We have heard the phrase “Employer branding strategy,” but only a few people know the meaning. Moreover, there are other terms like a corporate logo, brand messaging, etc., that we overlook most of the time. But if you want to see your business to new heights, it’s vital to get basic information. Over time the retention and advancement strategies of the companies have changed. So, like many other things, an employer branding strategy can give your company a decisive competitive edge. Thus, read this powerful guide for building an employer branding strategy.
What is an employer branding strategy? A powerful guide:
An employer branding strategy is an organization’s approach to translating values and practices. The primary aim is to present a better image in front of new and old employees. It’s a critical component that plays a crucial role in making a business successful. Employer branding comes with many advantages, and in this “war of talent,” a proper business strategy is of utmost importance. In a nutshell, employer branding consists of the following factors:
- What your employees think
- Views of your current and future job candidates
- The perception of how you treat your employees
So, it means employer branding strategy is critical and gives a roadmap to the business. As per stats, if an employer has a good reputation, it reduces the turnover rate by up to 28% and cuts the cost in half. Apart from this, around 75% of job seekers applying for the job are actively involved in branding strategy.
Importance of employer branding strategy:
We can’t deny the importance of employer branding strategy in recent times. The stats give us a clear picture of the situation. According to the stats:
“More than 86% of people don’t apply, continue or work for an employer with a bad reputation.”
Before applying for a job, around 84% of job seekers look for an organizational reputation. Above all, other points prove how a strong employer branding strategy helps an organization.
|28% reduction in turnover rate|
|50% reduction in cost per hire|
|The lead time to hire people gets 1x-2x faster|
|You get the chance to hire employees that are 50% more talented.|
According to the stats, 95% of the potential candidates look for organizational reputation before applying for a job. Ultimately, all these efforts improve ROI, and as a result, you can freely participate in other branding activities.
What are the steps to create an employer branding strategy?
If your company or employer has a negative reputation, it can cost the company 10% more hiring expenses. However, it means the result of lousy branding strategies impacts profitability. If you want to create a successful employer branding strategy, then follow these steps:
Define your goals:
Before starting anything new, it’s crucial to think about the certain expectations you have from the organization. In this way, you can form a good plan that will bring fruitful results. Here is the list of employer branding goals that you shouldn’t ignore:
|Get more job applicants||Highly skilled job candidates||Try to increase online engagement by using social media|
|Improve candidate management plan||Try to build trust within & outside of the organization||Get more knowledge and improve processes over time|
|Multiply referral rate||Try to increase the acceptance rate|
A successful recruiter develops and implements a productive employer branding strategy. But a plan is successful if it’s full of exciting and creative ideas.
Align your strategy with goals:
It’s crucial to draft a plan with organizational goals, values, and short and long-term objectives. An effective strategy is what you prepare after considering short and long-term goals. You should also develop an important skill set to accomplish the goals. So, make a clear plan and align your strategy with organizational needs. But here is the list of a few questions that you shouldn’t ignore:
- What are the organizational objectives for the next 1-2 years?
- Do you have any new products and services in the pipeline ready to launch?
- What kind of talent and abilities are you looking for?
Most importantly, make the objectives that are actionable and achievable. It helps focus on the crucial issues and improve your brand’s reputation.
Don’t ignore branding sources:
It’s another essential thing that is spreading like wildfire nowadays. If an employer wants to create a good image, then take the help of social media to stay in front of customers’ and employees’ eyes. If all the stakeholders watch your moves, they will feel more invested in your organization. Here are the following platforms that can help to build an employer branding image:
|Social media||It is a most appealing and accessible solution that works perfectly for employers.|
|Job search & review websites||86% of employees look up the company reviews before applying for a job. So, don’t forget to highlight the good parts.|
|Focus on reviews||If you have made your company listing, focus on maintaining good reviews.|
Ratings and positive reviews matter and play a primary role in trust-building. So, if people have trust, they will feel happy to serve you.
Start building your unique EVP:
The word EVP means “Employee value proposition.” It shows the values and rewards employees receive. The benefits and rewards are for the workforce’s time, energy, effort, skills, and commitment. Here are the following key elements that play a central role in building EVP:
If you focus on these five elements, then it would help to create a better employer branding and EVP strategy. Apart from this, it’s the employer’s responsibility to focus on employees’ issues. For instance, automate the pay slip using a check stub maker and make employees’ lives easier.
Measure the results:
Nowadays, the HR department is taking the help of many software that help measure the results most accurately. So, it’s vital to measure the results after a specific period. But for this purpose, you can take the help of different tools that can drive and analyze data. Apart from this, don’t forget to follow these tips before data measurement:
- What data are you tracking?
- Who is going to collect data?
- How are you going to report the findings?
- Do you have a system to improve the loopholes?
A great employer learns from mistakes. There are different branding strategies like personal, product, corporate, service, and co-branding if we search. So, if you want to see your organization in the front line, then try to use the mixture of all these brandings. But don’t ignore online branding because it captures the whole marketplace and works better than others.