Employer branding. What is it? And why is it so important?
Simply put, it's the way you present your company as a great place to work, not for anybody, but for the calibers you want to attract. It’s the reason why the talented individuals you seek choose your company over others.
The Challenge of Attracting and Retaining Talent
One of the biggest challenges many businesses face today is how to attract and retain the best people. According to LinkedIn, 70% of the global workforce is passive talent, with the remaining 30% actively seeking jobs. The competition for top talent is at an all-time high as the workforce evolves daily. There was a time when employees had to market themselves; now it’s the employers who have to think about their value proposition.
Why Employer Branding Matters
A strong employer brand is more than just a fancy title; it's a game-changer. Companies with a compelling Employee Value Proposition (EVP) – that irresistible package of perks, culture, and growth opportunities – enjoy a whopping 50% increase in qualified applicants. And that's not all: they also slash their hiring costs by a cool 60%. Imagine having your pick of the talent pool while saving money? It's like winning the hiring lottery.
Creating a Compelling EVP
Your EVP is your company's promise to employees. It's the answer to the burning question: "Why should I work here?" Companies with a compelling Employee Value Proposition (EVP) see a 50% increase in qualified candidates and a 60%reduction in cost-per-hire. EVP is not just about perks and benefits. It's about creating a workplace where people can thrive, learn, and make a difference.
Creating a compelling EVP requires strategy and insight. You need to understand what your target employees are looking for. What motivates them? What are their career aspirations? By tailoring your EVP to their needs, you increase your chances of building a loyal and high-performing team.
Spreading the Word
Having a great EVP is only half the battle. To make sure your EVP reaches the right people, you need to use multiple channels - from internal communications and your careers page to social media and job descriptions. Reinforcing your EVP during the onboarding process is also crucial. Use every opportunity to showcase your company culture, employee stories, and career development programs.
Beyond the Facade: Internal Branding
We often focus on how our company looks to the outside world – the sleek logo, the catchy tagline, the social media presence. But what about the inside story? Your internal brand is just as important. It's about how employees feel about working there, their connection to the company's mission, and their overall job satisfaction.
A strong internal brand is like having a secret weapon. Engaged employees are 87% less likely to jump ship, and they're up to 23% more profitable. That's because they're passionate about their work, they collaborate seamlessly, and they go the extra mile. On the flip side, a disengaged workforce can be a drag on productivity and innovation.
Conclusion: Employer branding is an ongoing journey
Employer branding is an ongoing journey, not a destination. It requires continuous effort, measurement, and adaptation. By investing in your employer brand, you're not just attracting top talent; you're building a sustainable competitive advantage.
The journey starts with a clear vision, a strong EVP, and a commitment to creating a workplace where people love to work.
