Have you ever read the case study about how Virgin Media was losing over $5 million per year due to a poor employer brand?
What they found was that 18% of their candidates were also customers. Unfortunately, because their candidate experience was so poor, 6% of their applicants choose to switch to a competitor after applying for a job.
The amount they were losing was almost as large as their entire recruitment budget!
Luckily, they were able to diagnose the problems, and then use their recruiting efforts as a way to actually drive revenues through a positive candidate experience.
It's pretty interesting how employer branding can effect your revenues more generally.
Think about anytime a potential buyer or investor is doing diligence on your business. They are going to check out your Glassdoor reviews, and try to get a sense of your culture through your careers site. This is especially true for services businesses, or those selling contracts worth more than $100k/year.
If you've tied your employer branding efforts back to revenues, we'd love to hear about it and potentially feature you on a Whiteboard Wednesday video!