When it comes to your employer brand, determining your return on investment (ROI) is especially challenging. Measuring the impact and value of your efforts isn’t intuitive, making it hard to justify the time, resources, and money it takes to promote and enhance your brand.
But, investing in your employer brand should be seen as essential, particularly when it comes to recruiting and retaining top talent. If you need to determine whether your investment is paying off, here are some metrics to review.
While you might not be able to measure the quality of the candidates applying to your option positions with a single number, you can when you review a few metrics together.
For example, are you receiving a higher number of applications from qualified applicants? is the number of days between announcing a vacancy and filling a position shrinking? Is the size of your talent pool increasing? Is your cost-per-hire decreasing?
All these metrics can help you see the value in your employer branding activities, including how effective they’ve been when it comes to assisting with your recruitment efforts.
Employee Engagement and Perception
Ultimately, your employer brand is a reflection of how your employees feel about their roles and the company, and you can use their performance and opinions to help gauge the successfulness of your program.
For example, if productivity is increasing, this is a positive sign. Similarly, if employee surveys that measure their opinions regarding the company improve, that’s another indication things are moving in the right direction.
Potential Employee Perception
Today, there are numerous sites that allow people to share their opinions of employers, and these resources are usually accessible by the public. Reviewing this information, including reviews and scores, can give you an idea of how you may be viewed by the potential candidates, as these details can be incredibly influential.
Ideally, you want to see any reviews or associated scores improve over time when examined cumulatively. While you still may encounter the occasional naysayer (making everyone happy is nearly impossible), seeing things trend upward is a sign your employer branding efforts are making a difference.
Happy employees typically don’t have one foot out the door. In fact, they might not be interested in finding new opportunities at all.
If your retention rates are improving, this is usually an indication that your employer branding efforts are effective. It shows your current staff is satisfied with what you have to offer, and that is certainly a valuable piece of information.
Ultimately, determining the ROI of your employer branding activities is a bit complicated, but the relevant data is there if you look in the areas outlined above.
If you are interested in learning more or are looking to increase your workforce, the skilled professionals at The Advance Group can help. Contact us to speak with one of our knowledgeable team members and see how our expertise can benefit you.