In a competitive talent market where finding specialist talent is critical for success as well as difficult to find, employer branding could be the answer. Businesses that communicate their brand well can attract the right talent effortlessly.
Studies show that businesses with a good brand strategy can attract up to twice the number of applicants per role.
In a tight talent market where businesses are struggling to find specialized talent, strong employer branding strategy allows you to stop searching for talent and start letting it come to you.
It’s a completely new approach to hiring that is different from the traditional recruitment model where businesses struggle find candidates.
The hospitality industry is no different than any other business. It might be even more critical given the service dedication and guest satisfaction as core driver for their business model – but isn’t this the same with all businesses.
Developing an employer branding strategy, and strengthening the chances of attracting the right talent should be core in hospitality – restaurants, hotels, etc.
Cost per hire
Another attraction is the direct impact on cost per hire. According to LinkedIn, a company with a stronger employer brand than its competitors on average see a 43% decrease in the cost per candidate they hire.
With a strong employer brand, you need to spend less to find the right candidate. Candidates find you. No need for to spend hard-earned profit on advertising and marketing campaigns to hire candidate.
Rather with a consistently looked after employer brand, you will reap the rewards of the natural talent attraction traits of a strong employer brand.
Alignment of values and purpose
Moreover, many more people today ask themselves the question – why am I considering this role and company? What is exciting me about it?
The trend is now for candidates to research the company and its culture and dig deep to find more about the hiring culture especially the person who you they will be working directly with. With traditional hiring, companies used to look for culture fit candidates and ensure assessments and reference checks are completed in the hope of finding the right candidate.
Today, roles are reversed. Candidates research the company culture, values and overall purpose and if it doesn’t match with their own raison d’etre, they will not even approach the company for a role.
An employer branding strategy is essential as it impacts so many areas within the business. It starts with an internal journey to figure out what it’s like to work in your business. This means looking at your company culture, and how your employees define your brand.
It’s the company reputation in a nutshell and how your own employees perceive it.
Defining a corporate culture is not a walk in the park. Companies may not hear the answers they want to hear once they dig deep into understanding how their employees feel about the brand. However, this dose of reality is the right place to start.
Once you highlight your brand values, then only you can enhance your messages and give yourself more opportunities to attract talent.