An employer brand is a reputation that will either attract top-tier talent to your company or send them running in the other direction.
Get your branding right, with strong interviews, a great company culture, and the help of a specialist recruitment team, and you’re sure to have candidates breaking down your door. Unfortunately, according to the Harvard Business Review, many organisations struggle with creating a compelling image. HBR even discovered that it can cost up to 10% more to hire someone if you have a bad reputation.
So, how can you uncover the benefits of great branding?
Why Every Business Needs a Good Brand
In a competitive business marketplace, a strong brand convinces potential employees that you’re the best way to build their skills and discover new opportunities. Whether you’re looking for an account manager or a C-Suite executive, an employer brand:
- Demonstrates your most compelling features: Maybe you use the most innovative software around, or you can give some of your employees flexible scheduling options.
- Makes your business more attractive: If every part of your identity tells people that you’re the best company to work for, you won’t have to worry about getting the “yes” from your new team member.
- Retains your hires: People are proud of being associated with a company that has a strong reputation. The right brand not only attracts candidates but helps you hold onto them for longer.
Of course, it can be tough to build the ultimate image. A publication called the “Employer brand study” shows that attracting the right talent is increasingly difficult for today’s companies. Part of the reason for this recruitment issue is that organisations don’t know how to make a lasting impression on their candidates with their employer brand.
The following best practices will help you to overcome your branding challenges and take the stress out of recruiting.
1. Look at Your Current Reputation
Before you can start improving your image, you need to know what people see when they look at your business. You can do this in some ways. For instance, you might talk to your recruitment agency to find out whether your hiring strategies are diverse and inclusive enough.
Another option is to read through reviews on sites like Glassdoor or send out anonymous staff surveys to get the opinions of your existing employees. Remember to encourage people to be as honest as possible. The more you learn about the problems your company has, the easier it will be to make a positive change.
Auditing your brand will also give you a chance to get to know your people better and define what makes you special.
For instance, Salesforce showcases its employer brand on LinkedIn, with more than 730,000 followers, and cultural insights chart demonstrating the social causes that employees invest in. You can take the same approach with your financial company, encouraging people to get involved in charitable causes to give their work more meaning.
2. Tell Inspiring Employee Stories
With an idea of your existing employer brand in mind and a vision of the image you want to create, you can begin to publish evidence that demonstrates the qualities and values that matter to you online. After all, while you can talk about things like company culture in your job description, most executive leaders and financial hires will check your business website and social pages for insights into your firm too.
Zappos, a popular online footwear company, uses an Instagram page called “InsideZappos” to show future hires what working for them is like. The account posts countless pictures and videos of staff members enjoying perks and making the most of everything the organisation has to offer, including spin classes, hot dog eating competitions and more.
Take a similar approach with your business and find ways to differentiate yourself. Case studies, articles written by employees, pictures, and videos can all highlight your brand.
3. Cultivate Strong Communication
Good communication will always be an important part of running a great business.
A culture of communication will make it easier for you to let your employees know which characteristics you prize most in your company. For instance, if your financial firm is all about innovative new technology, you can let your staff know that they’re free to try out new software or ask you about interesting account management strategies they’ve seen elsewhere.
Additionally, good communication means that your hires will feel more comfortable talking to you when they have a problem with the way your business does something. Financial advisor Questrade uses Twitter chats with branded hashtags like #WorkoWednesday to show their commitment to communication and remind potential new employees of their strong company culture.
4. Improve Employee and Candidate Experiences
Finally, all staff members want to feel special. From your C-Suite to your brand-new hires, help everyone in your team to see that you respect and appreciate them. From day one, make sure that you:
- Use a quick and efficient hiring practice: Work with specialist recruitment teams to reduce your hiring times, and keep candidates informed of when they can expect to hear back about a role. This way, even people who don’t join your team may recommend you to their friends.
- Map out development plans during onboarding: When you do welcome people onto your team, let them see a path of progression going forward. Work on goals together and discuss where your new employee would like to be five years from now.
- Reward and recognise: When your financial teams accomplish incredible things, make sure that you reward them. A free lunch, the chance to work from home, or even an exciting bonus can be a great way to keep everyone happy.
Building the right employer brand isn’t always easy, but it’s a crucial component in attracting, and retaining the right talent.
JobFitts Consultants are a specialist provider of professional Recruitment Services for the Financial Services sector and related suppliers in Australia. Since 2003 we have recruited and placed a breadth of operational roles at all levels from; HR, Accounting, Marketing and Customer Service/Frontline.