Tracking ROI is not possible without understanding the baseline of the target audience. Gathering useful data on the current workforce and gaining an understanding of the target audience is critical. Organisations must seek information on employee interests, behaviours, and perceptions about the brand.
The next step is to find out what matters to the audience. It is important to differentiate the organisation's employment experience from competition and use specific channels of communication to expand market reach.
Organisations should identify the channels that employees use and map the marketing strategies of their preferred channels. This will offer deeper perspectives into how well the employer brand resonates with existing employees and provide an idea of what potential employees seek in an organisation. Once the channels have been identified, it is important to develop an employer brand scorecard.
This scorecard must identify the financial and non-financial measures that drive employer brand value and facilitate tracking and reporting of metrics most likely to impact the achievement of pre-defined objectives. For instance, employee engagement can be measured by tenure of service and turnover statistics, while quality of hire can be measured by considering the ability, education, and credentials of qualified applicants for a position.
The more qualified the candidates, the better the brand. On the other hand employee turnover is a primary indicator of employer brand value; an increase in employee turnover indicates a weaker brand.
Employer branding ROI: It is both, what is measured and how what counts
Tracking the ROI on employer branding can be complex since many variables beyond employer brand programmes impact retention and hiring data. Employer brand metrics should be reliable and predictive. The relationship between building employer brand value and financial (cost per hire, staff turnover cost) and non-financial (employer brand awareness, employee engagement, employee loyalty) measures is erratic and should be evaluated on an individual basis and must be re-assessed over time. Further, organisations need to realise that the one-size-fits-all approach doesn't work anymore. Based on brand performance, organisations can evaluate what measures drive employer brand value in the market and establish key metrics to help comprehend and control the employer brand. Employer branding involves an investment of time and money, and as with other investments, it is essential to measure the results of structured employer branding initiatives and make improvements as required.