How Employee Referrals Impact Your Employer Brand [INFOGRAPHIC]

 For many businesses, finding great talent is hard. Sometimes, it’s even harder to retain employees who already suit the team’s needs. Many companies across the world struggle with employee retention and referrals, but most don’t realize it’s not the employees who are the problem–it may be actually be an issue with the employer brand.

A strategic employer brand sets the tone for a company to attract and keep the best workers, but too few employers know how to implement one. The result? Lots of turnover, wasted time recruiting new members, and plenty of bank account drainage. Total costs associated with turnover are shocking, ranging from 90 percent to a whopping 200 percent of annual employee salary.

The infographic below, compiled by RolePoint, a social recruiting platform which provides unrivaled access and reach to passive candidates, spells out just why it’s imperative for employers to focus on fostering a positive brand if they want to find and retain the best employees. Some key stats include:

– Companies with a defined employer brand dominate 60% of the labor market

– Companies with an unmanaged employer brand make up only 40% of the market

– 17% of companies with a defined employer brand saw an increase in their quality of hires

If companies want to reduce turnover and improve hiring, they’ve got to start with themselves. Check out more stats on the importance of a strong employer brand in the infographic below: