You know your company is fantastic, but do candidates and employees think so too? In today's competitive job market, building a strong employer brand is crucial to attracting top talent. Candidates need to know why they should work for you over another company. Otherwise, you'll lose them before the interview process even begins.
This article discusses how employer branding can make a massive difference in attracting the best candidates. You'll also learn how to implement effective strategies that build enthusiasm in candidates and make them want to be a part of your company's success.
What is Employer Branding?
Employer branding refers to marketing your company to potential and current employees. When considering a company's employer brand, consider its workplace culture, work environment, growth opportunities, and how it treats its employees. Employer branding is about building a reputation that makes people see your company as a desirable place to work. When done well, it can give your business a competitive advantage in recruiting and retention.
Why is Employer Branding Important?
Here are some reasons why employer branding matters in talent acquisition:
Increase quality applicant volume
When job seekers recognize your brand as a desirable workplace, they are more likely to apply. This positive impression expands your talent pool and improves your chances of finding the right fit. You'll receive applications from candidates who are excited about and aligned with your company.
Lower recruitment costs
Attracting engaged candidates through solid employer branding means you spend less money and time on each hire. In reality, a strong employer brand can reduce the cost per hire by as much as 50 percent. This figure doesn't come as a surprise, considering that candidates who actively seek out your company require less persuasion, and when you can fill roles faster and with less effort, your cost per hire goes down.
Engaged employees are also more motivated and productive. Employees who are satisfied with their work environment are happier, and research has shown that happy employees are up to 20 percent more productive than unhappy ones. This directly impacts your bottom line.
Increase employee referrals
Existing employees are your best brand ambassadors because candidates trust what they say about your company. If these team members feel that your company is the best place to work, they'll endorse your brand and help spread the word about open roles in your company to their network. That's how savvy companies leverage referrals to attract top talent.
Improves retention rates
When a strong employer brand attracts top candidates, and the "walk matches the talk," employees will stay longer once hired. Employees who share your values and vision are more engaged and committed for the long term. This consistency helps reduce turnover and the costs due to employee replacement.
How to Build a Strong Employer Brand
Are you ready to show the world that your company is the best workplace? Here are some tips to get started:
Review your employer value proposition (EVP)
Your employer value proposition includes everything your company offers to employees. This may include innovation, work-life balance, career growth opportunities, company culture, and so on — think of it as your company's mission statement for employees. Clearly define what makes your company a great workplace, and then showcase your EVP on your job postings, career site, and social media to attract great candidates who are eager to join your company.
Build your social media presence
Use platforms like LinkedIn, Twitter, and YouTube to increase your visibility to candidates. Share photos and stories of employee spotlights, company awards, career opportunities, and company events. Candidates want to know what it's like to work for you daily — what makes it exciting to be at your company? An active social media presence makes your company more accessible to current (and potential) employees.
Optimize your hiring process
Streamline your application and interview process to make it as easy and quick as possible for candidates. Use straightforward and user-friendly online application forms and train interviewers to conduct structured interviews. You could even automate processes like resume screening to save time. Optimizing your hiring process improves the candidate experience and gives them a positive impression of your company.
Improve the onboarding experience
Make a new hire's first day and early weeks at your company positive and engaging — including a thorough team and tour of the workplace. Consider organizing training sessions or shadowing opportunities to familiarize them with tasks and procedures. These steps will help them understand their roles and catch up quickly.
Seek employee feedback and act on it
Ask current employees what they value most about working at your company and where you could improve. Conduct anonymous surveys using online platforms or internal tools to encourage honest feedback without fear of repercussions. Also, include open-ended questions to allow employees to express their thoughts freely. Finally, take action on the feedback you receive from employee surveys.
Create a referral program
Leverage your current employees' networks by offering incentives for referrals of new hires. Referrals account for 30-50% of all hires, and the cost-per-hire of employee referrals is $1,000 less on average than other hiring sources. With Bountiful, you can easily create, manage, and automate your referral program every step of the way. With our easy-to-use platform, you'll have the tools you need to activate employees to share jobs quickly and effectively.
Conclusion: Strengthen your employer brand
Employer branding should be a priority for any company looking to hire and keep the best talent. While it requires effort and investment, the rewards of a strong employer brand are substantial and long-lasting. Focusing on showcasing your company's values and mission, and improving the candidate experience will ensure you continue attracting people who will build the future success of your organization.
Looking for a next step? Leverage Bountiful to help automate and scale your referral program — turning your employees into brand advocates who attract top talent.