Roberta Matuson shows why having a strong employer brand is vital these days in a competitive hiring market.
- I was at the grocery store the other day to get a few things, including laundry detergent. I went down the detergent aisle, and of course, there were dozens of brands to choose from. I grabbed the brand I trust the most, and I went to look for the next thing on my list. I didn't spend even one minute considering the options. That's the power of a strong brand. Someone is immediately drawn to your product or service because of the reputation you've established.
But branding isn't just for your favorite household products anymore. In fact, branding isn't just for brands anymore. All good companies need to be aware of their brand identity and what it says about the company at large. Job seekers today have choices. Companies are in hiring mode, and they're all competing for the same candidates. So, you need a compelling brand to stand out. A strong employer brand will help you attract top talent, and it will reduce your time to hire, and the cost to hire.
Let me explain. Let's say you're looking for a job, and get two comparable job offers. One from Microsoft and another from a company you've never heard of. You applied directly to Microsoft because of their strong brand. The other opportunity was presented to you by a headhunter. If you choose Microsoft, their cost to hire is relatively low. If you happen to pick the other employer, the company is going to pay a recruitment fee somewhere between 25 and 30% of your first year earnings.
See where I'm going with this? Then, there's the actual time it takes to fill a job. Companies with strong employer brands don't have to spend time looking for employees. Job candidates seek them out. Companies with a strong employer brand have a pool of qualified candidates who are ready and willing. And there are more lining up every day. A lesser known company has to find candidates and convince them to apply.
And that takes time. Companies with a strong employer brand have a pool of qualified candidates who are ready and willing, and there are more lining up every day. A lesser known company has to find candidates and convince them to apply. That takes time. Companies with strong employer brands are proactive and work to retain their employees. They may add new benefits to remain competitive, or develop new programs that give employees new opportunities to grow.
Companies with strong employer brands are proactively scanning the environment, checking out the competition, and making improvements as they go. Organizations that aren't as focused on their brand tend to be reactive. They'll make changes, but not until it appears turnover is on the rise, or they sense that a competitor is sourcing their talent. Organizations with strong employer brands also do a great job of marketing to their current employee base.
They're always reminding employees that they've chosen the right company by highlighting not only the company's success, but also their commitment to the community, to the health and well being of their employees, and to a long-term future. So, if you want to attract and retain talent, decrease your hiring cost, and reduce the time it takes to fill jobs, then start by building a strong employer brand.
- Why employer brand and reputation matters
- What top candidates want
- How to appeal to candidates
- How to make an emotional connection
- How to communicate your brand