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A Great Way To Waste Money: Seven Ways Employer Brand Initiatives Fail
The numbers are impressive. When you have a strong employer brand, you can see up to a 50 percent drop in cost to hire and up to an 80 percent increase in retention (All data points come from Universum). You should expect to see far more inbound applicants, your recruiters will have higher InMail open rates, and your offer acceptance rates should grow.
Which makes employer brand sound like a magic bullet. Like pixie dust you can sprinkle over any company and magically make things better.
Of course, that’s not true. An employer brand isn’t a quick fix. It isn’t easy to understand, crystalize, and define an employer value proposition that is authentic, credible, and attractive. It takes work to turn that idea into something that your target audience wants to hear and absorb.
Depending on the size of your company and how deeply you’ve invested in your employer brand, a failed project might just be a little embarrassing, or it might be a significant capital loss. Investing in videos, microsites, ratings sites, recruitment marketing platforms, focus group,s and surveys can quickly reach into six figures, and unless they made an obvious impact on your hiring, they were all wasted.
So if you’re interested in getting the value out of your employer brand and want to avoid wasting time, effort or money, here are the seven most common reasons employer brands fail and how to avoid them in no particular order:
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