Employer Branding: An Underrated Competitive Edge?
All good businesses have one thing in common.
The best products and services rely on them. Otherwise perfect plans and strategies are worthless without them.
The best ones can make a business. The worst ones break it.
I’m talking about people.
It seems obvious then that employer branding has the potential to be massive for any business. Helping to attract and retain the best available people, and serving as a competitive advantage over competitors who can’t.
Companies with great employer branding see an average 28% reduction in employee turnover.
It doesn’t end there either.
Investing in defining a strong Employer Value Proposition (EVP) and employer brand can also help reduce your hiring costs. LinkedIn research found that employers with strong talent brands saw a 43% decrease in cost-per-hire.
Both savings could free you up to invest in other areas of your business without sacrificing your bottom line.
Financial benefits aren’t the only ones in play. Defining and promoting your employer brand will help attract not just the best people, but those who are aligned with your business and how you work:
49% of businesses associate employee engagement with employer branding.
Not forgetting the other important people
Customers are the other people who the fate of your business revolves around. A 2019 study from Glassdoor found a statistical link between Glassdoor scores and customer satisfaction in the form of a 1.3% uplift in customer satisfaction for each one-star improvement in employee ratings.
With 81% of organisations citing customer experience as a competitive differentiator, and 84% associating it with increased revenue, it’s easy to see just how important an impact a small difference could have in giving your business an edge over the competition.
What’s that? You’ve heard enough? You’re chomping at the bit to get get started defining your employer brand, and you want some kind of beginner’s guide to help?
You won't believe this... I have just the thing.
You can grab a copy of our Beginner’s Guide to Employer Branding and Value Propositions by clicking here. Brew and biscuits sold separately. ☕🍪