More companies have embraced the idea of talent branding. Indeed, recruiting has become more like marketing, except its to prospective employees rather than customers. A recent report from LinkedIn Talent Solution has explained the similarities between marketing and recruiting.
Talent branding is what talent thinks, feels, and shares about your company as a place to work. A strong talent brand reduces cost per hire by over 50% and lowers turnover rates by 28%.
Recruiting leaders now prioritise talent brand. 75% of global talent acquisition leaders say talent brand has a significant impact on their ability to hire great talent. Their actions are now beginning to catch up.
Companies can get ahead of the competition by creating a proactive strategy for, investing in, and measuring their talent brand. Some regions are ahead of the pack on talent brand. Regions with companies that both prioritise and have a proactive strategy for talent brand include South Africa, India, Southeast Asia, Middle East North Africa, the US, and Australia.
Social & professional networks grow to become top talent brand channels. Online professional networks and general social media are the fastest growing channels for promoting talent brand. While company website and word of mouth are less preferred tools.
However, small businesses are more likely to use online and offline word-of-mouth to promote their talent brand. While small and large companies use similar channels to promote their talent brand, significantly more small businesses rely on word of mouth and social media.
Why companies invest in talent branding
What are the return of investment on talent brand? Global companies agree on the top 5 reasons for investing in talent brand. These reasons form the foundation of a good business case to secure talent brand resources.
See: Leveraging your strength to build a powerful employer brand
The original report first appeared on LinkedIn Talent Solutions