Employer Branding is not a new concept. In fact, many organisations around the world prioritise their Employer Branding Strategy as the most integral part of their entire talent pipeline and future planning efforts. So you might be left wondering – What exactly is Employer Branding?
What is Employer Branding?
Employer Branding is how you communicate the value in working for you to your current and potential talent. In a nutshell, it is the answer to the question ‘Why should I work here?’, placing specific focus on here.
A consistent salary and basic perks (annual leave, medical cover, pensions etc.) are some of the reasons why people work in the first instance, but if you want to set your particular organisation apart from the competition you will need to do better than that. Your Employer Brand flourishes when you show your target talent persona the unique opportunity and experience they can expect from working for you.
Just as your consumer brand does for your clients, your employer brand gives your current and potential employees confidence that their career is in good hands. It allows them to trust in your organisation to provide the development and culture they want and create the perfect platform for them to grow professionally.
Why should we focus on Employer Branding?
Simply put, it’s good business. Organisations who focus on Employer Branding experience an astronomical return-on-investment, cutting hiring costs by as much as 50%.
Post-Covid, you could be forgiven for thinking the recruitment playing field is fertile ground and that you really won’t need to put in much effort (or budget) to attract your dream candidate.
However, although some industries are facing higher unemployment, sectors such as legal, financial services and technology are recruiting the same headcount (if not higher) as they were at the beginning of the year. Additionally, even in those areas where unemployment is prevalent, it must be noted that great-quality, highly qualified candidates will never be in want of a good opportunity.
Therefore it is essential that you position yourself as an Employer of Choice. Communicating with talent in this way allows you to showcase the true value of working for your organisation. It allows you to tell your key people that an opportunity with you is always better than your competitors, and that you can be trusted to advance and nurture their career path. This will ensure you maximise those all-important talent KPIs, meaning your people strategy will enhance rather than drain your bottom line.
What if we don’t focus on Employer Branding?
Whether you are time-pressured, strapped for cash or battening down the hatches in preparation for a recession, focusing on your Employer Brand is no longer a ‘nice-to-have’ that can be painlessly cut from your budget. It is mission critical.
It is impossible to remain competitive in a market where you do not have the best people working for you, motivated to produce the best results. Even if you do not prioritise your Employer Brand, you have one and your ideal candidate is consuming it every time they engage with you online and face-to-face. It shapes how they feel about working for you, it shapes how they negotiate with you and most importantly it shapes whether or not they commit to your vision and values for long-haul.
Employer Branding does not have to be expensive or particularly sophisticated, but it does need to be strategic. You should define your objectives, zoom into your target talent persona and decipher their wants, needs and goals. Only then can you begin to build your brand in a way that speaks directly to this person or people and start to watch your hiring costs fall.
Employer Branding is mission critical to the way you do business. If you people really are your greatest asset then you must approach this area with strategic focus and clear objectives. If you would like help identifying and building your Employer Brand, please reach out to email@example.com to have a chat with an experienced consultant.