War for Talent in the Era of Employer Branding : Exploring how Swedish banks manage their Employer Brand in order to attract and retain the talents of Generation Y

Abstract: Background: Concurrently, as the importance of Employer Branding has increased over the past decades, Swedish banks have reached an all-time low customer satisfaction and suffer from a lack of trust. The latest entrants to the workforce, Generation Y, have shown unique demands and wants from their employer, where they generally value working for a company contributing to society. These factors indicate a future problematic situation where Swedish banks may have difficulties attracting and retaining the most suitable talents from Generation Y.Purpose: The purpose of this study is to explore how companies within the Swedish banking industry work with Employer Branding. In addition, the intent is to examine how actors in the Swedish banking industry adapt their Employer Branding to better meet the needs and wants of Generation Y, in order to attract and retain talents from this age category.Method: A qualitative study with interpretivist philosophy, where four interviews have been conducted with large actors in the Swedish banking industry.Conclusion: Findings show that Swedish banks are aware of the necessity to differentiate themselves as employers and they perceive their efforts to diversify as successful. In addition, communicating the brand accurately through social media is highly important. Further, the empirical data shows some recognition of the different characteristics of Generation Y. However, Swedish banks only adjust their Employer Branding to a limited degree in order to specifically target Generation Y.