Until a few years ago, branding was mainly handled by corporate marketing departments. Sometimes, talent acquisition would manage talent attraction, but would do this only for full-time employees.
Today’s workforce includes a variety of categories, and the contingent workforce is among the fastest evolving segments in many enterprise-level organizations.
Large global companies with visionary leaders are becoming increasingly aware of branding’s importance in finding and retaining the best talent across all categories – full-time, contingent/contract, freelance and part-time.
Employer branding includes all activities designed to form a positive impression about an organization in the job candidate’s mind. This includes, but is not limited to, an Employee Value Proposition (EVP), key messaging, and the candidate experiences across all touch points with the brand.
Employer branding is critical because:
It flips the picture- from you seeking talent to talent seeking your organization
A strong employer brand is a powerful magnet for talent. It can bring recruiters one step closer to their ideal – industry leading talent approaching them, rather than the other way around.
Less spend on job advertising
Since you have a better chance of attracting top talent by utilizing your brand power, there is less need to spend money promoting your company or its open positions. Companies with a strong employer brand can also leverage large networks of individuals sharing job postings amongst peers- which is advertising of another sort.
Less spend on salary
It is common for talent to join a company with a higher employer brand value over others, even for a lower salary. Companies with a poor employer brand, on the other hand, generally pay a significantly higher salary to attract the same talent.
Attracting talent with niche skills
At any given time, there are two wider categories of talent – those who are commonly skilled and possessing niche skills. It’s not easy to find talent from the latter category, given their demand and scarcity in most industries. An effective approach is to have such talent readily available in a candidate talent community. What accomplishes this? The use, and power of your brand, of course.
In fact, backed by a strong brand, there is an even better chance such talent would engage with you before a role opens.
Decreased cost per hiring
As you may have guessed, you could also lower the average cost per hire by leveraging your brand. A LinkedIn study shows a reduced hiring cost of up to 43 percent when you leverage your brand’s value.
Ask any Human Resources professional about their main concerns, and they would cite retaining quality talent as one. The problem with attrition is twofold: on one end, recruiting new talent can be time-consuming. On the other, new talent often requires considerable time assimilating to company culture.
Retaining the talent you already find value in can be an antidote to the problem. A strong employer brand can drive re-engagement, retention and redeployment, leading to less turnover in crucial roles.
TalentNet is a Software as a Service (SaaS) platform that helps you leverage the power of your brand even as you find the best talent. Be it full time employees, contingent and gig workers, or interns you seek, the platform offers a one-stop solution.
Since launching in 2013, we have helped many Fortune 500 companies streamline their hiring process by cutting down the supply chain complexity. The AI-powered platform takes the pain out of direct sourcing, helping you cut down the hiring cost per candidate.
Please book a product demo to know more.