Even the biggest, most successful firms need a strong and well-developed employer brand. You could be a world class employer doing amazing things for your staff, but without this brand in place you will struggle to hire the skills you need and will miss out on talent to your rivals. However, it’s one thing building and developing this brand over time, you also need to consider whether it is still relevant in the drastically different employment world in which we’re now operating. So how do you keep your brand relevant and ensure it is up to speed with the demands and motivators of the modern workforce?
Keeping your brand relevant
Nike is a great example of an organisation with a strong consumer and employer brand. The company states that ““We lead. We invent. We deliver. We use the power of sport to move the world.” This statement conceptualises the firm’s passion for both sport and innovation, whilst also reinforcing its position as one of the world’s leading sports and fashion brands. It provides a sense of purpose for employees to rally behind as well as creating a sense of pride in the company they’re working for. Obviously, the details of the brand run much deeper than this snappy slogan, however, it gives you a clear idea of what Nike is about, both for customers and for its employees.
More applications
The benefits of having a strong employer brand are clear. Research from Beamery shows that 69% of active job seekers are likely to apply for a job if the employer actively manages its employer brand, making it one of the most significant deciding factors for candidates. On the flip side, a clearly articulated employer brand can also deter the wrong candidates from applying too.
According to recent data, 78% of professionals will investigate a company’s reputation as an employer ahead of applying for a role, while 88% of millennials believe that being part of the right company culture is very important. The channels you use to promote your employer brand are also key; 79% of jobseekers are likely to use social media in their hunt for their next job so ensuring you are visible to your target audience and that can be accessed at any time, especially online, is key.
Cost per hire reduction
A good employer brand can also save costs. According to LinkedIn, a company with a stronger employer brand than its competitors on average sees a 43% decrease in the cost per candidate they hire. This is largely due to increased visibility gained through the strength of the brand meaning that firms can spend less on awareness-driving advertising and marketing campaigns.
Salary reductions
Firms without a strong employer brand also, on average pay around £3000 more per employee in salaries than those with a robust brand. Scaled up, for an organisation with 10,000 employees this equates to around £30m saved per year. Salaries are obviously important to professionals, however 67% of candidates would accept lower pay, according to a CareerBuilder survey, if the company they were interested in had very positive reviews online.
It’s clear that having a good employer brand makes all the difference. However, too few firms monitor the effectiveness of their brand and evolve it in line with market conditions and with what professionals are now seeking. The world of employment was knocked off its kilter by the global pandemic. It changed everything, and now professionals are looking for a much more human deal than they have done in the past. In order to ensure their brand is still relevant, businesses need to ask themselves a few questions:
- Does my employer brand really express the purpose of working for this organisation and the goals that we want all staff to aim towards (like Nike).
- Does it reflect what it’s like to work here in a realistic way?
- Does it promote the true benefits of being an employee of your organisation?
- Are you doing things differently to your competitors?
Without keeping up to speed with the state of your employer brand and monitoring its effectiveness, you could fall behind the competition and struggle to reap the benefits that having a strong brand can provide.
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