Key takeaways:
- Flexibility is key: In times of economic instability, adapting your budget for programmatic campaigns, SEO, and social channels is crucial. Partnering with liaisons between finance, HR, and business units helps navigate budget constraints effectively.
- Balancing short-term and long-term investments: Identifying necessary shifts in brand strategy is essential. Acknowledging diverse talent demands and market fluctuations ensures adaptability. Balancing short-term tactical spending with long-term strategic investments is also vital.
- Educating leadership and aligning initiatives: Clear communication through business justifications and compelling narratives is key for future investments. Aligning initiatives with broader organizational goals and demonstrating their benefits to specific business areas helps secure buy-in.
In a recent Talent Marketing Board panel discussion on planning for 2024, heads of employer brand and recruitment marketing at the world’s largest companies shared insights on optimizing budgets in evolving economic landscapes.
We’ll explore how our members are navigating challenging market trends, budget restraints, and educating business leaders on the importance of continuously investing in their initiatives.
Navigating Talent Marketing Budget Priorities in Economic Uncertainty
Britt Bloch, Vice President of Talent Acquisition Strategy and Head of Recruiting at Navy Federal Credit Union, stressed the need for adaptability in economic instability.
“We have to protect that budget,” Britt said. “And it is not a light budget, it’s pretty hefty. But for programmatic campaigns, search engine optimization, and social channels, we have to flex in this market.”
Additionally, she highlighted the value of partnering with someone who serves as a liaison between finance, HR, and business units, considering factors like the business’s budget status and headcount for strategic pivots.
For programmatic campaigns, search engine optimization, and social channels, we have to flex in this market.
Britt Bloch, Vice President of Talent Acquisition Strategy and Head of Recruiting at Navy Federal Credit Union
Mollie Bush, Lead Employer Brand Consultant at Target, noted that at large enterprises, employer branding teams must rely on partnerships with business lines and agencies to navigate budget constraints.
“I think we just have to get scrappy and creative with understanding where we have gaps in our team,” Mollie said.
Mollie said her team’s strategy involves utilizing team members for various “gig” opportunities, from copywriting to strategic thinking.
“In the spirit of internal talent mobility, we’re trying to find people across the company who have some bandwidth and are seeking a new experience,” she added.
I think we just have to get scrappy and creative with understanding where we have gaps in our team.
Mollie Bush, Lead Employer Brand Consultant at Target
Balancing Short-term Tactical Spending with Long-term Strategic Investments
Members also highlighted the challenge of balancing short-term tactical spending and longer-term strategic investments.
Britt acknowledged the role of her brand strategists in identifying necessary pivots. Their ability to assess and suggest adjustments ensures adaptability in the face of evolving talent demands and market fluctuations.
“Everybody refers to the labor market as singular, but it’s not singular anymore. It’s plural,” Britt said. “You’ve got layoffs, but you still have the complex, niche, high demand, low supply skill sets that are premium talent, and location sometimes can be a restriction.”
Niki Ferrans, Director of Employer Marketing at Assurant, mentioned how their budget planning process involves certain non-negotiables while aiming for a contingency, or “play” budget, allowing for unforeseen campaigns or unexpected opportunities.
She also emphasized the necessity of being flexible, aligning budget allocation with the most critical and impactful line items. She noted that despite careful planning, some occurrences demand immediate attention regardless of budget considerations.
Educating Leadership for Continued Investment
Educating leadership about the evolving value of talent marketing emerged as a crucial focus point.
Britt emphasized the importance of clear communication and education when presenting initiatives to leaders who may not fully comprehend the talent acquisition landscape. She outlined a structured approach, which included “one pagers” for each initiative.
“It’s basically a business justification for each initiative, because often those of us in talent acquisition are working with leaders that really don’t understand our space,” Britt added.
According to Britt, the key lies in delivering a compelling narrative that articulates the value of initiatives in terms relatable to leaders, making it clear how it aligns with the employer brand and contributes to organizational success.
Aligning Your Talent Marketing Initiatives with Larger Organizational Goals
Mollie emphasized the importance of aligning employer value proposition (EVP) activation with broader business needs. She highlighted Target’s journey of developing their post-COVID employer brand, acknowledging the necessity of showcasing how this benefits specific business areas.
“Frankly, our leaders and all of our partners want to see what’s in it for them,” Mollie said. “Our trick has been taking our EVP and understanding how we can service broader needs within the enterprise through employer branding.”
Niki elaborated on her team’s approach to maintaining open communication and alignment among various stakeholders.
Our trick has been taking our EVP and understanding how we can service broader needs within the enterprise through employer branding.
Niki Ferrans, Director of Employer Marketing at Assurant
They conduct monthly meetings with partners from talent acquisition, employer branding, DEI, and internal talent, ensuring everyone is informed about their wins, priorities, and KPIs.
“We’ll actually do bigger presentations for the leadership team,” Niki said. “We’re always trying to tie those into our overall company goals and what we’re doing to move the needle on those.”
Strategize Your Talent Marketing Budget with Your Peers
Adjusting your talent marketing budget is not an easy task. Niki, Britt, and Mollie all noted that it’s crucial to ensure your leadership teams are aligned and how it’s critical to be flexible in economic uncertainty.
And if you’re looking for more strategies on how to optimize your budget, you don’t have to do it alone. Talent Marketing Board Members have a confidential, vendor-free space to benchmark their top priorities weekly in our community.
Learn how a membership can help you navigate the challenges with shifting market trends and budget allocation.
