With national unemployment rates below 4%, the war for talent is fierce and to get the right candidates in the right positions, your recruiting strategy can no longer be passive. To stay ahead of your competition, your organization needs 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, while 59% of HR leaders globally are intending to invest more in their employer brand.
Building an effective employer brand and communicating your employee value proposition (EVP) doesn’t happen overnight. It takes research, time and people resources, not to mention behavioral change across the organization to make it work. The investment is worth it - here are the top three reasons why your business needs to develop a winning employer brand now!
Decrease your time to fill while increasing candidate quality. Let’s face it - empty seats are bad for your business. You can cut your time to fill in half with a strong employer brand. A clear EVP, when communicated well in your recruitment marketing and internal communications, can drive awareness and consideration of your organization, resulting in an expedited hiring process. Better yet, a positive reputation can lead to 50% more qualified job applicants.
Reduce your turnover by bringing in the right talent. Sharing what it’s like to work at your organization and what makes you different helps to attract the best-fit candidates. When candidates have a clear understanding of your culture, mission and values, they can better determine how they will fit into your organization and self-select out if it’s not the right fit or opt-in if their own values align. Research from LinkedIn has shown that companies with strong employer brands have new hires that are 40% less likely to leave after the first 6 months.
Improve your company culture and increase employee engagement. Far too often, companies create an attractive EVP that doesn’t match the reality of what it’s like to work there. As a result, these companies end up hiring candidates who aren’t a good fit for the organization and aren’t happy at work. An effective EVP, on the other hand, helps you hire more engaged candidates who are committed to your cause and value. And when you have more engaged employees, productivity increases, resulting in revenue increasing by 20% year over year.
Having a strong employer brand has a direct impact on your bottom line. An effective EVP enables organizations to attract and retain great talent, while also motivating your current employees to drive your organization forward.
Need help creating your employer brand? Contact our Employment Branding Experts to learn more!