employer branding

Applicants 96% believe that employer branding can have a positive or negative impact on earnings. 

With figures like these in mind, many organizations strive to build and strengthen their employer branding, but the real question is: how can we measure it?

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The 75% of job seekers consider the employer brand even before applying for a job.

It all comes down to evaluating the right employer branding metrics, and here we'll share the top 11 for measuring the success of your employer branding.

Measure the metrics that match your hiring goals

There are no universal metrics that all companies should measure, these depend on the objectives that your company wants to achieve with the construction of its employer branding. 

You have to know what you want to accomplish to measure the success of your efforts, right? 

Some of the most common objectives that companies establish to improve their employer branding are:

Build a positive reputation as an employer:

One of the main objectives of companies is to build a solid employer branding and a good reputation.

This helps companies stand out from the competition and demonstrate their unique mission, vision, values, and culture to prospective candidates.

Attract the best candidates:

Strengthening your employer branding is a great way to attract high quality candidates, many employers focus on this to reach the best candidates in the job market.

Reduce total cost per hire:

Strong employer branding helps reduce the cost per hire significantly, by as much as 43%, as companies with good employer reputations receive more applicants who are better matched for jobs, lowering the total cost per hire. hiring.

11 metrics to measure the success of your employer branding:

1. Candidate quality:

To know if you are attracting quality candidates, recruiters should review the evaluations made in the first instance to the candidates, which are used to select, with that a percentage of quality applicants can be extracted for the interview.

If this percentage is higher than 12% you are probably attracting many qualified applicants, otherwise if it is lower you should analyze what you are doing to improve this number.

2. Cost per contract:

When a company has good employer branding, more candidates go directly to it, and those candidates are often a better fit for the organization since they know exactly what it stands for. 

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.

3. Brand awareness

While brand awareness is an abstract term with respect to the other employer branding metrics, it's important to get an idea of how many people know you as an employer. 

The better known and appreciated your company is, the more likely you are to attract high-quality candidates, since you will be their employer of choice.

Brand awareness can be measured through social listening, by monitoring your mentions and interactions on social media, this can develop a better understanding of brand awareness and sentiment.

4. Hiring source:

Where did your hires come from? How did they find out about you? Measuring the recruiting source helps recruiters know where they are most effective and which channels of engagement are least successful. 

To measure the source of your hire, determine where most of your hires come from and assess whether you're allocating your resources effectively.

If you find that very few of your new hires are coming from more profitable sources like employee referrals, you may need to consider strategies to increase employee referrals. 

For example, many companies offer referral bonuses from current employees who refer people for open positions.

5. Number of open applications:

While this may not seem like a metric worth tracking, it's really helpful to know the number of candidates applying for open positions. 

By adding this option to your career website, you can be sure that people who have submitted an open application are aware of the brand.

Studying the number of applications will also help you understand how visible your company is to job seekers. 

If you focus on building strong employer branding and then start noticing an increase in the number of apps coming in, you're probably doing it right.

6. Offer acceptance rate:

Measuring the acceptance rate of offers is beneficial to employers for many reasons. 

Not only does it help track how successful your recruiting efforts are, but it also pinpoints the number of candidates who turn down offers. 

You can calculate the acceptance rate of the offer and complement it by investigating the reasons for the rejection. 

Ask for feedback and learn as much as you can about why you're not the employer of choice for candidates who turn down your job offers.

7. Hiring manager satisfaction:

One of the best ways to measure the success of your employer branding program is to find out what hiring managers are saying. How satisfied are you with the selection of candidates?

Measuring hiring manager satisfaction will help you determine whether or not you're attracting the candidates you want, as well as how well candidates are a good fit with company culture.

Another way to measure it is to send surveys to find out how satisfied managers are with the candidates they are recruiting.

8. Employee experience:

An important aspect of employer branding is determining how well the employee experience matches the type of employer the company believes it to be. 

While there is no formula for calculating something like employee experience, there are still ways to measure it and learn from it. 

Many companies analyze information gleaned from employee surveys and exit interviews to gain useful feedback on the employee experience.

If you find that your employee experience differs from what you're trying to offer as an employer, it might be time to make changes to the way you're building and communicating your employer branding.

9. Employee Referral Rate:

Employee referrals help reduce cost per hire and improve retention rates, which is why many companies measure referral rates.

By knowing the number of employee referrals, you can better understand how effectively you are communicating your brand internally and externally.

One study revealed that while referrals only accounted for about 7% of applicants, they still generated over 40% of new hires

10. Employee retention rate

Employees always come and go, especially in today's job market. Many of the companies looking for ways to reduce turnover and increase retention focus on developing their employer branding to make improvements.

Retention rate is the most commonly measured metric, which makes sense because it's easy to measure and brings a wealth of insight through conducting and learning from employee exit interviews. 

Find out as much as possible about your employees' experiences before they leave ship and use this to improve your employer branding and recruiting processes.

11. External reviews:

It's always a good idea to review and learn from your company's online presence. 

Websites like Glassdoor and Indeed provide overall ratings, reviews, and many other useful details that you can leverage to improve your employer branding strategy.

In conclusion, to measure the success of your employer branding strategy, you need to determine the right mix of metrics that will help you further optimize your activities and track your goals over time. 

The 11 points outlined above are a good starting point to start measuring if your employer branding is working as well as you think or if there is any area that needs improvement.

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