Whether you like it or not, you already have an employer brand. It’s how your potential candidates view your company. It’s dependent on your ability to differentiate yourself from other employers and communicate your identity to prospective job seekers. You may not have a defined employer branding strategy set up, but as a HR professional, decisions that you make every day will shape and define your employer brand. In today’s social-media world and competitive labour market, employer branding is more relevant than ever. Here are three reasons why your employer brand deserves to be your top priority in 2018 and 2019.
Reason One: Jobseekers expect it
According to LinkedIn, 75% of jobseekers research a company’s reputation and employer brand before applying, and 64% say that not knowing or disagreeing with a company’s values or purpose is a deal-breaker. I could go on. There are reams of stats out there that show just how important employer brand is to your potential candidates. It’s no longer a case of stick out an ad with a decent salary and watch the applications roll in. In fact, 1 in 4 candidates consider brand reputation to be one of the most important factors in making career decisions. Having an employer brand is now expected as standard.
Reason Two: High-quality applications
It’s a bit like dating. People want to know whether or not your company is the right match for them and for their futures. Having a strong employer brand allows potential candidates to assess how they might fit in at your company and what kind of relationship you might have, and consequently leads to much higher-quality applications – 50% more qualified applicants, in fact.
Reason Three: Bottom line impact
When you get down to it, having a strong employer brand impacts a company’s bottom line in more than one way. LinkedIn research points to a 50% cost-per-hire reduction and up to 200% faster time to hire, as well as a 28% reduction in an organisation’s turnover. Employer brand isn’t one of those ‘new customer only’ deals you see. It impacts employees at all stages of their careers and contributes to employee retention just as much as it helps get people in the door in the first place. Put all these things together, and you’ve got significant savings.
So whether you're an employer branding pro or are just starting out on your employer brand journey, understanding the true impact of your employer brand will help you find solutions to your resource challenges, prioritise your workload and get buy in from your Directors.