We have to understand how critical it is for organizations to completely understand the importance and benefits of developing an employer brand to attract and retain the talent. So now we are looking at a much more difficult task which is how to measure the ROI of the all Employer Branding of an organization.
As every organization knows, employer branding is crucial for them to engage as well as retain employees, to reduce cost per hire and complement traditional branding efforts. Because the practice is still very new and defining it’s ROI in specific terms which have wide agreements that can be quite challenging.
Before jumping into any measurements make sure you understand your audience and align your employer branding metrics to your business objective. Have a clear idea on how you are going to measure and also remember that your employer branding metrics should be reliable and predictive. Use channel that will extend your market reach and add fully customized career site to your corporate website to:
Provide all your background information organization, work culture and values
Present all your jobs benefits from a presence of relevant social networking sites
Connect with all the employees using multiple channels
Do follow referral schemes
Advertise all of your job posts through wide range so that it can reach to multiple candidates
Easily manage the entire recruitment process employer image
Few, results can be measured with a high degree of accuracy and according to the statics found in the EBI study ( Employer Branding International) and there are several different possible metrics to use when considering your Plumb of ROI Employer Branding:
Employee Contentment: It is closely related to the employer brand just because organizations with better brands are perceived to be better places for working.
Employee Engagement: It is used to measure by length of service, turnover statistics and target surveys.
Quality of hire: The ability, education and other credential qualifications of the qualified applicants are highly important. The more qualified the applicants, better the brand.
Time and fetch to hire: Organization can reduce the fetch cost if they are using an intelligence ATS system.
Job acceptance rate of candidates: Accept the employees as many as possible if they are skilled enough for work. Which makes a better recognition for the organization and the employees.
Number of applicants: Post your job applications in different number of websites like Internshala, Job search, Glass Door etc. so that organization can receive a number of applicants.
Employee turnover: This is a leading indicator and measurement of employer brand. In general, an increase in employee turnover is an indicative of a weaker brand.
Increased level of Employee Referrals: It is clear evidence for employees who believe the company is a good place to work.
Decreased absenteeism: Maintain a good workplace atmosphere so that employees feel fresh and do not feel much preference for taking leaves.
By following these measures organization can highly increase and promote the employer branding and can also reduce the cost of hiring, recruiting the new employees and can retain the talent to the company.