We at MyPeopleBiz have come to understand how critical it is for organisations to completely understand the importance and benefits of developing an employer brand to attract engage and retain talent. So now we are looking at a much more difficult task – how to measure the ROI of all your employer brand strategy.
As everyone knows, employer branding is crucial for companies to engage as well as retain employees, to reduce cost per hire and complement traditional branding efforts. Because the practice is still very new, defining its ROI in speci?c terms that have wide agreement can be quite challenging.
Before you jump into any measurements make sure you understand your audience and align your employer branding metrics to your business objectives. Be very clear on what you are going to measure and remember that your employer branding metrics should be reliable and predictive. Use channels that will extend your market reach and add a fully customized career site to your corporate website to:
Certain results can be measured with a high degree of accuracy and according to the statistics found in an EBI study (Employer Branding International) there are several different possible metrics to use when considering your ROI of employer branding:
Other less traditional measures include promotion readiness rating, external/internal hire ratio, performance ratings of newly promoted managers and manager/executive failure rate.
All these measures will help you monitor and track results. By measuring your results and getting an understanding of what works and what doesn’t you’ll be able to communicate your employer brand easily and hassle free.
Whether you have been managing your employer brand for a long time or you are very new to this, you’ll have to keep in mind that your employer brand is extremely important to your relationship with prospective employees and their whole application experience. We at MyPeopleBiz are happy to use our artificial intelligence technology and help you boost your employer branding efforts, reduce your recruitment costs, increase your company’s level of referrals and provide your candidates with a more fulfilling job hunting and application experience.
Contact us for details or if you have any questions and comments. We look forward to hearing back from you.Back to Recruitment blogs