According to Randstad data, employers spend an average of $500 every day on each job vacancy that remains unfilled. But with current low unemployment rates, and competition for talent increasing across industries, it can be difficult to attract the right individuals to your organization. That’s where employer brand strategy can make an impact; it can help your company stand out from the crowd as an employer of choice and keep great employees from being lured away.
James Foley, senior vice president of Employer Brand for Randstad Sourceright’s Talent Innovation Center, shares insights with The Economist on the differences between corporate and employer brand. James explains the importance of the “elevator pitch” and how companies can directly influence talent attraction and retention with a strong brand strategy.