Why Bother with Employer Branding?
Oh, brother. Here come more “shocking”
statistics that are actually quite pedestrian. Another clickbait headline that
elicits the opposite…yawn.
Well, the data points in this article are
genuinely true, and we’re willing to bet most of them haven’t been heard, or at
least, taken to heart and acted upon. With employer
branding being so critical to winning the talent war, we want to shout each
of these stats from the rooftops.
Hopefully, when you read through the list, you are floored by at least a few of them. I know I was when I first came across them.
1. 75% of job seekers consider employer brand before applying for a job.
This means that candidates check your social media profile updates, how others talk about your company on social, employer review sites like Indeed and Glassdoor for what your good/bad review ratio is, your website for how you talk about careers as well as the work you do for customers and do you do meaningful/purposeful work there. This isn’t just about competitive pay and benefits; those are table stakes compared to culture and job satisfaction/fulfillment.
2. The best candidates are off the market within 10 days.
What? You mean if I don’t interview them and make them an offer before day 11, my company/job is out of the running? Yep; while these numbers are an average, the key thing is that while employers shouldn’t rush into a hire too quickly, the best candidates know what they want and are ready to commit, given the right opportunity.
3. By failing to invest in the employer brand, companies are spending up to $4,723 more per employee in salary.
The hidden cost of turnover is insidious, but just because it isn’t tangible doesn’t mean it doesn’t hurt the company.
4. A poor candidate experience would make 60% of job seekers less likely to purchase the employer’s product.
Whoa, you mean that if we don’t provide a stellar candidate experience, they won’t purchase our products? YES. Talk about a negative ROI for sales…
5. A bad reputation can cost a company with 10,000 employees as much as $7.6million in additional wages.
Turnover is a killer, maybe more than we even realize or choose to calculate. Don’t forget to count these costs; while we don’t pay an invoice for turnover, the organization pays dearly for high turnover over time.
6. 84% of employees would consider leaving their company for a company with a better reputation.
Perception is everything, right? How employees, not just customers, view your company’s reputation will impact your company, for better or worse.
7. A strong employer brand can result in 50% more qualified applicants.
If the word on the street is not good about your organization, you will have less qualified applicants. They won’t even apply…which means you don’t even get to try to set the record straight about your culture.
8. 91% of candidates seek out at least one online or offline resource to evaluate an employer’s brand before applying for a job.
You’d better believe that candidates contact people in their network that have or still work at the company. While you can somewhat control what is said about your company online, you have no control over what is talked about behind closed doors. Creating a good employer brand will mean current employees will naturally want to speak positively about the company to candidates. Focus on pulling the levers you have control over and let the rest take care of themselves.
9. The competition for talent is so fierce that some premier employer brands like Salesforce are sending candidates ‘thank you’ notes following the interview, not the other way around.
Um, is this microphone on? Hello! This one should stop us all in our tracks. While this might not be the case in your industry (yet), it should at least make us pause and reflect on how we need to flip recruiting efforts on their heads, thinking of candidate’s needs/wants first and the company’s second.
Want to get the scoop on these
tips & more on Employer Branding?
- The Significance of Employer
Branding: 2 Key Findings
- Employer Branding Strategy: 8
- Your Employer Branding Guide: 5 Critical
Elements to Define
Check out Imaginasium’s full article Spoiler Alert: Employer Branding is a Thing and it Matters to Your Company
About the author: Miles Anthony Smith, a digital marketer, delights in delivering solid content for people hungry for answers to their most vexing questions or challenges.