Think you don’t need an employer branding strategy? Read on about a few numbers.
The percent of employees, out of 19,000 surveys and exit interviews, who leave an organization for reasons other than money. In that same survey, 89% of employers said they believed that employees left only because of money! (The Saratoga Institute)
What this means for you: Don’t think you can’t compete just because you can’t offer top dollar. Generations X and Y consider many other factors, including culture, perks, flexibility, and corporate responsibility. If offering average pay and benefits is scaring you from reaching out to prospects, rest assured that your organization probably has one or more other strengths that will impress prospective employees.
The percent of employees who would recommend jobs at their company to a close friend or family member — but employers say that only 23% of their employees participate in employee referral programs! (Bernard Hodes Group)
What this means for you: Organizations must do more to encourage their employees to refer talent. More than half your employees want to refer friends; they either don’t know how or don’t think about it when the opportunity comes. If you don’t have a referral program, you should create one. And if you have one, you should explore ways of getting information to your employees in a continuous, memorable way.
Percent of employees, from more than 1,700 organizations worldwide, who believe “it’s important that other people want to work for my employer.” Employer Brand International)
What this means for you: Employer branding isn’t just for recruiting; it can help retain talent, too. Just as employees leave for reasons other than money, they also stay for reasons like reputation and pride in work. Even if your recruiting is going somewhat smoothly, employer branding can help keep your current employees satisfied and productive, lowering your overall hiring costs.
The percent of global employers, out of 632 surveyed, who believe that not having the right people had some effect on their companies’ losing business. (Universum EB Insights 2011)
What this means for you: Talent can be an unappreciated, overlooked, and under-funded resource. Some CEOs are familiar with cost-per-hire, but what about quality of hire? The wrong hire can cost more money than not hiring at all. In this economy, it may be easy to fill certain positions with warm bodies, but finding top talent who will lead the next generation of your company requires a compelling, differentiated message.
The percent of employers, out of a survey of 175 HR, communications, and marketing professionals, who said they had no employer branding strategy. 51% had an established strategy and most of the others were in the process of developing or refining theirs.(Bernard Hodes Group)
What this means for you: You must have an employer branding strategy. Presuming that you are an “employer of choice” and don’t need to reach out to job-seekers is no longer an option. Ninety-seven of your competitors are communicating their mission, vision, values, culture, and benefits to your talent pool; you have to get in the game or you’ll give away the victory.