Why Employer Branding Matters More Than Ever â Philip Black
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Employer branding. In the talent sphere, itâs getting tons of attention. And itâs critical to the future success of your business. Omobonoâs US Head of Strategy, Philip Black, shares a few initial thoughts on this growing area of brand differentiation.
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âHello. My name is Philip Black, and I lead the strategy team here at Omobono's US office. Iâd like to briefly share why investing in an Employer Brand is critical to the future of your business.
Leading companies like Google, Salesforce, BlackRock and GE are ruthless when it comes to talent. What they know is that the battle is won or lost based on the quality of people they have in their company. Hiring the best and the brightest translates into competitive advantage.
So let's talk about the power of employer branding.
8 out of 10 of talent leaders say employer branding has a significant impact on their ability to hire great talent. In fact, itâs the #1 area theyâd like to invest in.
When it comes to hiring costs, companies with strong employer brands only need to spend half as much as other companies. So letâs say it costs $4,000 to hire an employee. Build your employer brand, and youâd save $2,000 per hire.
When it comes to retention, a strong employer brand means 28% less turnover. Considering it costs a company 6-9 months of salary to replace an employee, that adds up. Especially with higher salaries for in-demand talent. Not to mention the hit on productivity and morale.
Those are averages from all across the US and Canada. Factor in hot, bigger, markets like Silicon Valley, LA, Chicago or NYC â the impact is much more dramatic.
The talent marketplace has become ultra-competitive.
So how do you compete?
Create a compelling brand targeting candidates and employees. One that sets you apart. By showing how your vision and values align with theirs.â