December 6th, 2019
When the job market is driven by candidates, an appealing employer brand plays a significant role in your company’s perception and can attract high-quality talent. Did you know a bad reputation can cost a company at least a 10% increase in cost per hire, according to Harvard Business Review? Building a solid employer brand takes time, effort and money, but we guarantee, it’s the best investment you can make.
This year, Catalyst made a survey to examine the State of Employer Branding on the Romanian market. In this article, we will take a closer look at how much money companies in Romania are spending on their employer branding activities and where they choose to allocate their budget.
What is the overall employer branding budget in Romania?
According to our report on the State of Employer Branding, 1 in 12 companies spends between 10.000 and 19.999 euros on their organization`s communication initiatives.
As you would imagine, we found out that the number of employees was directly related to the size of the employer brand budget, as a whole. The bigger the company, the bigger the employer brand budget. Therefore, only 5 companies with more than 500 employees secured over 200.000 euros.
What’s interesting, 37% of our respondents didn’t know how much money was allocated for employer branding last year. The reason most likely is that they are not breaking down the expense categories, but instead put everything under the recruitment budget. In this case, it can be hard to pinpoint which initiatives were worth the money spent. For example, your HR team spent $20,000 last year each on employer branding online campaigns, job boards, and events. You record the results and then divide that by the total amount spent. In this way, you can see what works and what doesn’t, taking into consideration fulfiling your KPIs.
To find out more interesting facts about the State of Employer Branding in Romania get access to the full report here
What about the industries that spent the most on employer branding in Romania?
The larger budgets (over 200.000 euro) were allocated by companies operating in Automotive, IT&C and Pharma&Medical. Those industries currently face increasing competition on the talent market and larger investments in employer branding area are vital to ensure that on the long term the company will be able to attract the right talent for the organization.
Towards what type of initiatives are employer branding budgets directed?
We already know now how much, companies in Romania are spending on their employer branding initiatives, but what about where are they choose to allocate their money?
Among the most popular answers, we encountered in our survey were investments in events and job boards. Surprisingly the paid social media were overtaken by the organic ones. Thought in theory, organic social media don’t cost anything in practice companies invest a lot in developing content plans and compelling design.
That takes us straight to digital campaigns that as we see from our survey don’t have that much competition yet. It’s worth to spend a little money to ensure that your specific target audience sees your content. If you want to scale your recruitment with the help of digital campaigns now it’s a great moment! Contact us at firstname.lastname@example.org and get more information’s on how we can boost your results.
To find out where else companies are allocating their employer communication budget download our free eBook here
There’s no one secret formula for employer branding budget that fits every organization. How much you need and how you’ll spend it should be based on your individual hiring goals and overall business strategy. We can promise you one thing – money spent wisely on promoting your employer brand will reduce recruitment costs in the future.