MaRS Library Caring about your employer brand will save you money
Employer branding is all about positioning yourself against your competitors for talent. The best talent has choices, so your branding will answer the question, “Why should I work for you?”
Why your employer brand matters
You should care about your employer branding for two reasons:
- Companies with a strong employer brand are twice as likely to report financial performance significantly above their peers.
- With a weak employer brand, your job offers will likely pay up to $5,000 more.
When you should start
Start working on your brand if you’re:
- Ramping up and hiring more than 10% to 20% of your headcount this year
- Not getting enough qualified candidates at the top of your hiring funnel
Ready to get started?
To improve your employer branding, you can gain significant insights by asking your candidates and employees these key questions:
- What are our company’s strengths?
- What are the reasons you decided to apply for this position?
- How do we measure up to other organizations?
Translate these findings into a few slides, a one-pager or simply some talking points. Then pitch this viewpoint to a prospective employee or someone external who fits the profile of your ideal candidate. How does it sit with them? Are they inspired to work for you?
- The Value Of An Employer Branding Structure (Forbes)
- Why Employer Branding Is So Important (Entrepreneur)
- CEOs Need to Pay Attention to Employer Branding (Harvard Business Review)
- Offering employees equity in your startup: Stock options and plans.
- Onboarding a new employee: Sample checklist for employee orientation.
- How to set up and process payroll in Ontario: A guide for startups.
- Choosing the right human resources information system (HRIS) for talent management.
- Job descriptions: A key HR foundation for startups.