Employer Branding Explained: A Comprehensive Understanding
- Get to grips with the essence of employer branding.
- Track the progression and development of employer branding over time.
Moving beyond the basic ideas, let's go a level deeper into employer branding. We'll start by defining what employer branding really involves, and then look at how it has evolved.
Definition of Employer Branding
The common misconception is that employer branding is merely corporate jargon. In reality, it reveals what an organization represents.
In short, employer branding is the company's reputation as an employer coupled with the value it extends to its employees - often referred to as 'Employee Value Proposition' (EVP). It's the impression potential, current, and past employees hold about the organization, what they perceive and expect from working there.
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The Evolution of Employer Branding
Looking back at the history of employer branding, it has evolved significantly from its beginnings. Initially, it was just a minor part of HR departments, but now it has become a key part of a company's strategy. Like any other concept, employer branding has evolved in response to the shifts in economic and cultural environments. From an era where job security was the primary driving factor to today, when job satisfaction, organisational culture, flexible working hours, and so on, carry significant weight. The evolution has been driven not just by changing employee expectations but also by technological advancements and shifts in societal norms and values. It's not just about being a good employer anymore, it's about being perceived as one and upholding that image consistently - that’s the core of employer branding today.
This understanding, however, is only the beginning of the wider conversation about employer branding.
Measuring Employer Branding Success:
Key Metrics to Monitor
To improve your employer branding strategy, there are distinct metrics to keep an eye on. They paint a picture of how well your initiatives are working and where there’s room for improvement.
Metric 1: Quality of Hire
Cracking the code to quality recruits starts with measurement. The quality of hire is an optimal gauge of employer branding success. It assesses the value new hires bring to the company, considering their performance and the longevity of their tenure. This can be computed by examining their productivity, cultural fit, and reviews from managers. The idea here is that if your employer branding is spot on, you'd likely attract high-quality candidates who are a good fit for your organization. These individuals not only meet the job requirements but also meld seamlessly into your corporate culture, and steadily contribute to meeting your business objectives.
Improve your Quality of Hire
Improving your quality of hire means directing focus on your talent acquisition strategy. A strong employer brand contributes to this by attracting the right candidates who are more likely to succeed within the company's environment, thus improving the quality of hires.
Metric 2: Time to Fill
Another vital metric is the time to fill, which measures the period it takes from opening a job requisition to having it filled. This metric is a double-edged sword: while a short time to fill suggests your brand is attractive to job seekers, it can also mean haste and potential compromise on the quality of hires.
By tracking your time to fill, you can gauge if you're attracting the right talent quickly enough while maintaining rigorous selection standards.
Reduce Time to Fil
Invest in crafting a strong employer brand message and ensure it's widely visible across all your hiring channels. It can expedite attraction, engagement and motivate top talent to apply, reducing the time to fill.
Metric 3: Employee Retention Rate
Lastly, the employee retention rate represents the ability to keep talented employees. A high retention rate likely indicates a positive company culture, a robust benefits package, and meaningful work—attributes associated with strong employer branding.
If you're a magnet for great talent but can't retain them, it's time to reconsider your employer branding efforts. Evaluate what's causing the high turnover and refocus your branding strategies accordingly.
Boost Employee Retention
Boost the employee retention rate by making your employees feel valued. Understand their needs, offer competitive benefits and, most importantly, foster an inclusive company culture. After all, your current employees are brand ambassadors, and their contentment can result in a ripple effect attracting even more quality candidates.
