5 Reasons for Why and How You Need to Take Control of Your Talent Brand
July 11, 2013
Companies increasingly realize that talent is their greatest competitive differentiator – even greater than products and services.
How you’re perceived as an employer matters more than ever in a world where opportunities are more available, specialized talent is scarce, retaining the best and brightest is more challenging, and 80% of candidates are not actively looking for opportunities.
With this in mind, smart companies have begun marketing themselves the same way they market products and services. They are getting the right messages in front of the right candidates, at the right time. In other words, they are investing in their Talent Brand.
Through our analysis we have found that companies who do just that - invest in a talent brand - stand to gain in 5 ways:
- Better financial performance: Joint research with Lippincott demonstrated that companies that not only have a strong consumer brand, but also a strong talent brand, registered a 36% gain in share price over the last 5 years.
- Cost savings: Up to 50% in savings of cost per hire. A stronger brand attracts talent faster, allowing companies to fill positions easier and with fewer resources.
- Higher response rates: A strong talent brand means that it’s two times more likely that candidates will respond to your recruiter messages.
- Attract more talent: 50% increase in the number of applicants per job posting.
- Attract better-qualified talent that will stay longer: New hires who were discovered on LinkedIn (for instance through a job posting or a company’s Career Page) are 40% less likely to leave after 6 months compared to a hire who was not impacted by a LinkedIn solution.
The top resource that will help you build and execute a successful talent brand campaign is your employee base. Your employees have a voice in defining the way the culture and the company is viewed. They are simply an extension of the brand from a product, consumer, and talent perspective. If leveraged correctly, they will be your biggest ambassadors and the most powerful talent magnet.
Here are a few ways in which your employees can power your talent brand:
- They can turn their network of friends and peers into loyal followers
- They can be a channel for showcasing what it is like to work at your company
- They can alert their networks about job opportunities available at their company
In the war for talent, the winners are the ones who know how to outsmart the competition with being top-of-mind and driving branding and marketing messages that are unique. The winners leverage their employee assets and the connections these employees have. And most importantly, they use data to inform their strategy and make changes along the way. They use the Talent Brand Index to determine how attractive they are relative to peers and identify areas of opportunity.
Here are a few tools and tips that make it easy for any professional in talent acquisition to start investing in their company brand today:
- Figure out what your TBI is by requesting it from LinkedIn and determine where you want to go based on the peers that are ahead of you.
- Determine focus areas in function & geo and set goals that you share with leadership.
- Partner with marketing and implement a strategy that mobilizes your recruiting team and employees and is focused on increasing engagement on social networks:
- Encourage employees to expand their networks and share valuable content
- Build a loyal following of candidates you want to hire one day
- Create relevant content in partnership with marketing to message out through your employees