5 Reasons Why Employer Branding is Crucial During A Downturn

5 Reasons Why Employer Branding is Crucial During A Downturn

The US economy has seen a period of conflicting trends. While some industries face labor shortages, tech continues to make weekly headlines for hiring freezes and layoffs. Amidst economic uncertainty, strengthening your employer branding strategy needs to be a priority. 

Here’s why:

1. Employer branding builds trust

In the current climate, stability and transparency are essential. 53% of people prioritize job security in their career search, and a third of the workforce wants greater transparency from employers. Candidates need to know how your company responds to an economic downturn. Questions about projected growth, funding plans, and current runway are important to answer. 

Communicating an authentic voice through your employer brand shows that you are honest and value your employees as people. Instead of pretending challenges don’t exist, focus your branding on how you solve problems and communicate during difficult times.

2. Candidates are being more selective

News around a potential recession has job seekers worried. Now is the time to clearly define your EVP: employer value proposition. What are you offering? Does it align with what job seekers want? Upskilling and potential for growth are top demands in today’s market. Targeting your employer brand around what matters today will make you a top choice for candidates.

3. Finding the right match is crucial

With a tightened budget and limited resources, each person on the team matters more than ever. How do you ensure that your new hire aligns with the company’s mission and culture? Employer branding. A strong brand bridges the current gap between job expectations and reality by clearly communicating what the company needs and does.

4. Differentiate your company to attract talent

When candidates decide who they’ll work for, standing out matters. 92% of employees would consider switching to another company with an excellent reputation. Your employer brand should tell a unique story that goes beyond a generic list of benefits. A brand backed by employee experiences and individual stories will have a more memorable and meaningful impact.

5. Employer brand impacts consumer brand

The current news cycle has shown how your employer brand has the potential to boost or wreck your product’s reputation for consumers. 64% of consumers have stopped purchasing a brand after learning about poor employee treatment. Prioritizing your employer branding strategy is an investment for your company’s overall image and future growth.

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