Improve your employer brand to attract, engage and hire candidates
An employer branding strategy has become an increasingly vital tool to attract and retain top talent in a competitive job market. Find out how you can improve your employer brand to attract, engage and hire the right candidates for your business.
While hiring freezes are being implemented worldwide and economic uncertainty continues, over 20 million people in the UK are looking for a new job, with 50% confident in securing one. That's according to LinkedIn's Jobs On The Rise list for 2023.
With so much uncertainty globally, it's easy for Talent Acquisition teams to believe that employer branding efforts should be put on the back burner. However, despite the slowdowns in hiring, 2023 looks set to remain very much a candidate-driven market, so selling yourself to candidates is still crucial.
Because while you're looking for a candidate who'll be a good fit within your organisation, they're also looking at your business to see if it's the kind of place they want to work.
So, now is a great time to start thinking about your employer brand, the image you're putting out to potential employees, and how you measure up to your competitors.
What do we mean by an employer brand?
Employer brand is how people perceive the company's values and work environment. When we say employer branding, we mean everything your company is doing – intentionally or not – to promote its unique identity as an employer among current and potential employees.
At BOOSTA, we notice companies often focus on the consumer-facing brand rather than thinking about how they are perceived by their most important audience - the people they want to hire!
Why is an employer branding strategy so important?
An employer branding strategy has become an increasingly vital tool to attract and retain top talent in a competitive job market. There are many reasons why, but we've narrowed it down to five key areas:
- Companies with strong employer brands receive 50% more qualified applicants. (LinkedIn)
- 69% of job seekers would not accept a job with a company that has a bad reputation, even if they were unemployed. (CareerArc)
- Companies with strong employer brands see a 50% decrease in cost-per-hire. (LinkedIn)
- 90% of candidates research a company before applying for a job. (CareerBuilder)
- Companies with strong employer brands have a 28% lower turnover rate. (LinkedIn)
Five strategies to improve your employer brand
Define and communicate your Employer Value Proposition (EVP)
Define what makes your company unique as an employer and why people should work for you. This should be based on your company's values, culture, benefits, and opportunities for growth and development. Once you have defined your EVP, communicate it to your employees, candidates, and the wider public. Use social media, your website, and other communication channels to showcase what it's like to work at your company.
Prioritise Diversity, Equity and Inclusion (DEI)
A 2022 Deloitte report stated that 74% of millennial employees believe that a culture of inclusion fosters innovation, and 47% prefer diversity and inclusion while looking for potential employers. In addition, more than 3 out of 4 workers prefer diverse companies. This is why diverse, equal, and inclusive companies have better chances of attracting the best talent in the market.
You can read more about the essential elements of a good DEI policy here.
Invest in employee development
One reason contributing to the Great Resignation is employees feeling that there is a lack of professional development opportunities in their company. No one wants a dead-end job at a company that doesn't value its people. In a 2021 report by Monster, 45% of people surveyed said they would be more likely to stay at their current jobs if they were offered more training. Develop your employees' careers, and they'll reward you with improved performance and higher retention. Offer training programs, mentorship, and other opportunities for employees to learn and develop new skills.
Focus on employee wellbeing
People want to work in companies they feel have their best interests at heart. Not only that but investing in employee wellbeing can lead to increased resilience, better employee engagement, reduced sickness absence and higher performance and productivity. Looking after your employee's wellbeing can include creating more opportunities for a healthy work-life balance or offering perks such as healthcare coverage, wellness programmes and mental health resources.
Be authentic
Gone are the days when professionals were solely attracted to big corporate brands due to their reputation. Nowadays, talent evaluates potential employers based on their unique cultures, presenting an opportunity for any business to attract the best candidates.
To attract the right talent, it's essential that you focus on creating an authentic culture that aligns with your mission, vision, and values - your non-negotiables. By looking inward and building a culture that truly reflects what your company stands for, you can attract talent that is a good fit and shares your values.
These strategies can help you to improve your employer brand and attract the right candidates for your business.
The next step is to see how BOOSTA can help you deliver an exceptional candidate experience. Get in touch today to see how we can help you.