If you’re recruiting or planning a future recruitment drive, chances are you’ve heard of EVP and Employer Brand. Both are common terms in recruitment and there is a link between them, but what are they?
Employee Value Proposition (EVP)
EVP is simply your Employee Value Proposition – the outline of everything a company does to attract and retain talent. It’s a set of offerings that a business provides to an employee. It can include salary, bonuses, perks and any other benefits or rewards. They have to be offerings that positively influence the target audience though (i.e. potential or existing employees). Organisations that successfully deliver their EVP can increase new hire commitment and decrease employee turnover.
An attractive EVP does more than just help you find new talent or retain existing talent. If your organisation’s proposition is appealing, you may even engage passive candidates. Another positive is the potential knock-on effect of minimising your recruiting costs. An enticing EVP might mean more applications from top talent. In other words, it can help build awareness of your organisation and drive the right kind of candidates to your vacancies.
Your EVP cannot stand still – industries and businesses evolve and there will always be something new and exciting on the horizon. To ensure you remain a desirable organisation to work for, you must review and refine your offer frequently. Many organisations are now hybrid or fully-remote, meaning their employees have more control over their work arrangements. Owing to this, employees can save time and money and work from a space that’s more comfortable for them. Although remote or hybrid working is currently a bonus for many, it is fast becoming the norm and may not be a ‘perk’ for much longer.
Research is a good way of determining what your team wants, and what will encourage them to stay with your organisation. If your business’s offer is meeting the desires of your employees, they’re less likely to search for other opportunities.
The term used to describe a company’s reputation and popularity, is Employer Brand. A company’s Employer Brand is a reflection of their EVP. Their reputation comes from what they do to attract and retain talent.
Employer Brand is a company’s reputation and popularity amongst its employees and the workforce. Organisations that want to attract and retain the best talent strive to ensure their Employer Brand is positive. To achieve this requires effort – it’s simply not enough to just market yourself well. Your business has to be a great place to work. Employees should be motivated to stay and work hard, as they know they’re well compensated and rewarded for their efforts. 72% of recruitment leaders feel that Employer Brand has a significant impact on hiring and also that it has a significant impact on your business’ success.
Your Employer Brand needs to echo the wants and needs of the talent you’re trying to attract. If a business has a reputation as a great company to work for, it will be significantly easier to find talent. Those seeking opportunities will notice that the organisation matches or exceeds their expectations, has happy and engaged employees and they will want to be a part of it. This is where Employer Brand and EVP overlap. If what your organisation offers to your employees is good and is monitored and updated regularly to try and stay ahead of the competition, then your Employer Brand will also maintain its appeal. Similar to other types of branding, creating a strong Employer Brand requires good storytelling. You have to sell yourself well and back what you say up with actions, as a result, your loudest proponents will be your staff.
Which do I need to address first?
If your organisation is looking to recruit, or a recruitment drive might be on the horizon, it is always wise to review and refresh your EVP. Employer brand on the other hand, is slightly more difficult to adjust. To have an enticing and positive Employer Brand, your organisation needs to look after its employees. It needs to offer them an attractive package AND a great company culture. The Employer Brand will come as a result of having a happy, engaged team. People will see positive content online, they will see that people working for your organisation are committed to the business and want to work hard.
It’s imperative, therefore, to get your EVP right. You need to identify which benefits are valued by your employees and ensure you provide as much as you can. As a result of going above and beyond for your team, they will likely value the organisation, work hard and help further your Employer Brand.
Where do I start?
Firstly, you must create an EVP authentic to your organisation. What your company offers should reflect what it’s like to work there. Post-pandemic, businesses should evaluate a number of things like hours, location and flexibility. Many organisations now offer hybrid or remote working as standard. Flexible hours are also fast becoming the norm – people have a range of responsibilities that might preclude them from being able to work a 9-5. Allowing a degree of flexibility can be a game-changer for many people. If you’re flexible, allow employees to choose where they work and offer them a truly competitive package, it’s likely that your organisation will be a desirable one to work for.
One thing that should not be overlooked, is keeping an eye on the competition. EVP is not something that should stand still – competitors could catch and perhaps even overtake you as a great employer if your offering doesn’t evolve. It’s vital to constantly monitor what your employees desire and what keeps them motivated.
Employee development is another area to consider – upskilled employees are more likely to have loyalty to your business. Another bonus is that they will become more valuable to the business by gaining more skills. This could even reduce your recruiting costs as you could look internally to fill vacancies first.
Talent Works are experts in EVP and Employer Brand. If you’re looking to recruit, get in touch and see how we can help you source the best talent.