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Why you need both employer branding and inbound recruiting strategies to attract top talent

 

Moonlighting 2

An increasing number of businesses are using innovative strategies like employer branding and inbound recruiting to attract candidates, rather than simply relying on traditional job advertising. 
 
Promoting a company’s positive qualities and offering interesting, industry-related content is a good way to connect with top talent, including those who may not be actively looking for a job. 
 
Below are three important reasons why you should add employer branding and inbound recruiting principles to your talent acquisition toolbox.

 

1. You’ll attract the right candidates…

Bad hires can not only have a negative impact on a company’s financial well-being, but they can also decrease overall productivity. According to CFOs surveyed by Robert Half, supervisors waste 17 percent of their time managing underperforming employees.

Employer branding and inbound recruiting allows candidates to determine if their values align with the company’s values and whether or not they would be a good fit prior to applying. This is especially important with individuals known as “career managers” (also referred to as “passive candidates”) who, since they are not actively seeking a new position, are especially selective about their future place of employment.

2. …Which can reduce turnover

On average, over 46 percent of new hires fail within the first 18 months. Depending on the position, replacing an employee can cost anywhere from 20 percent to 400 percent of their annual salary. In larger companies, this adds up fast. Take Quicken Loans, for example:

Quicken Loans’ 2015 turnover rate was 13 percent, and the average annual salary for the most common position (Mortgage Banker) was $121,200. Even a conservative estimate of a 20 percent replacement cost equals a loss of almost $14 million per year.

Well-executed employer branding and inbound recruiting strategies increase the probability of a long-term, mutually beneficial relationship between employee and employer. These approaches start the hiring process off on the right foot by giving both the candidate and the company the best insight into each other right from the beginning.

3. You’ll put your brand in the driver’s seat

Today’s job candidates have more options and more access to information than ever before. With a few clicks, they can easily find job listings, salary reports for comparable positions and honest company reviews online. But while candidates may be more empowered than they have been in the past, employers certainly aren’t required to be reactive instead of proactive.

When a company uses engaging employer branding and inbound recruiting tactics to attract job seekers (even before they’re looking for a new opportunity), it can have a significant impact on the success and cost-effectiveness of its hiring. Together, employer branding (the message) and inbound recruiting (a way to strategically distribute that message) can help financial services companies overcome many of the challenges they face with talent acquisition.

You might also be in interested in our article: Why the best recruiters are moonlighting as marketers?

 

To learn more about how employer branding can boost your recruiting efforts, contact us here.

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