There are various ways of measuring your 'Return on Investment' regarding employer branding. Whether it is from the quality of your employees, the satisfaction level of these employees or the amount of applications you receive, certain data results can tell how well you are marketing your employer brand.
The number of applicants is a good indication of how well you are promoting your company and your brand to not only the jobseekers but also to the general public. According to Quartz
, an international news organization, Google receives around 3 million applications on an annual basis due to a successful employer branding strategy. As your company image and reputation improves through positive company qualities such as adequate employee compensation and comfortable working environment, it is only natural for the number of applicants to increase due to the effectiveness of your employer branding methods.
Another traditional way to measure the ROI of employer branding is to build your Talent Promoter Score (TPS) through means of simple online or offline surveys. TPS is the measurement of how likely your employees are to refer your organization to others outside. Making your employees advocates of your brand can be a simple but efficient way of marketing your brand to the general public. A short survey regarding this topic would give you a general idea of both the satisfaction level of your employees and their likelihood of their positive word of mouth. As an employer, you should aim to increase the survey scores by providing a employee-centered working environment, which will then create a virtuous cycle and attract talented workers to apply to your company.
Last but not least, alternatives such as cost per hire can provide a financial perspective in measuring the ROI on employer branding. Cost is indeed one of the most important factors to consider when hiring a new worker. While many companies have reported losing large amounts of money from employer branding due to a wrongful hire, some said to have saved their expenses because they did not have to repeat the cycle of recruitment and bear the hiring cost as often. An overall statistic on the financial situation regarding recruitment may help you gain insight on how efficient your employer branding strategies are.