By Kimberly Kafafian
Candidates have control of the labor market right now. Full stop. Between COVID and the Great Resignation, the playing field has entirely changed and employees are no longer beholden to their employers. The circumstances of the last two years have employees at all levels, across all sectors and industries, rethinking their options and leaving their jobs in droves. When it comes to employees deciding where they’ll land next, they are being incredibly selective, and doing lots of research on companies and their cultures before even applying for a position. One of the candidates we recently worked with had turned down multiple offers, from October to January, until she found exactly what she wanted, with whom she wanted. All this being said, the importance of employer branding, now more than ever. Regardless of size or number of employees, organizations need to understand how they’re perceived as an employer, how that perception is impacting attracting and retaining the right talent, and the actions they need to take to build a visible, positive reputation.
The Stats Speak for Themselves
Last April, Glassdoor released an article titled The Most Important Employer Branding Statistics to Know. The findings they culled speak volumes as to why focusing on branding is so important for organizations in today’s climate. Here are just a few eye-opening numbers:
- 86% of employees and job seekers research company reviews and ratings to decide where to apply for a job (Glassdoor/Harris poll)
- 75% of active job seekers are likely to apply to a job if the company actively manages its employer brand (Glassdoor survey)
- 68% of Millennials, 54% of Gen-Xers, and 48% of Boomers indicated they visit employer’s social media channels specifically to evaluate the employer’s brand (CareerArc study)
What does your brand say about your culture? Is your brand even visible online? These are questions HR & Marketing departments need to be asking right now if they want to successfully navigate today’s labor crisis. Branding is how you’re going to stand out from the competition during the research phase of the job search.
What Exactly Is Employer Branding?
To put it simply, employer branding is the perception employees and potential employees have of a company. In essence, it speaks to a company’s desirability and its ability to attract and retain talent.
Employer branding all comes down to defining and positioning who you are as an organization at every touchpoint:
- Website career page
- Social media channels
- Job postings
- Review sites like Glassdoor
- Communication with candidates
Why Employer Branding Is so Important
To be honest, employer branding takes effort, but the outcome is so worth it. It just might be your best weapon in the war for talent. Here are a few of the benefits businesses experience as a result of powerful employer branding:
- 50% more qualified applicants (LinkedIn)
- 28% reduction in turnover (LinkedIn)
- 50% reduction on cost-per-hire (LinkedIn)
And now, let’s look at the inverse. These stats shed light on what you have to lose if your employer reputation isn’t so great:
- 50% of job candidates wouldn’t work for a company with a bad reputation – even for a pay increase (LinkedIn)
- 86% of women and 67% of men in the United States wouldn’t join a company with a bad reputation (Glassdoor)
While employer branding has been a buzzword for a few years, its gaining even greater importance in recruiting talent in the current climate.
Stay tuned for our blog on devising a successful employer branding strategy.