Updated: Sep 28, 2021
A recent Glassdoor survey found that 84% of participants would consider leaving their current company if another employer with an excellent reputation offered them a job.
When faced with unemployment, 69% of the participants would rather remain unemployed than work for an employer who had an undesirable reputation.
A strong employer brand will increase the quality of those applying to job vacancies, and will lead to better engagement for existing employees.
Developing a strong brand does not need to cost an arm and a leg either! A brand is a voice behind what an organisation stands for. At present, it is a candidates market and candidates have a choice where they would like to work. Considering this, and the fact that the incoming Generation Z are seeking meaning and purpose in everything they do more now than ever before it is important that your brand serves you well. Learn why employer branding should be a priority for any organisation below.
1. Attract & Retain Staff
Perhaps the most readily evident aspect of a good employer branding strategy is being able to attract top talent. With many orgnaisations competing with one another for talent, employer branding can make you stand out. Research has shown that 50% of candidates would not work for a company with a bad reputation even for a pay increase.
Additionally, employer branding can aide in retaining existing staff members. When employees are proud to be part of a workplace culture, they are more likely to stay longer, decreasing turnover rates.
2. Save Money
Running a business ultimately comes down to the balance sheet. Fortunately, employer branding can help reduce overhead and make businesses more profitable. Companies with a strong employer brand reduce costs by 43% per hire. How does this happen? It’s actually quite simple.
Organisations with a well-recognized brand do not need to spend as much money attempting to recruit for openings. Top candidates are already looking to work for them. This lowers search costs. Additionally, decreased turnover means less money spent on onboarding new staff. An investment in employer branding can generate a significant return on investment.
3. Happier Employees
Workplace culture is critical. Anyone who has worked for a poor boss or in a toxic environment knows how damaging it can be on all aspects of life. Part of an investment into creating a positive employer brand involves understanding and fixing any problems with an organisation’s overall culture. This, in turn, generates happier employees.
For companies, this can have many benefits. Happier employees are also more motivated to contribute ideas, more innovative, and more productive. Employees who are excited to come to work and contribute are the type of employees that can truly transform organisations. Furthermore, 88% of Millennials feel passionately about being a part of the right company culture. Happy employees matter more than ever.
4. Job Searches are More Image Conscious
Technology is transforming the way we do virtually everything, particularly when it comes to social media. It has also significantly transformed the job search process. Since nearly four-fifths of applicants use social media in their job search, what people say about your organisation is more important than ever.
Employer branding deals with a company’s reputation as well as the image it cultivates online. Employers should be seen as innovative and caring. Broadcasting this image on social media by highlighting accomplishments, benefits of workplace culture, and employees is critical.
For many companies, employer branding can be a bit of an afterthought; however, it is clear that it is an important component of the modern workplace. Cultivating your image as an effective employer and great place to work will have many benefits in terms of attracting top talent, retaining staff members, and reduced costs. If your organisation has not considered the impact of employer branding, now is a great time to start! It is imperative for attracting talent.