The ‘war for talent’ is far from over. In June 2023, a study from PwC found that 23% of UK workers were expected to change jobs within the next 12 months, up from 18% in 2022.
And in particular, competition for well-qualified talent is increasing: according to the latest Resource and Talent Planning report from the CIPD, more than three-quarters (77%) of businesses are experiencing difficulty recruiting senior roles.
Key findings:
Against this backdrop, more and more companies are making building a strong employer brand a priority. In response to the CIPD survey, for example, 75% of organisations reported taking action to improve their employer brand within the last year, a figure which rose to 84% for larger organisations. And ‘Enhancing EVP to attract and retain top talent’ was identified as the number one priority among HR leaders in Mercer’s 2024 Global Talent Trends report.
“And ‘Enhancing EVP to attract and retain top talent’ was identified as the number one priority among HR leaders in Mercer’s 2024 Global Talent Trends report.”
In today’s landscape, a strong employer brand is a commercial imperative. Evidence shows that an impactful employer brand is linked to better business performance, allowing companies to drive colleague engagement, encourage attraction, and boost retention.
Specifically, a strong employer brand can:
- Reduce recruiting costs by 43%
- Reduce staff turnover by 28%
- Be twice as impactful than company brand to attract talent
In turn, a strong employer brand makes organisations more attractive to investors. Mercer’s 2024 report found that 70% of asset managers say that a company’s people sustainability – including employer brand – is critical to informing investment decisions.
