Job seeker confidence is at a record high, and with good reason: the unemployment rate just dipped below five percent for the first time in eight years. It’s a job seeker’s market, and this climate forces employers to seriously reevaluate and enhance their recruitment and employment practices, or suffer the cost.
The narrative makes a lot of sense: When times are tough (as they were in the last recession), job seekers cared about two things–finding a job, or keeping the job they had. But now that things are looking up, what do job seekers and employees want? A great experience. And their expectation for that great experience is only growing.
So what happens when employers don’t live up to candidate and employee expectations? Apparently, a lot, and each has a hefty price tag. Here are a few ways to understand the true cost of a bad employer brand…