You probably know the statistics by now but let’s have a quick refresher, shall we?
With numbers like that, the importance of employer brand – not just on your ability to hire but also on your bottom line – is impossible to ignore. But if you are investing in your employer brand, then how do you make sure you’re able to accurately measure the ROI of your employer brand?
Here are 5 employer branding metrics you need to be measuring:
If 84% of job seekers say that the reputation of a company as an employer is important to them, then you can bet they’ll look on Glassdoor to find this information out.
A great (and authentic!) employer brand will result in a positive Glassdoor score, so make sure you’re tracking your score over time. Make sure you’re tracking all the ratings available including the more detailed ratings such as “culture & values” and “career opportunities.”
If your employer brand is working, you shouldn’t just be getting more candidates, you should be getting more quality candidates. As your employer brand develops you’ll notice a higher number of quality candidates.
You can track the number of quality candidates with the following data:
OFFER ACCEPTANCE RATE
If candidates aren’t accepting your offers, then it could be because your employer brand isn’t inspiring them. This metric is a standard hiring metric, but if your employer brand investment coincides with a positive correlation in your offer acceptance rate then you’ll know you’re doing something right.
You can work out your offer acceptance rate with this data:
COST PER HIRE
You saw above that a negative reputation costs organisations at least 10% per hire which is why you can measure the impact of your employer brand using this metric. If your employer brand casts you as a destination employer then more candidates will come to you directly – and these candidates are often a better fit because often they share the values that you’re promoting.
In order to calculate this you’ll need to work out:
Now often in the recruitment process there are lots of hidden costs, so make sure you’re getting accurate data about your internal and external recruiting costs.
EMPLOYER BRAND AWARENESS
Measuring employer brand awareness can be tricky, and there isn’t one clean calculation that give you an accurate picture. You’ll have to take data from a number of sources including:
Have a look at the people that are visiting your website – especially your direct traffic. This is the number of people who are typing your organisation’s name into a search engine. More direct traffic signals a higher brand awareness.
Search volume data
Have a look at the search volume data for your brand using the free tool Google Trends. This will give you insights into the number of people who have been searching for your brand over time. You could also try searching for the names of your executive team, and yoru products and services.
You can also measure your brand awareness using key social media metrics. Have a look at the number of mentions your company gets on social media – and not just the ones you’re tagged in! It’s also worth looking at your reach – which is the number of people who see your posts and well as your engagement metrics.
The important takeaway here is that your employer brand activity can be measured, and absolutely must be. These 5 metrics are a great place to start but you also have to consider your overall talent strategy and make sure that you’re measuring the impact that your employer brand has on your particular hiring goals.
If you’re interested in learning more about measuring your employer brand then get in touch with the Caraffi experts.