure 16 Impact of Employer Brand on employee retention for period of work [5-15
year] (N = 50)
Figure 17 Impact of Employer Brand on employee retention for period of work [>15
7.2 Hypothesis testing Hypothesis 1a
The first hypothesis questions whether economic value influences employee retention. The expectation is that economic value has a positive influence on employee
retention. This hypothesis is supported from the literature. Benefits might constitute the most obvious factors in a person’s choice of workplace and have been mentioned as being an important determinant of employer attractiveness (Weathington, 2008; in Schlager, Bodderas, Maas and Cachelin, 2011, p. 499). It is stated that an increasing payment is directly related to job satisfaction and identification with the organization (Beutell and Wittig-Berman, 1999; in Schlager, Bodderas, Maas and Cachelin, 2011, p. 499).
Results from the survey showed that employees rated the economic value variable at 4.01 (on a scale from 1 to 5). Looking at a median on the test of 3, we can say that economic value is significantly positively related to employee retention. We see that male employees rate the importance of economic value (4.19) higher than their female employees (3.89). We also see that the oldest age group has the highest score on economic value compared to the two lower age groups (4.76 versus 3.84 and 3.54). Results from the interviews showed also that employees confirm that economic value is an important factor for them for remaining with the organization.
Concluding from the survey and interview results, the economic value variable influences employee retention in a positive manner. Therefore the first hypothesis (1a) is accepted:
H1a: economic value has a positive influence on employee retention Hypothesis 1b
The first hypothesis (1b) questions whether each item within the economic value variable is proportional in influencing employee retention. The expectation is that each item (good salary, good retirement benefits, fair amount of vacation days, good health benefits, and job security) of the economic value variable is proportional in influencing employee retention.
The χ2 test underneath shows that the H1b hypothesis is rejected. This means that each item of the economic value variable is not proportional in influencing employee retention. This is supported by the results of the survey (Figure 9), where
good salary is rated as most important factor (4.04) of the economic value in influencing employee retention.
Concluding from the χ2 test and survey results each item within the economic
variable is not proportional in influencing employee retention. Therefore the first hypothesis (1b) is rejected.
χ2 13.37
Degrees of freedom 16.00
Α 0.05
χ2>a 0,05/df 16 26.29
Reject H1b
Figure 18 χ2 test for each item of the economic value
Hypothesis 2a
The second hypothesis questions whether developmental value influences employee retention. The expectation is that developmental value has a positive influence on employee retention. This hypothesis is supported from the literature. The perceived opportunity for development and promotion has been assessed as being positively related to employee satisfaction (Schnake, Williams and Fredenberger, 2007; in Schlager, Bodderas, Maas and Cachelin, 2011, p. 500).
Results from the survey showed that employees rated the developmental value variable at 3.36 (on a scale from 1 to 5). Looking at a median on the test of 3, we can say that developmental value is significantly positively related to employee retention. It needs to be said that the developmental value is rated as lowest of all factors influencing employee retention.
Results from the interviews showed also that employees confirm that the developmental value is the least important factor for them in remaining with the organization. It was said in the interviews that the items within the developmental value could be improved within the organization.
Concluding from the survey and interview results, the developmental value variable influences employee retention in a positive manner. Therefore the second hypothesis (2a) is accepted:
H2a: developmental value has a positive influence on employee retention Hypothesis 2b
The second hypothesis (2b) questions whether each item within the developmental value variable is proportional in influencing employee retention. The expectation is that each item (good internal training possibilities, good mentoring culture, and good career opportunities) of the developmental value variable is proportional in
influencing employee retention.
The χ2 test underneath shows that the H2b hypothesis is rejected. This means that each item of the developmental value variable is not proportional in influencing employee retention. This is supported by the results of the survey (Figure 9), where a good mentoring culture is rated as most important factor (3.43) of the developmental value in influencing employee retention.
Concluding from the χ2 test and survey results each item within the
developmental value variable is not proportional in influencing employee retention. Therefore the second hypothesis (2b) is rejected.
Figure 19 χ2 test for each item of the developmental value
Hypothesis 3a
The third hypothesis questions whether social value influences employee retention. The expectation is that social value has a positive influence on employee retention.
χ2 1.77
Degrees of freedom (r-‐1)(c-‐1) 8.00
Α 0.05
χ2>a 0,05/df 8 15.51
This hypothesis is supported from the literature. The items constitute that social value appear to be important drivers for positive employee attitudes (Saari and Judge, 2004; in Schlager, Bodderas, Maas and Cachelin, p. 500).
Results from the survey showed that employees rated the social value variable at 3.45 (on a scale from 1 to 5). Looking at a median on the test of 3, we can say that social value is significantly positively related to employee retention.
Concluding from the survey and interview results, the social value variable influences employee retention in a positive manner. Therefore the third hypothesis (3a) is accepted:
H3a: social value has a positive influence on employee retention Hypothesis 3b
The third hypothesis (3b) questions whether each item within the social value variable is proportional in influencing employee retention. The expectation is that each item (honest working environment, stimulating working environment, good managers, and long-term thinking) of the social value variable is proportional in influencing
employee retention.
The χ2 test underneath shows that the H3b hypothesis is accepted. This means that each item of the social value variable is proportional in influencing employee retention.
Concluding from the χ2 test results each item within the social value variable is proportional in influencing employee retention. Therefore the third hypothesis (3b) is rejected.
χ2 24.22
Degrees of freedom (r-‐1)(c-‐1) 12.00
Α 0.05
χ2>a 0,05/df 12 21.02
Accept H3b
Hypothesis 4a
The fourth hypothesis questions whether diversity value influences employee
retention. The expectation is that diversity value has a positive influence on employee retention. This hypothesis is supported from the literature. Studies have shown that interesting job characteristics , and thus diversity value, are one of the most important determinants of job satisfaction (Schlager, Bodderas, Maas and Cachelin, 2011, p. 500).
Results from the survey showed that employees rated the diversity value variable at 3.46 (on a scale from 1 to 5). Looking at a median on the test of 3, we can say that diversity value is significantly positively related to employee retention. People in the youngest age category state that diversity value is an important factor for them determining commitment. They need to be challenged in their tasks. They outscore the other two age groups in this category (4.00 versus 3.54 and 3.23). Results from the interviews also showed that younger employees confirm that the diversity value is an important factor for them in remaining with the organization.
Concluding from the survey and interview results, the diversity value variable influences employee retention in a positive manner. Therefore the fourth hypothesis (4a) is accepted:
H4a: diversity value has a positive influence on employee retention Hypothesis 4b
The fourth hypothesis (4b) questions whether each item within the diversity value variable is proportional in influencing employee retention. The expectation is that each item (good variety of working activities, challenging tasks, and interesting tasks) of the diversity value variable is proportional in influencing employee retention.
The χ2 test underneath shows that the H4b hypothesis is rejected. This means that each item of the diversity value variable is not proportional in influencing employee retention. This is supported by the results of the survey (Figure 9), where a good variety of working tasks and challenging tasks have higher scores than the score on interesting tasks.
Concluding from the χ2 test and survey results each item within the diversity variable is not proportional in influencing employee retention. Therefore the fourth hypothesis (4b) is rejected.
χ2 6.71
Degrees of freedom (r-‐1)(c-‐1) 8.00
Α 0.05
χ2>a 0,05/df 8 15.50
Reject H4b
Figure 21 χ2 test for each item of the diversity value
Hypothesis 5a
The fifth hypothesis questions whether reputation value influences employee retention. The expectation is that reputation value has a positive influence on employee retention.
This hypothesis is supported from the literature. Several researchers have pointed out that current employees find value in working for a company with a good reputation. As a result, scholars state a higher degree of identification with the company (Wilden, Gudergan and Lings, 2010; in Schlager, Bodderas, Maas and Cachelin, 2011, p. 500).
Results from the survey showed that employees rated the reputation value variable at 4.44 (on a scale from 1 to 5). Looking at a median on the test of 3, we can say that reputation value is significantly positively related to employee retention. Reputation value was rated as most important factor for employee retention. It has to be mentioned that all scores within reputation value are close to each other. An explanation for the high value of reputation value could be the fact that the Private Banking market in Switzerland is a more competitive than in the Netherlands. There are almost 350 private banks and brand name is very important in acquiring new clients. Results from the interviews also showed that employees that reputation value is an important factor for them in remaining with the organization. Respondents state that ABN Amro Private Banking is internationally known.
Concluding from the survey and interview results, the reputation value variable influences employee retention in a positive manner. Therefore the fifth hypothesis (5a) is accepted:
H5a: reputation value has a positive influence on employee retention Hypothesis 5b
The fifth hypothesis (5b) questions whether each item within the reputation value variable is proportional in influencing employee retention. The expectation is that each item (clear corporate values, clear mission statement, good brand to have on resume, good to recommend to clients, and good brand to recommend to friends) of the reputation value variable is proportional in influencing employee retention.
The χ2 test underneath shows that the H5b hypothesis is rejected. This means that each item of the reputation value variable is not proportional in influencing employee retention. This is supported by the results of the survey (Figure 9), where, within the group of reputation value, respondents stated that clear corporate values and mission statement are most important.
Concluding from the χ2 test and survey results each item within the reputation variable is not proportional in influencing employee retention. Therefore the fifth hypothesis (5b) is rejected.
χ2 -‐2.67
Degrees of freedom (r-‐1)(c-‐1) 16.00
Α 0.05 χ2>a 0,05/df 16 26.29 Reject H5b
8 Conclusion
This thesis reports on a study of the influence of employer brand on employee retention, with a focus on the private banking sector. As mentioned in Chapter 3, an actual question in the private banking sector is how to keep employees committed to the organization. In this chapter, Section 8.1 provides a summary and conclusions of the thesis. Section 8.2 deals with the limitations of the research and recommendations for further research. Finally, Section 8.3 addresses the contribution to research and managerial implications.
8.1 Summary and conclusions
The objective of this research was to investigate to what extent internal branding influences employee commitment. The problem statement of this study has been stated as: “To what extent does employer branding influence the employee retention at ABN Amro Private Banking”. For answering this problem statement following research questions are defined:
1) What are the different aspects and concepts in relation to internal (employer) branding, employee commitment and how are they related?
2) What is the empirical background with respect to internal (employer) branding and employee commitment in the private banking sector, with a focus on ABN Amro Private Banking?
3) How can we identify and evaluate the link between internal (employer) branding and employee commitment with respect to ABN Amro Private Banking, based on an empirical analysis of a case study?
This section aims to give answers to the three research questions and to discuss the defined hypotheses. Internal branding refers to three things: communicating the brand effectively to the employees; convincing them of its relevance and worth; and
successfully linking every job in the organization to delivery of the brand essence (Bergstrom, Blumenthal and Crothers, 2002, p. 135). Punjaisri and Wilson (2007, p. 4) state that the core objective of internal branding is to ensure that employees
