January 24, 2024

5 reasons why you should invest in Employer Branding during tough economic times

Listen now on

Have you been tempted to put employer branding on the back burner? Perhaps you thought that it is a luxury that should be indulged only during good economic times?

I feel you – this weird market situation has brought numerous challenges to tech and SaaS businesses.

But if you want your company to survive the storm and come out stronger on the other side, you should invest some money in employer branding right now instead of ditching it entirely.

In this blog, I will share 4 reasons why this is the right time to invest in employer branding.

Quick recap: What is happening right now in the talent market?

If you think about the talent market, it has been busy and quiet at the same time. Generally speaking, everyone wants and needs to work somewhere. So, those who have a job, stick to it pretty tightly to feel secure.

Those affected by layoffs are eager to find a new employer – asap. With huge tech company layoffs, there are actually some gems roaming free in the talent market at the moment.

Now, let’s dig deeper into the reasons why investing in employer branding right now is a smart move!

Reason #1 Strong employer brand attracts the right talent

With the current market situation, many job seekers are finding it challenging to find and secure stable jobs. Therefore, attracting the right talent can be an uphill task. However, investing in employer branding can ensure that you have a strong employer brand that resonates with your ideal candidates.

An engaging employer brand helps you to 1) attract the best talent available in the market but also to 2) retain your existing employees.

Reason #2 It makes recruiting easier by helping you to build strong talent pipelines

If no one knows about your company, it is hard to sell. Think about it this way: if your phone broke down right now, do you know what brand’s phone you would buy next? It’s the same situation when people are changing jobs – strong employer brands come to their mind first.

And you want to be on your desired talent’s top-of-mind. It will make your recruiting a lot easier at the time when you need to grow your team again, as the talents already have information about you as an employer.

For example, our newest addition to the team Noora Paananen chose us because of the strong TalentBee brand – which we have built from ground zero in just 8 months with no advertising.

Reason #3 You can start building your talent pipelines for the future

When the economy softens, there is less competition for talent. While this might sound like a good thing, bear in mind that high-quality candidates don't stop looking for opportunities just because the market is down.

A strong employer brand helps you to cut through the noise and attract the talent that will help to take your business to the next level.

Investing in employer branding during tough times is an opportunity for businesses to create remarkable talent pipelines for the future. By building a strong employer brand, recruiting new employees when the market gets better will be much easier and cost-effective.

👉 Want to hear more about building talent pipelines? Read more here!

Reason #4 It helps to retain your current employees

It’s crucial to remember that a strong employer brand isn’t just about attracting the best talent; it’s also about retaining your existing employees. Improving retention rates comes down to keeping your employees engaged, motivated, and connected to your company, which requires constant effort.

An employer brand represents your company's culture, values, and vision. When employees feel connected to your company culture, they tend to be more loyal and motivated, which can dramatically improve business resilience.

Reason #5 Employer branding can also be done in a cost-effective way

Yes, employer branding is an investment, but it can be done in a cost-effective way. At TalentBee we haven’t used a single euro for advertising (although, money does help).

So, instead of spending big bucks on aggressive advertising, invest in creating value-adding content for your ideal candidates. This will pay bigger dividends by serving as a long-term investment. Utilize posting on chosen social media platforms – LinkedIn, Instagram, TikTok – and your career page. And post often!

🤓 TL;DR:

Companies often underestimate the importance of employer branding during tough economic times. However, investing in it is not only crucial for the present but also for the future of the company. An engaging employer brand helps you to 1) attract the best talent available in the market but also to 2) retain your existing employees.