Reduce Your Cost Per Hire with Employer Branding
Is employer branding a key component of your talent acquisition strategy? If it isn’t, it should be. A report by LinkedIn suggests that in today’s competitive talent market, your employer brand is more valuable to your company than ever — especially when it comes to your bottom line.
Survey research suggests that a proactive employer branding strategy can reduce your cost-per-hire by 50 percent. It can also yield 50 percent more qualified applicants and reduce turnover by 28 percent.
Based on their data, LinkedIn asserts, “Developing and investing in your employer brand is critical to not only attract passive candidates to your company, but retain your top talent. While many think their employer has strong appeal, the reality is that most don’t which is another reason to closely look at how your company is really being perceived among candidates and reduce your cost per hire.”
Building a strong employer brand doesn’t just cut costs, it also benefits a company’s overall recruiting efforts. Additional LinkedIn data tells us that 75 percent of candidates consider an employer’s brand before they even apply for a job and 52 percent of job seekers research a company’s website and social media accounts to learn more about an employer.
But how does a company strengthen their employer brand? Here are some quick ideas to get you started:
Enhance your careers site – Does your careers site sell your brand to job seekers? If the answer is no, check out this great blog article from SocialTalent for ways to optimize your site.
Become more active on social media – This article from TalentLyft provides some great tips for promoting your employer brand on social media.
Offer unique perks to employees – Consider attracting quality talent by offering unique benefits and opportunities to employees. Check out this Recruiterbox article for examples.
The truth is, hiring teams and talent managers should be taking a thoughtful and strategic approach to building brand awareness. When executed effectively, employer branding has the potential to both bolster your talent acquisition efforts and reduce hiring costs.
Want to learn more? Stackrock Talent is ready to help you optimize your talent strategy to attract, engage, and hire the right talent for your company. Email us at cammas@stackrocktalent.com.
