Universum’s Employer Branding NOW 2023 study, conducted during the first quarter of this year, shows students and working professionals are confident about the hiring market – this despite slowdowns in certain industries and regions.
“Notwithstanding a flurry of news about layoffs and economic contraction, most companies are still struggling with a talent shortfall, and the problem isn’t going to improve anytime soon,” explains Yusuf Azoz, CEO of Universum.
Universum, the global leader in employer branding, surveyed over 1,700 talent leaders from 75 countries between February 15 and March 31, 2023 and over a 1000 students and professionals. The study found:
- Employer branding is even more critical in 2023. Among leading global employers, 78% say employer branding is a top priority — up 11 points in two years. Even for small- and medium-sized employers, the majority say employer branding is a critical area of HR investment, with close to half of all the employers surveyed increasing their employer brand budgets.
- Differentiation is a top priority. 60% of leading global employers say differentiating their employer brands and EVPs from competitors will be a key objective in the coming year.
- Employer brands are revising their EVP. Employee well-being and flexible working conditions — areas of focus during the pandemic years — are now emphasized in fewer than one in three EVPs. The reason: these have become baseline expectations, not “perks” provided by an employer.
- Delivering a consistent ‘on-brand’ experience for employees is increasingly key given the continued risk of attrition.
- Data-driven decision making is now the norm. In 2023, 88% of companies in the World’s Most Attractive Employers say they “frequently” or “always” use data to drive decisions – using dashboards to monitor every step in the recruitment funnel.
“Data-driven insights are absolutely critical when talent markets are in flux, as they are now,” says Richard Mosley, Universum Global Client Director. “With so many cross-currents affecting perceptions and preferences it’s essential to stay in tune with your target audiences and monitor your brand image.”