Whether you do it intentionally or not, your company is already creating an employer brand. Your culture and organizational behavior are the products that prospective job candidates are "buying" when they agree to spend the majority of their waking hours working for you.
In today’s fiercely competitive human capital market, your employer brand is a powerful tool that, when implemented correctly, can make an immense difference in the quality of your workforce, the attainment of your operational goals, and the execution of your overall talent assessment strategy.
Why You Need an Employer Branding Strategy
The idea of employer branding is to attract talent that will help drive revenue and growth for your business. Your employer brand may be the difference between getting the candidates who can exceed your objective, and getting stuck with those who slow you down.
According to the Candidate Experience Report, 78.6% of job candidates admit that they research the company prior to applying, but recent research shows that only 51% of companies have an employer brand strategy in place, while 19% are in the process of revising theirs and 24% are working towards creating one.
Additionally, the evolution of sites like LinkedIn and Glassdoor have given job candidates a new advantage: the ability to evaluate your company as an employer before making their final decision on a job offer.
Ask: Why Would a Candidate Want to Work for Me?
Employer branding provides the candidate with more information about not just the position they are applying for, but about what it is like to work for your company.
The first step to any successful employer branding strategy is to understand what makes your organization a unique employer:
- What would attract a candidate to your company?
- Why do your current employees work for you?
When you understand the answers to these questions, you can start to build a strategic employer brand that tells your organization's story and attracts the job applicants who fit your culture and operating goals. This will help to differentiate your company from your competitors and create a connection between your organization and the job candidate.
The Advantages of Employer Branding in the Talent Acquisition Process
Once you determine which aspects of your organization are most likely to attract the types of candidates you are looking for, you can start to build an employer branding strategy that will create a positive impression and attract top talent that aligns well with your company's objectives.
In addition to keeping your candidates engaged throughout the recruiting process and helping to boost the likelihood of job acceptance, here are six advantages of effective employer branding:
- Attract Top Talent: One of the top advantages of employer branding is that attracts not just a greater number of applicants, but the leading candidates that are right for your company.
- Cut Recruiting Costs: A recent LinkedIn study reported that companies with a strong employer brand were able to cut recruiting costs by 50%.
- Improve Completion Rates: While the use of pre-hire assessments increases application completion rates by 72%, the integration of these talent assessments with your specific employer brand provides an additional 12% increase.
- Reduce Turnover Rates: Another one of the top advantages of employer branding is the ability to decrease attrition. The same LinkedIn study mentioned above found companies with a strong employer brand strategy had a 22% lower turnover rate than those whose employer brand was weak or nonexistent.
- Boost Employee Morale: When implemented correctly, employer branding should affect the entire employment lifecycle, which will boost overall employee morale and improve job satisfaction.
- Strengthen Company Reputation: While employer branding may be directed at current and prospective employees, it also can help to strengthen the company's overall reputation in the eyes of the candidates, customers, and community.
Despite its benefits, a robust employer brand strategy doesn’t happen overnight. Building a brand that is truly attractive to candidates takes time and commitment, as well as reliable and measurable data-driven tools.
For example, employee and applicant surveys provide valuable information about what make your organization unique. Pre-hire assessments can also be used to determine the type of prospective candidates your company attracts. These assessments measure technical skills, knowledge, abilities, culture fit, and workplace agility. This can help your company develop and strengthen employer brand throughout the recruiting and hiring process, and improve your organization's applicant experience.
What do you think? Leave a comment, and make sure you check out the rest of our series on Brand Extension!