Written by: Katrina Lubiano
Regardless of the scale of a business and its great consumer reputation, today’s employers are forced to overcome a new obstacle when it comes attracting the best talent, and that is to nail their employer branding strategies in this competitive market.
While general branding strategies are aimed at targeting the right consumers, Employer Branding appeals to potential employees as the best employer of choice. Why? Because in a recent global survey by Deloitte, 61% of millennials (who now represent the largest segment of the workforce) expect to switch employers within the next 5 years.
The times are changing, and recruitment styles have adapted. It’s simply not enough to post a fancy job ad and bank on a large candidate turnout. Companies are expected to demonstrate what they have to offer their employees in terms of security, values, management style, office culture, and opportunities for growth and development.
Millennials are choosing employers whose values reflect their own, and if your company’s reputation doesn’t appeal to the employee market, you’re narrowing the talent pool which can end up costing your business.
According to the Harvard Business Review, a bad reputation costs a company 10% more per hire. Nearly half of the people surveyed in the study confessed to turning down a position with a company known for a bad reputation regardless of any pay increase. Even a 10% raise would only convince 28% of candidates to accept the offer. Why pay a premium for a bad reputation when you can work on improving your employer branding.
It’s easier to show-off your fantastic company culture now more than ever through social media channels, your website, blog, and testimonials from genuine employees to give an outsider a real perspective of what it’s like to be apart of your workforce.
What can you do as an employer to appeal to the best talent?
Learn from example! LinkedIn has compiled a list of companies who have their employment branding on-point and are the most sought-after companies to work for in 2017.
We’ve found that besides great location, great benefits, pay, and a well-known company name, candidates are asking these questions:
- How is the company going to provide me support for training and learning opportunities?
- What kind of opportunities for growth are available within the company?
- How can I expect to be treated by their manager or team? And what can I expect of their leadership styles?
- What is the office culture like?