Creating and managing an employer brand is crucial in a tight labor market. Its importance cannot be underestimated. According to TalentNow research, 84% of job seekers say they factor in the reputation of a company as an employer when deciding on where to apply for a job.
It’s clear that employees are looking for more from their roles, with flexibility and purpose now being key considerations in attracting and retaining key talent. With this in mind, we have prepared a short guide on employer branding, which includes benefits creating a strong employer brand, the biggest challenges associated with it, and the key employer branding strategies to implement in 2023.
The Benefits of Creating a Strong Employer Brand
The benefits of building a strong employer brand are potentially unlimited. Not only does a positive employer brand image help you attract incredible talent, but it also keeps your existing employees motivated and engaged. Satisfied employees are more productive. Overall, companies with high employee satisfaction are 21% more profitable. Engaged workers are usually encouraged to work harder because they want to maintain a strong position within their roles.
Focusing on employer branding is essential for your business’s bottom line and delivers a substantial ROI. The cost of replacing an employee is typically high; on average, it costs a company 6 to 9 months of an employee’s salary to replace a worker. For an employee earning $60,000 annually, that comes out to more than 30,000 in recruiting and training costs. With good employer branding, employees are less likely to leave as they value their place of work.
The Challenges of Building an Employer Brand
There is no doubt that employer branding is essential to the success of an organization. However, building and maintaining a successful brand has its own challenges. Here are some of the most common challenges you might face:
- Limited resources
- Lack of employee engagement
- Not knowing where to start
Limited resources are the most significant challenge employers face, especially in small companies with lower budgets. About 53% of companies say they would invest more in employer branding if they had bigger budgets. In fact, there are many low-cost employer branding strategies that don’t require large investments. Advertising a company’s values and culture on social media and career pages are some of them.
Lack of employee engagement can become a major obstacle if you fail to communicate to employees the importance of employer branding. What your employees say about your organization is more valuable than anything you and other leaders can author. Therefore, it’s critical your employees support and actively engage in your efforts to promote your company’s value proposition. This can be done by turning your employees into brand ambassadors and advocates.
Below are the top strategies that will help you overcome the above challenges and create a successful employer brand image in 2023:
Employer Branding Strategies
Start from within
If you don’t know where to start, first, ensure your existing employees are happy and satisfied. In order to successfully attract and retain new talent, you need to make sure that you provide an excellent employee experience. In fact, employee experience is among the top 2023 hiring trends. Employee listening programs that maintain the well-being of employees will help to promote a positive work-life balance that will encourage them to stay and share their experiences with others.
Leverage your employees by asking them to post on their social media accounts when your company does a fun giveaway or hosts an event. In addition, you can conduct employee interviews or testimonials to share on social media or a career page.
Use social media to tell your company story
Creating an active social media campaign as part of your employer branding strategy is another smart move that will improve your company’s reputation. According to the 2022 survey of more than 250 in-house recruiting teams, 96% of teams currently use social media for recruitment. This includes 64% who have dedicated social recruiting and employer branding accounts.
“LinkedIn, Twitter and Glassdoor are great ways to keep favorable talent in the loop and give insight into your employer brand. Highlight information that shows balance, diversity and inclusion and overall appreciation for the people who work for you. Your brand is about how you serve others and that is the connection that most people are looking for in strong employer brands.”
RaQuel Hopkins, DHI Telecom Group
Create a strong onboarding process
Onboarding is the first experience any new employee goes through, so having a well-thought-out program helps leave a long-lasting positive impression. It’s your chance to set the tone among employees for years to come. In fact, people who have a negative onboarding experience are twice as likely to search for a different opportunity. Ensure you equip your new hires with resources and tools necessary to excel in their roles. It will result in a smooth transition, more collaborative teams, and lower turnover rates.