Your company may have an army of marketers and public relations staff working nonstop to create a company brand that attracts new business. This strategy has proven its value in attracting new customers and increasing the loyalty of existing customers.
Unfortunately, you’ll find most staffing departments assume solid company branding is enough to attract high-quality candidates, and they stop short at cultivating the company’s talent brand. This is a serious error. If your company has an excellent talent brand, you’ll welcome greater success hiring the “cream of the candidate crop” and spend fewer funds to get the job done.
What is Your Talent Brand?
In a nutshell, your company’s talent brand includes the same components as a company or product brand; in this case, however, the product is your working environment. Specifically, your talent brand is what talent think, feel, and share about your company as a place to work.
If your candidates list your company under “dream jobs,” and current employees are engaged in the culture, chances are you have created a solid foundation for your talent brand. A high number of referrals from existing employees is one sign you have a positive talent brand.
Three-quarters of recruiting leaders agree that talent branding is crucial to the success of staffing their companies, but many are not yet taking action. This opens up an opportunity for thought leaders to pull ahead of the competition; focusing on talent branding now means a quicker return on investment.
Go Social to Promote Your Talent Brand
According to LinkedIn’s 2015 Global Recruiting Trends report:
“Online professional networks and general social media are the fastest growing channels for promoting talent brand.”
In addition, the three most-effective channels for promoting your talent brand are:
- Online professional networks like LinkedIn
- Word of mouth from friends, family, and colleagues
- Social media networks like Facebook and Twitter
Talent Branding ROI
The primary way your company saves money with a strong talent brand is the dramatic reduction in costs associated with each hire. In addition, turnover tends to decrease in companies with positive talent brands, which cuts the expenses involved each time an employee leaves. A study of 2,250 corporate recruiters determined great talent branding cuts cost-per-hire in half, and turnover can be reduced by up to 28 percent.
Are you wondering why talent branding has such an impact on cost-per-hire? Consider the amount of time and money invested in seeking highly qualified candidates, convincing them to proceed through the application process, and enticing them to sign on to the position you offer at a pay rate you can afford.
Each one of these steps is far less strenuous, and therefore far less expensive, if candidates already have interest in working for you. Their impressions of your work environment, compensation and benefits plans, and commitment to community organizations will impact their responses to your job postings; a positive talent brand ensures more positive responses.
Lure Passive Candidates—Without Poaching
Companies with excellent talent brands find they receive plenty of unsolicited applications from highly qualified candidates looking for a change; more importantly, they are better positioned to enjoy positive responses from passive candidates.
With a shortage of qualified candidates in today’s active candidate pool, you simply won’t fill positions without working the passive candidate angle—and these folks won’t give you a second look unless your talent brand is top-notch.
READ THIS NEXT: Are You Hot Enough to Pass on Passive Candidates?