How To Measure Employer Branding
In today’s ever-growing world, recruiting and hiring top talent can be an uphill task without a proper & strong employer branding strategy. The main objective of employer branding is to build an excellent & reliable reputation for your business and to allow your business to attract & retain the ideal talent in your company. This is why measuring the effectiveness of employer branding is highly crucial for your business. Here are a few ways to measure employer branding.
Cost Per Hire
- Everything from recruiting fees, pre-employment evaluation, and costs related to your business’s advertising adds up and contributes to the cost per hire. This factor is essential since it gives a good idea to the companies about the success of their recruiting operations.
- In addition, you can significantly reduce the cost per hire of your business with a strong employer brand, as it’ll help the candidates who are an ideal fit for your business to come to you directly. It further reduces the time and money your recruiting team spends on hiring candidates.
- Social media continues to be an excellent way to connect with potential employers and employees. Most candidates visit the company’s website and social media profiles to learn more about the employer, which makes it essential to have a solid social media presence to enhance your brand’s reach and exposure.
- You can measure your brand’s growth on social media by keeping a tab on the engagement with your content, be it positive or negative, and the number of follows, shares, likes, and direct messages. This will allow you to connect with your potential employees and grow your brand awareness organically.
- One of the most crucial factors in measuring employer branding is employee referrals since it can enhance retention rates and significantly reduce cost per hire. Employees usually refer their current employer to others if they’re happy with the organisation’s work culture and environment.
- You can ease and speed up the recruitment process with a referral candidate. By rigorously analysing the employee referral data, you can easily measure whether your business is doing well internally and externally.
Quality Of The Hire
- The quality of your recruitment team’s hire is a fundamental metric for measuring employer branding. By measuring candidate quality, you can assess whether your employer branding is helping you attract the right people for the job.
- It is essential to ensure that the applicants-to-interview ratio is above 12% to indicate that your business is attracting quality candidates. Several factors assist you in measuring the quality of hires.
- How many applicants are referred?
- The ratio between the number of interviews and the number of job offers.
- The proportion of candidates chosen for interviews over all applicants.
Employee Retention Rate
- A key factor for evaluating employer branding is having a high employee retention rate. Your retention rate will increase if your employer brand is good since it motivates employees to stay with you. This is why increasing employee retention for your business is highly crucial.
- Conduct exit interviews to gather essential details regarding the factors influencing your team’s decision to leave. Before they go, learn as much as you can about their experiences, and apply what you discover to enhance your employer branding and hiring procedures.
Acceptance Rate Of Job Offer
- The offer acceptance rate determines the probability that a candidate will accept your employment offer. A high offer acceptance rate shows how successful your recruitment procedures were and how well-received your employer brand is among prospective employees.
- Start measuring your offer acceptance rate to compare your progress and to get feedback from applicants who pass up the chance to work for your company. You’ll also be able to determine whether customers are declining the offers for unconnected reasons or if there is a general opinion about your business.
To measure the effectiveness of your employer brand, you must choose the appropriate mix of metrics that matter to your business and its employer branding objectives. You can also use the knowledge you get from the measures mentioned earlier to enhance your employer branding campaigns. If you can transform the measured findings into concrete steps, this will help you even more in ensuring that your company is a favourite among employees.