Before social media, the growth of the internet and the dizzying array of technology we now have at our disposal, it was considerably easier for businesses to stand out from the crowd and separate themselves from their rivals. The employment market was more homogeneous and firms largely utilised their employment packages and their wider consumer reputation to lure the staff they needed. However, as we all know, the world around us has shifted considerably and companies now have more ways than ever to reach the employees they need, which has largely thrown traditional talent attraction methods out of the window. Now, competition is rife and it has never been more important for businesses to differentiate themselves as employers; but how can firms do it?
Ultimately, the key for companies in almost every industry is to develop a unique and powerful employer brand that clearly highlights the benefits of working for the organisation. This is not, and cannot, be the same as its consumer brand, and firms that try and couple the two together will more often than not fail. Employer branding needs to be focused on what the business can offer its staff, not its consumers, and it is important not to cross the two messages.
Consumer vs employer branding
Apple is often seen as a leading example of effective consumer branding. The Steve Jobs-led rebrand the organisation embarked upon in the early years of the new millennium pushed it to the top of the global consumer technology market, a position it still holds to this day. However, while Apple has historically leveraged the power of its customer brand to attract staff, it too has realised that it needs to develop a stronger employer facing image in order to lure the best and the brightest top talent from other leading employers. This is because, like all successful firms, Apple recognised that the days of being able to recruit people by solely using external reputation are a thing of the past, and now, many professionals would rather work for a seemingly less successful firm that values them as a unique individual and has a strong employer brand, over one that does not go to the same extent. In fact, it is only in the past few years that Apple has placed any focus on developing a separate employer brand. And if one of the world’s largest organisations is going to this extent to secure the talent it needs, what excuse does any other firm have for not investing in their branding?
Perhaps surprisingly, Apple has not been the only outlier. Too many firms have taken too long to recognise the importance of having a distinct employer brand and the power it can hold. Businesses are recruiting, particularly in the likes of the technology industry, from the same, shrinking talent pools and for the best people out there. And, at senior level, the issue is much more acute with many firms reporting major issues attracting the executive tier staff they need. This is partly because the best leaders have recognised that this is a candidate-led market, meaning they can be demanding with employers about they want knowing that they are often in the dominant position.
Unique proposition
While developing a robust brand, organisations need to remember that no two people are the same and the best way to stay ahead of the market is adopt a data-led approach to identify what works and what does not when it comes to talent acquisition. Some individuals, for example, are driven by access to a collaborative, traditional working environment, while others want a better work/life balance and the chance to work flexibly or remotely. Some - although nowhere near as many as some employers seem to think – want access to table tennis during their breaks, pizza parties and office naptime pods – and other professionals want more tangible, powerful benefits, like a four-day working week. Obviously, not every employer will want to, or be able to, offer this as a perk. However, UK-based environmental consultancy, Tyler Grange found that visits to its hiring portal rose by 60% and enquiries to the company rose by a whopping 534%, after it made its shift to a four-day week and integrated this bonus as a key part of its employer brand. Tyler Grange is not the only company offering a four-day working week, but the company has developed a more coherent, robust employer brand than its competitors and is becoming known as an employer that thinks differently and looks out for its staff. This has led to a greater number of applications and, you would assume, a higher quality of applicants, highlighting the impact a good brand can have.
Clear benefits
Developing a unique employer brand also has numerous other benefits: Firstly, there is a clear decrease in cost per hire; according to statistics from LinkedIn, a company with a powerful employer brand sees an average cost decrease of 43%per candidate, with savings largely stemming from sourcing potential employees more easily. Strong branding reportedly also leads to firms being able to attract 50% more qualified applicants.
Equally, companies that disregard their employer brand have been shown to have to work harder to find talent, and risk paying higher salaries because people aren’t as keen to work for them. Indeed, this fact in particular highlights the sheer value that a strong employer brand can have. While most would assume that pay is the main driver attracting people to roles, actually, according to one study, 67% of candidates would essentially accept lower pay if the company they were interested in had positive reviews of what it’s like to work for them online.
Control the message
Regardless of whether a business is focused on developing an employer brand or not, it will still exist and will play a key part indicating candidates’ hiring decisions; 78% of people will review a company’s reputation and 88% of millennials believe that working for a company with the right culture is a very important factor in choosing where to work. 79% use social media in their hunt for the next job - this means it’s critical to own the messaging and develop an employer brand before someone else does. Any major firm that thinks it does not have an employer brand, only needs to visit social media and platforms like Glassdoor to highlight in the starkest possible terms that it does.
This brand will dictate how the firm is perceived by employees and candidates, and it hinges on a range of experiences, perceptions and influences, each of which need to be authentic and present a realistic representation of what it’s actually like to work there. There is no doubt that having a strong employer brand has significant benefits; from providing real differentiation and value, helping to attract and retain people with the best ethical and cultural fit, or simply cutting recruitment and hiring costs. But a brand is only as effective as an audience’s perception of it, so how do you know what candidates think of your firm as an employer?
Research is fundamental to gaining a deep and up-to-date insight into the strength of your brand and proposition. Here at Research Europe, we can actively engage with a range of candidates and opinion formers across your industry and other sectors, giving you both quantitative and qualitative data to help you assess current perceptions – and helping you to find the best way to build a brand that makes you a go-to employer in your marketplace. Our strength is in seeking out a broader range of voices and giving you a 360-degree picture of your employer brand and value proposition, enabling you to make smarter decisions and get ahead of your rivals in the war for talent.
If you would like to speak to us about developing your employer brand or assessing the effectiveness of your existing messaging then get in contact here.