As we dust ourselves off from what has been a tumultuous period of COVID-induced disruption, one thing is clear, in so many areas of life and business, things are very different.
The candidate market is a prime example. Right now, Australia’s job vacancies are at an all-time high, and candidate numbers are at an all-time low with Australia’s unemployment rate plummeting to 3.5% in June, the lowest rate in 48 years. And across the Tasman, New Zealand’s unemployment rate came in at 3.3% in the June quarter – the lowest in 36 years.
Figures from our largest job boards confirm the increase in vacancies – Indeed’s postings were 97% higher at the end of last year than before the pandemic, and January 2022 saw the most job ads posted on seek.com.au since it launched 25 years ago.
If you’re a Hiring Manager, chances are you’re well aware of this state of play. The ball is well and truly in the candidate’s court – which makes attracting the best talent, and retaining your existing talent increasingly complex.
Enter your Employer Brand.
Employer branding is not a new concept. Globally, many organisations invest considerable time and money into defining and communicating their employment story to candidates. Of concern though, is a recent survey for PWC Australia’s report ‘The Future of Work, What Workers Want’ where nearly half of Australian business leaders surveyed stated they had no plans to review or redesign their Employer Value Proposition (EVP).
That’s despite the same survey confirming that a well-defined EVP was a significant driver for candidates in the current market.
Simply put, candidates want to understand what it is you’re offering in return for their talent – ‘what’s in it for me if I work here’. That’s your Employee Value Proposition – and it’s your Employer Brand that brings it to life.
And given that the power sits firmly with candidates in 2022, it’s only reasonable that we work harder to articulate why the best talent should come and work for us.
Attracting the best talent is only the start.
There are many benefits to identifying and defining your EVP, and communicating it effectively through your Employer Brand.
- Decreased time and cost to hire. Having a strong Employer Brand means candidates already have an understanding of what you offer as an employer. Far more than just remuneration and benefits, your Employer Brand encapsulates your culture, and your vision and values. When this is effectively communicated, your advertised roles will likely see a spike in applications, and talent pooling becomes easier when the market is coming to you, resulting in a decreased time and cost to hire.
- Increased quality of applicants. When you’ve clearly defined what you can offer your employees, you may well find that they’re more motivated to tell you what they can offer your business. A compelling Employer Brand is a great way to see an increase in the quality of applicants coming through your pipeline.
- A more strategic approach. In this candidate short market ‘post and pray’ is not an effective strategy. Putting your EB to work, and knowing how it will be communicated to the candidate market, kept alive within your current workforce, and how to use it to maintain contact with alumni is a significant advantage in talent attraction.
- Reduce employee turnover. Your Employer Brand can increase talent longevity within your business, as consistently communicating your Employer Brand through employee touchpoints is a great reminder of why your business is a great place to work, and demonstrates a clear alignment between your values and objectives and those of your team.
Adapt or lose.
It’s fair to say that if you can’t clearly articulate what you offer as an employer in 2022, you’re going to lose out on the best talent. Understanding candidates’ evolving needs, and whether you’re meeting the needs of your current employees is going to be critical to your success.
Stamping a pretty logo on a job ad, or relying on your organisation’s strong consumer brand is not enough. Your Employer Brand is the relationship you have with your employees – whether they are current, past or potential.
It’s the personality of your well-researched and defined EVP reflected in all your candidate and employee communications, and it’s also your reputation as an employer. To be successful, a well-crafted Employer Brand will become a living part of your culture.
NeonLogic offers a specialist division for EVP development and implementation, working with organisations across Australia and New Zealand to deliver effective and successful Employer Branding projects. Let’s talk.