In the past companies have dismissed employer branding as not a business critical task, believing that demonstrable ROI is unattainable.
However, defining and promoting your employer brand does have a significant business impact and we’ve broken down the benefits into four overarching themes:
It's Easier to Recruit
The recruitment market is already competitive and with the introduction of new technology and retention initiatives such as flexible working, employer branding can help you stand out in a crowded market.
"88% OF MILLENNIAL'S BELIEVE THAT BEING PART OF THE RIGHT COMPANY CULTURE IS VERY IMPORTANT AND 78% OF PEOPLE WILL LOOK INTO A COMPANY’S REPUTATION AS AN EMPLOYER BEFORE APPLYING FOR A JOB."
With these statistics in mind, If you don’t have a solid set of employee benefits or a demonstration of a positive working culture, it’s important to consider how many talented people you may be losing at just that first click onto your website or social channels.
"WE'RE NOT SAYING YOU HAVE TO DO A GOOGLE"
We're not saying you have to do a Google but defining what makes your business special, whether that be charity partnerships, flexible working or a strong inclusive environment and finding the right channels to communicate this within your business and externally is key to motivating talent.
By showcasing your company’s culture, values and beliefs consistently and openly, you create a talent pool of engaged candidates who are aspirational. They actively want to work for your organisation and will be fully engaged when you go to market with your job opportunities, allowing you to attract top talent with minimal effort.
Employees who work for companies that have a strong employer brand are generally more enthusiastic and motivated. This means that your employees will be more productive and ultimately drive growth for your business. Additionally, employees feel more valued in their roles which leads to…
"REMEMBER, YOUR CURRENT EMPLOYEES ARE YOUR GREATEST ADVOCATES. IF THEY GIVE A POSITIVE VIEW OF YOUR COMPANY THROUGH INTERACTIONS THEY HAVE ON SOCIAL MEDIA, WITH THEIR FRIENDS, FAMILY AND EVEN CONTACTS FROM OTHER COMPANIES THEY ORGANICALLY CREATE A NETWORK OF PEOPLE WHO ARE ENGAGED WITH YOUR BRAND."
Better Retention of Staff
Re-recruiting quality employees is time-consuming and costly and most of the time is avoided at all costs.
Happy and fulfilled employees don’t come from giving expensive benefits – small and regular incentives and creating and open and inclusive culture go a long way in creating employee advocacy and retention.
Additionally, cost-free techniques such as giving your employee’s the time and space to contribute to the business through open forums and discussions with the top leadership team creates a culture where the workforce feels valued. The key is to develop a dynamic employer brand that really resonates with your employees, you want them to feel proud to work for you and tell people about it too.
"A RECENT STUDY REVEALED THAT 87% OF EMPLOYERS STATE THAT IMPROVING EMPLOYEE RETENTION RATES WITHIN THEIR COMPANY IS ONE OF THEIR TOP PRIORITIES."
Free Up Funds to Use Elsewhere
One of the biggest and most attractive benefits is the overall cost saving you can achieve when you have a strong employer brand.
"ACCORDING TO LINKEDIN, COMPANIES WITH STRONGER EMPLOYER BRANDS, COMPARED TO COMPETITORS ON AVERAGE SEE A 43% DECREASE IN THE COST PER CANDIDATE THEY HIRE."
If you have a strong employer brand you won’t need to spend as much money on recruiting; minimal social advertising, minimal job boards and less time interviewing as you will have attracted a higher calibre of candidates. Potential candidates will want to work for you, and you will reap the rewards of the natural talent attraction traits of an attractive employer brand.
The money you have saved can then be used elsewhere in your business, to improve processes, buy new equipment, develop new products; all developments that will put you ahead of your game and give you a competitive advantage.