Why you need a brand?
With national unemployment rates at the lowest they’ve ever been, the war for talent has hotted up to get the best candidates.
One way you can increase your attractiveness to these much-fought-for candidates is to invest in building an authentic and compelling employer brand. In fact, new research from Bersin has found that 40% of companies indicated that employer branding is a “must have” in their talent acquisition strategies.
Employer brand is a term to describe a company’s reputation and popularity from a potential employer’s perspective and describes the values company gives to its employees.
Part of employer branding is to communicate what you offer to potential employees – your employee value proposition (EVP). EVP encompasses everything you are doing to attract and retain employees. For more on this, click here
Without further ado are five reasons why your business might want to develop a strong employer brand and EVP.
- Lower cost-per-hire
Companies with a poor brand spend at least 10% more in salaries to acquire talent, according to LinkedIn. And Glassdoor reported that organisations that invest in their employer brand are three times more likely to make a quality hire.
- Greater access to talent
In the same LinkedIn research, nearly half of professionals surveyed would rule out joining any organisation that exhibited one of three bad traits: low job security, dysfunctional teams and poor management. Only 28% would do so if they were offered a 10% premium over competing jobs. With a strong employer brand, you’ll have access to more candidates willing to consider joining your business.
- Shorter time-to-fill
When you create an attractive employee value proposition (EVP), it will be easier to sell applicants a role within your organisation. Furthermore, you’ll likely to have a quicker time to productivity as well.
- Enhanced engagement
When you have a strong employer brand, you also tend to have a more engaged workforce. A poor brand can lead to lower engagement. Randstad Sourceright’s Talent Trends survey found that 46% of HR, procurement and C-suite leaders say a strong brand leads to stronger engagement and higher productivity.
- Higher quality of hire
Because a strong employer brand leads to a greater number of applicants, your organisation can potentially attract more high-quality talent than otherwise.
If you need any help or advice on your branding or EVP, contact the team at email@example.com