Benefits of Employer Branding
People and companies already know that employer branding is essential. And yet there are still many businesses that are hesitant to spend money on it because they think the benefits won't be enough to cover the cost. After all, investing in a good employer brand takes more time and work.
This topic has plenty of articles online, so we won't spend too much time discussing it. However, the top five benefits of employer branding are:
Attracting top talent: A strong employer brand can help a company attract top talent by showcasing its unique value proposition and culture and differentiating it from its competitors.
Improving employee morale and retention: A positive employer brand can improve employee morale and reduce turnover by creating a sense of employee pride and belonging.
Differentiating the company from its competitors: A strong employer brand can help a company to stand out from its competitors and establish itself as an employer of choice.
Enhancing the company's reputation: A positive employer brand can enhance its overall reputation, which can help improve its standing in the market and increase its attractiveness to potential customers and partners.
Increasing the company's bottom line: A strong employer brand can help a company to improve its bottom line by attracting top talent, reducing turnover, and enhancing its overall reputation. This can lead to increased productivity and improved performance, which can drive growth and success for the company.
"What's in it for you?"
Recruitment: Companies with a strong employer brand have more qualified candidates, lower costs per hire, and faster time to hire. Companies save on salaries, help attract passive candidates, increase visibility, and increase trust.
Engagement: When fostering a 'great place to work,' you can expect higher employee engagement, boosted employee morale, improved company performance, higher revenue, build better customer credibility, and slower employment growth.
Retention: Significantly lower attrition rates, such as lower employee turnover, talent retention
Potential candidates are increasingly curious about what it's like to work at a company. Employees want to see that the company is genuine and honest, not just what it says it is. So it's clear to everybody that having a good employer brand is becoming more important.
So again, what are the benefits of employer branding?
Satisfied employees = higher employer advocacy = satisfied customers = higher external advocacy = higher revenue $$$
A win-win-win for all parties! (source: here)
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