When building your employer branding you establish a set of goals. Tracking the right employer branding metrics can help you to measure how successful your company is in meeting these goals.
Employer branding seeks short, medium, and long-term results and it must be developed and perfected over time.
It is essential to know how to measure results. Metrics to measure employer branding success will help you not only to measure but improve your strategy efficiency.
Let’s take a look at what the goals of Employer branding should be and what are the Employer branding Metrics to measure success.
Employer Branding’s goals
Companies that choose to develop an employer branding strategy must design it to perfection in order to achieve their desired objectives. These objectives will vary depending on what employers want for their company and the image they want to show to the world. It may be one or more, but the following objectives must be carefully considered:
Improve the recognition and reputation of the company or brand
A company that does things well cares about its employees, designs employer branding strategies, and creates the foundation for a new and better reputation.
A good reputation will attract the right talent to your company and it can reduce costs per new hire by up to 50% so you will save money in the long run.
Improve the perception employees already have
If the working environment is improved they feel more valued and perform better. They see that the company is doing something good for them and they value it.
An employee satisfied with his/her work and proud of the organization seeks to redouble his/her efforts and wants to meet the employer’s expectations.
Attracting and retaining talented employees
Professionals who are already in the company must feel so good that they have no desire to leave, even with a better salary. Those who are not in the company must have the need or desire to belong to it, either for their salary, their social benefits or the reputation of the brand, or any other reason. Clearly demonstrating a unique mission, vision, values, and culture will attract future candidates and keep employees loyal to the company.
Creation of a feeling of belonging to the company
if the employee feels part of the company performs better and is not tempted to leave. Engaging employees in your brand philosophy and culture creates brand advocates within the company. This means fewer information leaks and an improvement in productivity levels. Having people invested in your company can help to spread the word about its qualities.
Increase your company’s attractiveness to outsiders
Employer branding is about enhancing your reputation as an employer. So if this is achieved, the company’s image and results will improve greatly and the employer branding strategies can be considered an absolute success.
Like we already said, in order to achieve these goals, it is important to have the right metrics for employer branding. The following items can help you to measure how effective your employer branding is and how to improve it.
Metrics for employer branding success
It is important to know if you are attracting quality candidates. To do so recruiters should review the evaluations made in the first instance to the applicants, and with that information calculate a percentage of quality applicants the company attracts and hires.
If the percentage is higher than 12% you are probably attracting a lot of qualified applicants, otherwise, if it is lower you should analyze what to do to improve this number and attract better more suitable applicants.
Cost Per Hire
When a company has good employer branding, more candidates come directly to the company. Since they know exactly what the company stands for, they are often a better fit for the organization.
With more quality candidates coming to the company, recruiters can spend less time, and of course, less money, searching for ideal people for open positions. Good employer branding can reduce costs per hire up to 50%.
While brand awareness is an abstract term compared to the other employer branding metric. Having an idea of how many people know you as an employer is an important part of the evaluation of employer branding. Brand awareness can be measured through Social Media listening.
The better known and appreciated your company is, the more likely it is to attract high-quality candidates.
Source of hire
You need to know where your hires come from and how they find out about your company. This can help recruiters improve their attraction channels. To measure the source of recruitment, determine where most of your recruitment is coming from and assess whether you are allocating your resources effectively.
Offer Acceptance Rate
Knowing the offer acceptance rate helps you track how successful your recruiting efforts are, but it also points out the number of candidates who reject offers. You can calculate the offer acceptance rate and supplement it by investigating the reasons for rejection asking for feedback.
Number of Open Applications
By studying the number of open applications you will know and understand how visible your company is to applicants. If you focus on building strong employer branding and then start to notice an increase in the number of applications coming in, you are probably doing it right.
Employee Referral Rate
Employee referrals help reduce cost per hire and improve retention rates. By knowing the number of employee referrals you can better understand how effective is your brand awareness internally and externally. Employee referrals can generate up to 40% of new hires.
Employee Retention Rate
Retention rate is a commonly measured employer metric. Most companies invest in employer branding to reduce this rate. Studying this rate makes the measure of employer branding success easier.
It can also provide insights through conducting and learning from employee exit interviews. It is important to ask about your employees’ experience in the company, especially when they want to leave it. This information can help you to improve the recruitment process and employer branding.
If you liked this post, do not hesitate to contact us by leaving a comment, and if you want to know more about employer branding, request a demo.
Also if you liked this article download your white paper on employee branding