Hubilo CEO and Founder Vaibhav Jain discusses the importance of employer branding, attracting stellar talent, and capitalizing on increasingly popular virtual career events.
With labour shortages being widely reported in the media, being a trusted employer brand has never been more important. Recruitment is back on the rise since the pandemic began, generating a highly competitive landscape for those hiring. As many leading publications have revealed that job vacancies exceed pre-pandemic levels, the struggle for qualified employees has become even more cutthroat.
In a sea of virtual meetings that look very much alike, a HR Manager must differentiate themselves from the onset. Assuming that aggressive compensation is table stakes in today’s hiring conditions, HR managers must also leave a positive impression on a set of intangibles that matter to candidates like corporate culture, values, and growth potential. Rather than just scheduling yet another virtual meeting, many HR Managers have turned to virtual career fairs to captivate and engage new talent and ensure a strong talent pipeline.
What can HR managers do to maximise the power of this new tactic in their talent acquisition strategy?
Reducing turnover and cost by hire
Studies have shown that a strong branding strategy can reduce a company’s turnover by as much as 28% and slash the cost per hire by half. Virtual career events present the perfect opportunity for businesses to showcase their brand and position themselves as the employer of choice for a diverse pool of candidates. Not only does a virtual job fair increase the size of your talent pool because there are no costs associated with travel, renting physical space, or printing physical collaterals, companies can spend more time creatively connecting with candidates and differentiating their employee experience from their competition.
Skilled employees can afford to be choosy when so many people want to hire them. When an employment brand shows that they care about their employees’ wellbeing and development through their brand story, skilled candidates may consider this as a differentiating factor to consider a smaller company, rather than a well-known brand. As these candidates become employees, they will reinforce the culture you want to create and attract additional employees with the same values and vision.
Creating authentic connections for the future
In the increasingly normalised remote workplace of the future, face-to-face meetings are always appreciated but not always a possibility. What differentiates a successful remote workplace from others is engagement. When people can see how they can participate in two-way communication and interactions from the onset, rather than passively listening to virtual presentations, candidates begin to see how they can grow and make an impact on an organisation, even remotely.
At Hubilo, we create intimate virtual rooms and lounges for candidates to have a 1-1 chat with a hiring manager, a CEO, or an executive. Not only do the candidates get the ability to ask leadership direct questions, but HR can analyse the interactions to better hone their messages for prospective candidates. In addition, having a breakout or lounge room will allow potential employees to see how other people within the business interact with one another and if they would be a good cultural fit. Many platforms also offer polls and Q&As to boost the interaction between the candidates. Fostering engagement and communication throughout the virtual event is crucial to identifying the candidates displaying the most enthusiasm towards the business and converting them to employees.
ESG (Environmental, Social, and Governance) programs and metrics help people to understand the sustainable and ethical impact of a brand, and today’s leading companies are demonstrating these metrics at every opportunity. More than just a nice to have, many companies like Amazon consider ESG as a strategic board concern. ESG is a growing area of focus for HR managers because strong ESG programs attract skilled candidates who want to invest their time in a diverse company with a sustainable business model. ESG credentials are also becoming increasingly important to investors who realise that business performance is directly tied to ESG. Companies on the S&P 500 ESG Index outperformed, suffered fewer losses, and recovered faster than the S&P 500 during the pandemic.
Virtual job fairs and recruitment rallies present great opportunities to share these ESG metrics and credentials with candidates and even investors who are concerned about recruiting the best talent for the company.
The power of a brand
Every interaction between the employer and the candidate will help shape a candidate’s perception of a brand; therefore, businesses who proactively engage a candidate through a rich, dynamic virtual experience will be far more successful in building a strong talent pipeline than one who simply schedules a string of interviews. Your brand story isn’t just what you want people to believe but who you are. When done effectively, the people you attract not only become your employees but will write your story long after.