The same question has been asked for years: How do you attract and retain top talent in your company?
After decades of analyzing the intricacies of successful companies, it is evident that having a strong brand reputation as being a credible employer and a great place to work was instrumental to paving the road towards progress. According to Linkedin, 59% of recruiting leaders worldwide are investing more in their employer brand in recent years and 39% say that employer branding will be a long lasting trend to focus on in the future.
Understanding this, it is thus paramount for any small to mid-sized business to invest in their brand image should they wish to expand and grow their business. In fact, you would then be able to reap the rewards of the natural talent attraction traits of a strong employer brand.
First and foremost, investing into your Employer Brand would undoubtedly improve your bottom line. Statistically, these investments can effectively half the cost-per-hire. You would even hire faster and have a 28% reduction in your organization’s turnover.
If you do not develop your employer brand, you would actually run the risk of paying more than $4,000 in salary premium per employee hired. That could amount up to $7.6 million in additional wages (Assuming 10,000 employees).
The cost savings from a strong employer brand does not stop there. A report from CareerBuilder states that 67% of candidates would accept a lower salary should the company have very positive reviews on the internet.
A strong Employer Brand would lead to both 50% more qualified applicants and applicants being 50% more qualified. There is no doubt that it would be incredibly beneficial, especially in highly competitive sectors where niche skill sets are in low supply and high demand.
The importance of a strong brand reputation as a credible employer is also crucial as 52% of candidates would actively seek out information though social media and the company website and 75% of job seekers would consider an employer’s brand before even considering applying for the job.
The top obstacle that candidates feels inhibits them while searching for a job is not actually knowing what it would be like to work for an organization. There are many ways to rectify that, such as through the words of your current employees as candidates would trust your employees up to 3x more than the company to provide reliable information with regards to the working environment.
In addition, if your focus is on millennials, 88% of them believe that being part of the right company culture is paramount to their decision-making process.
This is where cv30's expertise comes into play. Our unique approach to Employer Branding will capture the essence of your company culture through effective use of photography and videography. Your management style, team cultures and our expertise will combine to form the perfect concoction to attract and retain the ideal top talent your company needs.
It’s clear that Employer Branding affects your retention rates, quality of hire, cost of hire and even your quality and number of applicants. 72% of recruiting leaders worldwide would also agree that employer branding has a significant impact on hiring. If 55% of recruiting leaders worldwide have adopted a proactive employer brand strategy, there is no better time for you to start than now.