A year back, we announced ESOP as an employee benefit plan to place Ergode as an employer’s brand. While our focus remained on empowering the firm as an employer’s brand, little less than we knew, something else was happening behind the scenes. Steadily, the idea of coming up with ESOP landed us more financial stability. 

Now, that’s a long journey covered in 50 words. Let’s explore each mile!

Why is Employer Branding All a Firm Wants?

A strong employer brand helps a firm to be a potential hiring prospect for top candidates. Since most effective recruiting happens via employee referrals, a great employer brand means that people who work at and know your company is likely to recommend the company to those they know. The statement means, given the choice between two companies, the likelihood that a job candidate will gravitate toward the one with a better name recognition and a better reputation in the marketplace–that is, the one with a better employee brand. According to statistics, candidates are willing to take lower compensation as long as they are working for a company with good reviews and a reputable brand. Considering that job candidates are three times more likely to believe the employees of the company, rather than the company itself, in providing accurate information, having employees who are advocates for them can be crucial to recruiting the best talent for your organization.

Having the right people within your organization that are committed to helping you execute your desired employer branding can help you get an increased probability of landing a successful and profitable business endeavor. The most important part of growing a company is the people that work there, and investing in your employer brand could help to lower the turnover rate for your best talent, while also decreasing the cost of each hire. An engaging employer brand could result in better recruitment (without any extra costs), lower fill rates and hiring times, lower payroll costs, better retention rates, and a more pleasant, prosperous workplace for everyone in your organization.

A Center of Attraction for Investors

Is A Firm With a Strong Employer Brand A Point Of Attraction For Investors?

The talent competition is fierce, but with the right direction, you can create a strong employer brand and a positive employee experience, which works wonders to improve your employer’s image, culminating with a successful hiring effort that snowballs to winning teams filled with top talent. Having a strong employer brand can help lower your costs-per-hire, as candidates will be more familiar with your organization and be more motivated to apply (which also means building a stronger applicant pool!). There are other ways an admirable brand can make you a more appealing employer, and thus, a more effective HR organization.

Companies with strong employer brands experience several benefits from the perspective of impact on the bottom line, recruitment, and ROI. Not only does your employer brand attract the best talent, but after they are hired, employees of companies with strong employer brands are more engaged as well. A strong employer brand can reap several benefits for a firm and the prime one is attracting investors. When a company attracts top talent, the massive increase in productivity and success grabs the eyeballs of investors. Investors seek firms with good retention and reputation. Such firms are usually successful in creating their name in the market, hence, attracting stakeholders, especially customers. This leads to a sharp increase in the firm’s profitability and investors chip in their capital for a good ROI.

One Arrow – Two Targets 

With the investors chipping in and increasing financial stability, it is evident that a firm might have a strong impact on its bottom line. We talked that a strong employer brand can make a company more appealing to job seekers, increasing the pool of qualified candidates. This is especially important for firms looking to fill specialized or hard-to-find roles. Employees who feel good about working for a company are less likely to leave, which can reduce turnover and save the company money on recruitment and training costs. The reduced recruitment costs, improved goodwill, and improved talent acquisition strategy make a firm highly successful.

Overall, employer branding is a crucial element of any talent acquisition strategy. By promoting a positive image as an employer, companies can attract and retain top talent, which can lead to increased productivity, improved customer satisfaction, and ultimately, an increase in the bottom line.

Conclusion

Employer branding works best when handed over to people who can think from the perspective of a brand and a candidate. Throughout the process, my team and I focused on employee engagement and fixed the system’s loopholes. In our journey to make ourselves an employer brand, we improved our bottom line and increased employee engagement.