Why Is Employer Branding Important?
In a world where information can be shared with the masses almost instantaneously, and where the masses themselves are all allowed an equal voice in the public forum, organizations have come under far more scrutiny for their employer reputations than ever before.
Couple this with the fact that job seekers now have widespread access to every job listing under the sun, and you can see why employer branding is crucial today.
A recent study by Corporate Responsibility Magazine found that nearly 70% of job seekers were unlikely to accept a job offer from a company with a bad reputation. Believe it or not, the job seekers surveyed here stated that this would remain true even if they were unemployed at the time. That truly speaks to the influence of an employer’s reputation.
Another way to look at the importance of employer branding is to consider how much it can cost your organization. A poor employer reputation won’t just potentially lose you the valuable top talent who may have otherwise accepted a job offer; the candidate who does accept your offer will ultimately cost you more money to retain as well. According to Harvard Business Review, a company with a bad reputation will end up paying at least 10% more per hire. In other words, you’ll essentially be bribing job candidates to overlook your weak employer brand by offering them inflated salaries. A minimum of a 10% increase on every salary is an incredibly costly fine for having a bad reputation as an employer.
The Benefits of Employer Branding
Read the full article at: www.recruitmentmarketing.com
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