Why Your Lack of an Employer Brand is Causing Unnecessary Turnover
Do you have an employer brand? You might and not even know it. An employer brand is public and the industry’s perception of your business as an employer. You can take charge and begin controlling your employer brand. And you should because it can be a significant factor in your current turnover rate.
You can be among the top such as Google, which hosts a blog for employees to share their experiences working for the company. Or, you can fall in line with Abercrombie and Fitch. The result is that you could face ongoing legal battles and scandals such as “#FitchPlease.” But, not having an employer brand is just as harmful to your turnover rate as having a lousy employer brand.
An employer brand can be something positive where people are rushing to come work for you. Or, it can send applicants and your current employees running away as quickly as possible.
Not Having an Employer Branding Strategy Means You Haven’t Defined Your EVP
Your EVP is your Employer Value Proposition. That is how you define the benefits that employees should experience by working with your company. Your EVP can include:
- Competitive pay rates
- 401K or retirement planning
- Health insurance
- Gym or hobby memberships
- Access to industry speaker events, conventions, and workshops
- Participation opportunities in philanthropic events
- Positive or empowering company culture
- Employee growth or promotion plans
The list can keep going. But ultimately, you should tell prospective employees why they should work for you instead of working for someone else. Your current employees will see the social media posts that make another company look great and not give a second thought about leaving.
Your unnecessary turnover isn’t just your unengaged or unmotivated staff members. If you don’t know what benefits you deliver as an employer and aren’t marketing them to your staff, you’re probably losing good employees that feel they deserve better.
What is the Real Cost of a Bad Employer Brand?
There are three primary downfalls of not having an employer brand or having a bad employer brand. You are losing good employees, paying more to replace them, and missing out on good candidates too. If you don’t intervene and begin building an employee brand, you’ll have a high rotation of disengaged staff members.
Standardly a bad reputation as an employer can cost a company 10% more per hire. But through internal recruiting and focusing on the employee experience, you can boost retention and lower your turnover.
Investing in your employer brand through content marketing, and raising awareness of your benefits within your company can reduce turnover by 28%.
Review Your Exit Interviews to Build Your Employer Brand Strategy
Why are employees leaving your business? If you’re not entirely sure, then you need to find out, and if you know, then there’s a problem that needs addressing. Exit interviews are one method of identifying causes of turnover, but also review your online employer reviews on sites such as Glassdoor.