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Gillian Horan is a branding expert and CEO of The Pudding, a brand company specialising in strategy, creative and activation. She will be hosting the upcoming IMAGE Young Businesswomen’s Forum, sharing her tips on stand out strategies for your business at The Westbury Hotel on August 29. Here, she reveals how significant brand is when it comes to recruiting and retaining top talent.
Your employer brand is the perception people have of what it is like to work at your company. For years, companies built brands for customers alone. However, building a strong brand for all stakeholders is key. One of the most important stakeholders are your employees. They represent your brand, are customer facing and without them there wouldn’t be a brand.
Investment in employer branding is crucial as there is currently a war on talent. Here comes the proof:
As many as 97% of employers in Ireland have experienced skills shortages within the past year. Faced with a talent shortage and operating in a competitive market brands need to stand out to recruit and retain top talent. Companies who invest in their employer brand typically hire twice as fast and are three times more likely to make a quality hire. A strong employer brand means the right talent proactively approaches your company.
The facts speak for themselves: 75% of candidates consider a company’s employer brand before applying for a role, while 50% of candidates won’t consider working for a company with a bad employer brand, irrespective of salary. Research also shows employer branding leads to a 50% reduction in employee turnover and a 28% reduction in cost per hire. Investment in employer branding not only means you hire the best, but they also stay working with you for longer.
Bottom line? A strong employer brand delivers tangible business results.
Getting clarity and buy-in for your employer brand strategy is critical. Define compelling Employee Value Proposition (EVP) pillars to communicate why candidates should choose your organisation over another. Create your core employer brand infrastructure e.g. an engaging candidate experience, careers website and brochure, etc. Then bring your brand to life externally and internally to attract talent. Finally, measure success, optimise spend and remember you will see a return on investment.
Read more: The biggest mistakes most businesses make when it comes to branding.
Read more: Branding for beginners.
Read more: Why branding is important beyond the world of advertising.