Why Making Strategic Investments in Employer Branding is a Must
Employer branding is everywhere right now, but why is it such a big trend? Why are so many companies focusing on creating a brand, or even forming a better one? The answer is simple.
As more and more consumers become aware of what companies do, it’s now your job to showcase yourself in a good light. And, the same goes for when it comes to attracting and retaining employees. Studies show that 75% of job seekers consider an employer’s brand before even applying for a job. That’s a huge deal! If your employer brand isn’t up to par with others, you could be missing out on high-performing candidates.
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Still not sold on the idea that employer branding is important? Here are three big benefits you get from making the needed investment:
Improved employer brand means more access to great candidates. Research has found that organizations with managed employer brands are able to source from more than 60% of the labor market as compared to only 40% for those who do not manage their employer brand.
Even more so, this also includes passive candidates who are not actively looking. This is a great opportunity to reach a wider pool and find great candidates that may not have been possible otherwise.
Not only will investing in employer brand mean more candidates, it means better ones too. Why? Because job seekers are now able to see inside your culture to see if it appeals to them. They can tell if there’s a cultural fit, that they agree and support your company’s mission and that they will be proud to work at your company.
In the same instance, it also lets candidates know if they wouldn’t be a good fit. This saves both you and the candidate the time it would have taken to apply for a position and sort through a resume that was not a good fit.
Ready to audit your employer brand? Start with this checklist!
When you have a good employer brand and are able to find those “perfect fit” candidates, it also means you get to save yourself a little money. When employees find somewhere they like, they try and stay for the long haul. This, in turn, means less recruitment and less turnover. Why? Because candidates will already know if they like your company or not – no more leaving after 6 months on the job.
A report done by SHRM has found that the average cost-per-hire is $4,129. Multiply that by every empty chair and you can see how reducing that cost is worth the investment.
A brand that is easily shown and communicated is the best way to counteract these costs. And, if candidates can see what you are like as a company, you can save time sourcing and scouting for the right hire – they’ll come right to you!
Engaged employees make the world go ‘round, the workplace world that is, and employer brand is just the way to do it. When candidates apply for a position that they know is the perfect fit, it means they will be happier and more engaged with their work.
This is a big deal considering companies with engaged employees outperform others by up to 202%. Meaning quality and the bottom line of your business are sure to reap the benefits.
Even more so, when employees love where they work they become an advocate and spokesperson for said business. This means your employees have your back! Employees can be your greatest asset not only in driving your business but also increasing your talent pool. They know how to talk to their peers about the company and can vouch for your culture, brand, and more.
Employer branding is something that can easily make or break your company – whether you choose to believe it or not. But, making the investment and pushing forward with showing your audience what you’re all about can not only save your business but make it even more profitable.
Are you ready to make the change? Get started today with our employer brand audit readiness checklist.