Do you ever feel like you’re constantly hiring and training new employees? You’re not alone. It’s estimated that the average cost of replacing a worker is six to nine months’ salary. And when you factor in the time it takes to find a qualified replacement, that number goes up even more. So what can you do to reduce employee turnover and save money? One strategy is employer branding. A strong brand image can keep your best employees from leaving and attract top talent to your company. Let’s see how it works!
How Brand Image and Employee Retention Are Interrelated
The fact that a company’s image is important to growing the audience and keeping the existing clients happy is self-evident. What many people don’t realize, though, is that a brand image can also have a significant impact on employee retention. For instance, did you know that 86% of job seekers first examine reviews about a company before applying for a job there? Or, could you imagine that over 80% of women and over 60% of men say they will not agree to work in a company with a bad reputation?
In other words, brand image matters. Employees who feel that their brand is reputable and respected are more likely to be satisfied with their job because they feel they are involved in something meaningful. As a result, they are unlikely to develop an idea that they should look for other career opportunities. In this manner, a strong brand image helps to retain employees by giving them the pleasure of being a part of something big, important, and attractive.
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5 Ways to Improve Brand Image and Boost Retention
If a company’s image and employee retention are directly correlated, it is logical to assume that by improving the former, one can substantially boost the latter. So here are five ways how a business can make its image more attractive and retain the workforce more effectively.
#1 Collaborate with Influencers
With millions of engaged followers, influencers have the power to reach a wide audience and shape public opinion. That’s why more and more brands are collaborating with influencers on Instagram and other social media as a way to improve their image. The strategy is effective and not at all costly for there are many free ways to find Instagram influencers today.
#2 Communicate your vision and mission
Another way to improve the brand image is by clearly communicating your vision and mission. When customers can easily understand your goals and values, they are more likely to trust and support your brand. And the same is equally relevant to employees! They, too, need to understand the company’s goals and values to develop an emotional connection to it and remain loyal.
#3 Build a strong corporate culture
A strong corporate culture is essential for any company that wants to build a positive image. Customers are increasingly interested in supporting businesses that align with their values, but they are not the only beneficiaries. Experts say, employees likewise depend on the corporate culture and identity largely. Thus, if they feel valued and respected, they are more likely to be engaged and productive. And if they succeed in their current jobs, they are unlikely to consider changing them.
#4 Use social media monitoring tools
To improve your brand image, you need to be aware of how it is perceived at present. One way to do so is by using social media analytics. Thus, for instance, if your brand prioritizes Instagram, you can benefit from effective Instagram monitoring tools that allow tracking mentions, monitoring competitors, and measuring different performance variables. Armed with this information, you can stay up-to-date with what customers think about your brand and better understand why your employees are happy or unhappy to be identified with the brand.
#5 Provide rewards to both customers and employees
Finally, a useful strategy for improving the image and boosting employee retention involves providing rewards not only to customers but to employees as well. Rewards are among those simple and effective employee engagement strategies that always work. They show that you value your team and that they are an important part of your company. They also help to create a positive work environment where employees feel free to be creative and innovative. This, in turn, can lead to improved customer service and a better overall experience for everyone.
To sum it up, your business’s image is very important when it comes to employee retention. If you want your employees to stick around, make sure that your company is one that they can be proud of and would like to be identified with. Keep an eye on your brand image and always work to improve it. Your employees will thank you for it!