A lot of agency Founders understand retention’s importance. Some view it as critical a cog as hiring. But there’s a fairly strong argument for it being more crucial.
A “lost” employee can cost a company anywhere between 30% to 400% of their annual salary.
You already know this.
For starters, think about the financial cost a loss of billings would bring you. Obviously it depends on the employee in question. But it could be huge.
And then there’s the morale deficit if it’s one of your best characters.
Will others follow?
It’s a huge investment in time to get a recruiter up to speed and performing. So it’s important to retain your most valuable assets.
Think about it like this. If you had a hole in your wallet, would you continue to shove coins in, hoping some didn’t fall out?
Or would you spend a bit of time sewing up the hole?
Solving retention is an absolute must. Whether you want to hire, or just keep the status quo.
Luckily for you however, there’s a common way to fix both issues.
And yes, it revolves around your employer brand.
Now, before we get on to the free tool, which is pretty awesome, how about we answer some of the hesitations you no doubt have in your mind?
“I don’t have time to create an Employer Brand”
We hear this a lot from busy MDs and Founders. When your day job’s running a business or hiring for someone else’s, it is hard.
It’s difficult to understand where to start on what seems like a mammoth task, but finding the right tool will help.
Oh and technically speaking, if you’ve ever hired one person, you already have an employer brand. It’s just less tangible than it could be.
BRING IN THE STATS!
One might argue, ignoring your employer brand is much more costly.
Build yours well, and you’re likely to reduce cost per hire, get better retention, speed up time to hire, spend less on salaries and hire better staff.
All attractive propositions for both hiring and retention.
“Sounds like something for Marketing to sort?”
A great employer brand starts at the top. But involves absolutely everyone in the business.
So yes, Marketing. But also your Management team, Seniors, new starters and sure, even Admin and Accounts. But the ethos starts at the top.
Without guidance, analysis and strategy, your brand will be flimsy and intangible. And it’ll cost you money, not make it.
“What if it doesn’t work?”
Here’s the thing… regaining control over your employer brand is one of the best things you can do. And any time you can spend trying to improve it, will be time well spent.
As with anything however, the proof’s in the pudding.
Experiment. Track outcomes. Test stuff, fairly.
There’s absolutely no chance your employer branding activities will fall flat if they’re measured, meticulous and marketed well.
“What if we attract the wrong people?”
You’re actually more likely to attract the wrong people without a defined brand.
The best employer brands are targeted. They repel the wrong people to get to the right ones. This means you’ll analyse and hone what makes you great.
And then attract those who know’d they’d fit in.
“We’re already working with Rec 2 Recs”
Awesome, they’ll have even more collateral to help them work more effectively. And, if done correctly, a digital resource to send potential hires.
This also means there’s one source of truth about your brand. It’s less hearsay and half-truths, more facts, with evidence to boot.
It means singing from the same hymn sheet.
A solid employer brand helps everyone, at all stages of the process.
Not just you, or your business’s bottom line.
Ironically, you’ll also be helping those who discount themselves from working for you. Because a company that says one thing, and does another, really grates. Especially if you’ve given up another opportunity to work there.
Some will realise you’re not a match. But you won’t put them through a degrading process with serious consequences, just to find that out.
Which ironically means you’ll be well thought of by potential hires, even if you’re not a good match.
Interestingly, 49% of survey respondents on a LinkedIn study claim the biggest obstacle in job search is not knowing what working for an organisation is actually like.
And that’s where publication and marketing comes in.
Start your journey to higher profits
The best things in life are free. So’s access to Hunted.
If there’s a better tool on the market to help you define and promote your brand, we’ve not seen it. And it’s certainly not free.
When you start your journey, just by completing your profile, you’ll be prompted to look at other parts of your brand.
CSR not sorted yet? No issue. But now you know your next move.
Could your Recruiter Tool Kit do with some love? You won’t find many better sources of inspiration than other company pages.
Think you could be a bit more ‘ooh look at us’ on the internet? Why not go on a Podcast. And then put that podcast on your profile.
There’s hundreds of areas for you to share, and no lack of ideas to help you improve your brand.
It’s a fair estimate to say the majority of recruitment companies will be hiring this year. If you are, you’ll want the best.
If you aren’t, you won’t want to lose anyone.
And for both of those issues, Hunted is the answer.
Get a run on your competition, here.
Hunted’s full Employer Branding Guide is still free and available to download here, for a deep dive into multiple aspects of branding.