Companies like FitBit have made us addicted to data. If you want to lose weight, you can use data to better understand your sleep and activity habits, and then make changes to reach your goals. By simply wearing their product and choosing from an array of applications, you are provided with eye-opening data, and even a bit of fun in the process.
So why not use data to attract more of the right candidates and improve your bottom line?
Employer Branding and Your Bottom Line
The concept of Employer Branding is fairly new to many people, but the return for companies that invest in this area deserves consideration. Take a look at these statistics from a LinkedIn study on how a great Employer Brand can improve your company’s bottom line:
- 28% reduction in the organization’s turnover
- 50% cost per hire reduction
- 50% more qualified applicants
- 1-2x faster time to hire
Source: LinkedIn study.
Accurate data analytics with actionable insights provides the key to unlocking this kind of value.
Free Analytics Tool
Ready to get started? Click here to get access to our EB Influence Analytics tool. This is a great starting point for understanding what is involved with Employer Brand measurement, along with an insightful comparison to your competitors.
Remember the FitBit example? Imagine having that experience with your Employer Brand. Insightful data about your strategies, your social influence, proof of your ROI; all of these things and more are possible when you harness the power of data analytics.
Recommendations for Getting Started with Employer Branding
Working along with the analytics, here’s a few recommendations for measuring and improving your Employer Brand:
- Figure out what the ‘finish line’ looks like. There are general goals that can be achieved by managing a great EB, but it’s time to get specific. What type of candidate are you looking to attract? Is your EVP (Employer Value Proposition) clear and communicated effectively? Answer these questions first and then plan your strategies and tactics to support those goals.
- Choose, measure and track what matters. Use our EB Influence Analytics tool to start. As you move forward, decide on KPI’s (Key Performance Indicators) related to your people and culture goals, and then track them as you implement your changes.
- Implement changes based on your data and current research. Trends that appear in your data, or in relevant research in the field (eg. The LinkedIn study above) will bring opportunities for change, so it’s important to always be open to trying new things like employee generated content, videos that openly share who you are without too much production, and other ideas that may be outside of your norm.
- Reap ALL the benefits of a great Employer Brand. After you’ve put in some serious work on points one through three, you’ll begin to see a return on your Employer Brand investment. Follow your key HR metrics (see examples from the LinkedIn list above) from start to finish and you’ll see the positive effects that a great Employer Brand has on your bottom line.
Start Small, Start Now
The concept of Employer Branding is gaining momentum all over the world, in companies of all types and sizes. Employers are quickly recognizing the return on investment here, in areas like employee retention, engagement, and ultimately, their bottom line. Whether you are a team of one or one-hundred, you can start small, but you should start today.
Download our free analytics tool here and start improving your employer brand today!