When budgets tighten, the first thing to be cut is often marketing or ancillary promotional budgets. Maybe you have had a RIF and you are not actively hiring so it seems like this can wait – Here are a few reasons why that may not be the case….
I started my career in advertising working for several television stations in Boston. When times were good, and budgets were flowing it often became a bidding war to have the most reach and frequency in the market. Think about those memorable “ads” you see or hear repeatedly. Even if you aren’t in the market for a new car, you can’t get the TOYOTA jingle out of your head. When the economy seems to have a bit of a bump, our gut instinct is to cut costs. When cutting costs, expenses like advertising is often first to go.
Yet history has told us time and time again that when times are good you should advertise, and when times are bad you must advertise. In case you need more convincing, take a peek at this great Forbes article which pulls a few of the more famous examples. In terms of awareness, consideration and decision, whether it’s a candidate choosing their future employer or a person buying a new car, the worst thing a company can do is not advertise.
Spending an advertising budget is easier said than done, especially if you must make some difficult cuts including layoffs. So why should you be focused on your employer brand when there seems to be other conflicting priorities? The answer is simple – now is the time to connect with top talent, even if you can’t hire them today.
It wasn’t long ago that the War for Talent had an all-time new battle in 2021 when anyone and everyone was changing jobs and getting a lot more money for their new position. The adjustments of 2022-2023 have opened the pool for good talent again.
Here are a few simple tips to stay top of mind and keep your market share as an employer of choice:
- Refresh and relaunch your 2023 employer brand.
Why should a candidate want to know you? What is special about working for you today? What is your vision for the future? What do you need to say and where do you need to update your messaging?
Is your website ready for this?
Does your LinkedIn feed tell the story that it should? - Share your story.
Who within your organization can write a blog or create a video?
If you don’t have someone in house, partner with a resource who can.
Writing something authentic, interesting and shareable is a great way to maintain your voice, grow awareness and add new followers. - Engage your followers.
Can your employees serve as ambassadors and boost your followers while boosting their personal brand. Contests and rewards to thank your employees for sharing their experiences is low cost-high return investment most companies can make at any budget level. - Build your network and talent pool not just for today’s roles but for the future.
We know good talent is in transition and they are open to learning more about their next employer, even if the role is not open yet. Taking the time to network and conduct informational interviews is a must if you want to have an advantage when the world starts hiring on all cylinders again. Building your reputation as an employer who cares in good time and bad gives you an advantage you can never win back if you wait.
For more information or resources to define your employer brand, market intelligence or future pipeline reach out to Talent Works.
