One of the most common Shah Rukh Khan dialogues we hear is ‘Rahul, naam to suna hoga’. It typically means his name is enough to prove his credentials. For many job aspirants, Google is one such name. And yet Google systemically invests in Employer Branding strategies and is one of the highest-ranked employers of choice. Do they need it? The answer is yes! Does it assure returns? The answer again is Yes!
Any business will have a precise and strategic approach to marketing its products and services. Similarly, one also needs to have a differentiated EVP and a comprehensive approach to talk about the brand’s values and goals to the existing and potential employees. As per a recent survey, 62% of candidates are more likely to respond to an organisation they have already heard about. An organisation needs to speak about its talent attractiveness in ways that go beyond having an interactive careers page.
Also read: Here’s Why Diversity, Equality, Inclusion Is A Must-Have In Your Employer Branding Efforts
Now let’s understand how a brand can measure the return on the investment it makes in Employer Branding efforts. Some of the metrics that can be used to gauge the same are:
– Reduced Cost Per Hire
There are reports that suggest projecting a good brand image can bring down the cost per hire by 50%. As per Harvard Business Review, employers with a poor brand image end up paying a 10% higher salary which burdens your talent acquisition budgets.
-Reduced hiring time
When a company’s employer brand is spoken about, job aspirants will send in their applications in hordes. With more candidates coming to the firm, recruiters spend less time sourcing the right candidates which in turn brings down the cost.
– Increased Offer-to-joining ratio
Offer to join metric is directly proportional to how well you project your brand’s values. For instance, Maveric Systems launched virtual events to increase candidate experience which spiked their offer-to-joining ratio from 36% to 58% in a year. This also helps you put a check on your hiring budget.
– High retention
Reports suggest that a strong employer brand can bring down turnover rates by 28%. The advantage here is this also brings down your cost per hire tremendously.
-Employee referral rate
A good employee experience will also lead to increased referrals which will again reduce the hiring time and also improve retention.
– Employee reviews
Salesforce, a company whose employer branding initiatives are much appreciated, noticed that their overall positive interview experience on a review site is 57%. The cloud-based software company got into action and upgraded its candidate experience initiatives. The result was they managed to score more than 20 points on the same metric. Hence, it’s imperative to factor in your presence on these sites and make amends wherever possible.
When a company’s employer brand is spoken about, job aspirants will send in their applications in hordes. With more candidates coming to the firm, recruiters spend less time sourcing the right candidates which in turn brings down the cost.
‘Happy Employees performing the Best Work of their lives’
Not everything in life or at work can be measured. Passion, compassion, positive energy and above all happiness are a few parameters that you can’t put a number on. A happy employee can lead to better productivity and increased chances of staying put in the company for the long term.
Often employers talk about guiding their employees to own their career development. That is one way of providing them with the autonomy to chart their journeys in the organisation. Alternatively, there are instances of organisations doing fun activities, recruiting happiness coaches, and even going as far as appointing a Chief Happiness Officer (Read Google).
Conclusion
According to a survey by Prudential, one-third of the 22% of workers who switched jobs during the pandemic took a pay cut for a profile that promised a better work-life balance. But as per Randstad Employer Branding Research India 2022 Report, employers put more emphasis on financial health instead. That means there’s a gap between what the candidates or employees desire and what employers offer. A realistic employer branding strategy can bridge the gap.
About the author: Niraj Seth is a business leader with three decades of experience, including 14 years in CXO roles. He brings a wealth of experience working with companies like Naukri, Intuit, Cleartrip, Monster and Bharat Petroleum.
