As recruiters, it is imperative to comprehend the importance and prominence of employer branding in hiring processes. However, it’s not always that easy to persuade clients. Today, companies happily invest in resources and spend cash on company branding. However, employer branding can be a little challenging.
And if you have ever lost a placement because the potential applicant didn’t trust your client’s reputation as an employer, you know how annoying this can be.
Companies without a robust, trustworthy, and transparent employer brand are incredibly hard to generate a decent pick-out list for, especially in today’s candidate-short market.
Let’s explore some critical employer branding statistics and how to use them to power your recruitment business.
What Is Employer Branding?
Employer branding is the experience and reputation organizations conjure as employers. Simply put, a company’s employer brand is its identity perceived by the public, irrespective of whether it’s a precise reflection.
Even if you have not formulated an employer branding plan, your employer brand exists, and employees experience it daily. However, there is a possibility that your brand is perceived differently than how you desire that to be acknowledged.
Furthermore, an employer brand is based on multiple factors, such as the policies, perks, rewards, benefits, and the programs a company offers its existing employees and prospective candidates.
Today, a company’s reputation is more crucial than ever. Surveys have demonstrated that 86% of individuals wouldn’t apply for a job position in a company or continue to work for it if it has a lousy standing. So whether you are currently monitoring and strategizing your employer branding or not, it is more critical than you think.
Employer brand ties every facet of a role to the organization’s policies, ethical standards, and values, and most importantly, it does this naturally. This differentiates you in a crowded and curated market, enabling the managers to attract, engage and retain the suitable people. A frail employer branding can impact the employee experience, retention, credibility, and loyalty, which, in turn, influences the bottom line.
Why Does Employer Branding Matter?
From joining a gym to moving house or even looking for a new job, more consideration and research goes into any decision than ever before (regardless of how small or big).
Independent communities and review sites are now at the forefront of various decisions. With an augmented necessity for accountability, ethical business, and transparency, it is imperative to have and maintain employer branding.
There will be a rise in the demand for transparency, diversity and inclusion, responsible business, and accountability by 2030, along with giving employees a voice within their organization. Employees will no longer depend on the voice of senior executives and want reviews and stories from the people who make up a company and its culture.
Therefore, it is pivotal to appeal to a suitable group of people. For that, it is essential to champion your employees and build an authentic reflection of your organization.
With review sites such as Vault, social media channels (LinkedIn and Twitter), and Glassdoor, individuals now look beyond an organization’s jobs page to make well-informed decisions. Many companies are also shifting and strategizing their approach to how they endorse their employer brand on these review sites and social media.
8 Surprising Employer Branding Stats
Employer branding statistics serve as an important reminder that your company’s ability to create a solid employer brand is a significant growth driver. However, it takes more than merely posting the job openings on different platforms or designing an impressive company Careers page to form a brand that resonates with the prospective employees.
Here are 8 statistics that demonstrate just how important employer branding is to hiring:
- 92% of employees would consider leaving their current organization if some other employer/company with a brilliant standing offered them a job.
- 97% of the most appealing employers worldwide say employer branding is their topmost priority.
- 92% of the employees say they would reject a job offer from a company with a bad reputation, regardless of getting a better salary package.
- 86% of job seekers research an employer’s testimonials and reviews when deciding if they prefer to apply for a specific job.
- A solid employer branding minimizes the cost/hire by 50% and staff turnover by 28%.
- Applicants trust current company employees three times over the organization when delivering insightful information about what it’s like to work somewhere.
- 96% of organizations say employer branding can impact revenue and company valuation; however, only 44% track that impact. For instance, most medical businesses are typically valued at 1.5x to 2x their annual revenue.
- 62% of users on Glassdoor agree their perception of a particular organization improves if they see their employers respond to a review on Glassdoor.
How To Leverage Employer Branding Statistics To Achieve Business Goals?
Now that you know some of the crucial stats regarding employer branding and why it is essential, here is how you can use those statistics to win new business from your existing clients and prospects and ultimately achieve your financial milestones and goals.
Perform a Trial Employer Branding Audit
A substantial problem for employer branding is that bosses think everybody knows their brand fine and that they hold a good status as an employer even when that’s not the case. A viable way to give such companies a reality check is to emphasize some aspects they fall short on compared to their competitors.
Utilize this info (combined with the statistics above) in your emails specific to business development to demonstrate that you have done your research and highlighted how essential these areas are if you aim to stand out and hire the best talent.
Use Statistics in Your Hiring Sales Pitch
When you pitch to hiring prospects, you can weave some statistics into your presentation to demonstrate and corroborate the impact that excellent employer branding can have on aspects like turnover rates and quality of hire.
Anonymous case studies from the current customer base are also an excellent way to show prospects the straight influence a powerful employer branding tactic can have – specifically, one owned, monitored, and managed by you.
Leverage Stats To Generate High-Value Content
Generating engaging and compelling content is always an excellent way to pull in and grab the attention of your valuable prospects. Consider putting together a formal-looking visual report, whitepaper, or blog post covering multiple statistics and explaining why employer branding is pivotal to a company’s growth and success.
You can leverage this as a way to open up a discussion and provide value to your prospects. It is not about asking for something in return but demonstrating yourself as an expert and that you can help them address any employer branding concerns.
Also, you can even work with marketing teams to make extensive email campaigns and generate quality leads.
For your company to succeed in reputation and employer branding, your initiatives and goals must be authentic from the start.
Employer branding is more vital than you think and can impact your company’s bottom line. And leveraging stats alongside methods like professional networks, responding to online reviews, and social media are all great and viable ways to boost your employer branding initiatives and efforts.
Therefore, before anything, your employer branding must start with the HR and senior executives working collaboratively to create and empower a culture that people want to do business with and work for.