“By 2030, we can expect a talent deficit of 85.2 million workers across the economies analyzed—greater than the current population of Germany. This global skills shortage could result in $8.452 trillion in unrealized annual revenue by 2030 – equivalent to the combined GDP of Germany and Japan.” (Korn Ferry)
Perception matters, especially when it comes to where one works. It reflects who we are and can impact our own brand. As an employer, being recognized as a great place to work has become a crucial factor that can influence a brand’s success in attracting and retaining top talent. It’s become much more than the brand itself, especially in today’s dynamic job market. While both brand and reputation are important and interconnected, the distinction can help talent acquisition leaders impact the candidate experience to improve their hiring strategies and build a more robust referral network.
Brand is the outward image an organization cultivates. It takes into account its values, culture, and the promise it makes to its employees and customers. A strong brand communicates outwardly what the company stands for and what it’s like to be part of it. According to a study by Gartner, well-managed brands have access to over 60% of the labor market, whereas those without a strong brand have access to only 40%.
Reputation, on the other hand, is how the company is perceived by current and former employees, customers, stakeholders, and others in the community. Reputation takes time to build through actions, experiences, and word-of-mouth, and, unfortunately, not long to destroy when it comes to finding and keeping top talent. It is what makes or breaks your access to talent in the industry.
Given its importance, you’d think organizations would be hyper-focused and vigilant in doing whatever it takes to keep candidates and workers engaged and invested. But of the 96% of companies that believe employer brand and reputation can positively or negatively impact revenue, less than half (44%) monitor that impact (Career Arc, Employer Branding Study), leaving much to chance.
One way leaders can ensure a positive reputation is through candidate experience. From the initial job application process to onboarding and redeployment, every single touchpoint matters. A positive candidate experience can make a company’s reputation, even if a person ultimately doesn’t land there short term or permanently. It can also mean the difference between that person telling others in their network about that positive experience or sharing the opposite view.
One way to keep candidates engaged and feeling nurtured is through transparent, consistent, personalized communication. Searching for a job can be stressful but keeping them informed through the process eases that stress and makes them feel like you are investing in them from the beginning, building trust and respect.
A streamlined and efficient hiring process reflects well on the company’s organizational skills and respect for the candidate’s time. Having automated technology in place that keeps things moving along can have a major impact on the candidates and recruiters working to fill roles.
Giving candidates ownership during the hiring process is also imperative. Meeting them where they are by offering mobile, text, SMS, and web options for them to apply, provide assessments, schedule interviews, and more means they have a level of ownership of and an active role in the process (i.e. they aren’t left waiting or having to constantly following up). One quick way to self-check how difficult it is to go through the application process is to apply for a job at your own company and see what roadblocks exist today.
When a company fosters a positive candidate experience, it enhances its reputation and ability to garner referrals. Employees and candidates who have had positive experiences are more likely to refer others, which is not only cost-effective when it comes to a hiring strategy but tends to produce higher-quality hires who are 9 times more likely to stay in their roles.
Negative experiences can quickly corrode a company’s reputation (even ones with solid brands in the market), making it difficult to attract referrals or passive candidates. With social media and apps like Glassdoor, negative information spreads quickly and can have an immediate impact recruiting talent.
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