In a previous blog post, we defined Employee Value Proposition (EVP) as ‘the sum of all the things an employer offers to attract or retain talent.’ We explained that it’s more than the typical benefits of a position like salary, bonus, perks etc. This time, we’re going to learn how EVPs help a business, what kind of considerations you should be making when developing one, what are some of the less commonly known benefits of having a great EVP in place and how we can help you develop one.
How will my Employee Value Proposition help the business?
In addition to improved talent attraction and retention, there are other positives that come with having a great EVP. As you’re now a more attractive company to work for, your visibility to potential clients and candidates could increase. Whether this extra visibility comes from reviews of the company, employee advocacy or other avenues, it’s one of the benefits that can be achieved with a great EVP.
If your Employee Value Proposition is strong, it’s likely that candidates will find your vacancies quicker. In recent years, employees have been putting more value on things like the work environment and arrangement (I.e. office-based, hybrid, remote), than they have on ‘traditional’ benefits like salary, perks etc. Flexibility, remote work/hybrid options and other factors are now considered deal breakers by many. If you don’t offer these, you may be missing out on securing the top talent.
Another unforeseen benefit is that you may not need to spend as much or use as much resource on recruitment. With candidates being more aware of your company and its great reputation, you’ll reach a wider audience organically. This could save you time, money and help you attract the best talent.
What to consider when creating an EVP?
Before you begin developing your Employee Value Proposition, you should have already answered some important questions. Firstly, what are the goals of the company? Another important question is what is the existing perception of the business? You’ll also need to know what kind of people you want to hire – is their personality a good fit? Also, people like to know what the corporate culture is. People are different and as such, respond differently to cultures. What works for one candidate may not work for another. Ensuring you know what type of people fit best can save your recruitment team time and money.
Talent Works use five steps when developing an EVP to make sure your offer is attractive to your audience:
By making sure you’ve addressed these five steps, you’ll be able to develop an attractive offering for candidates. It will also give your company an identity which helps candidates understand what you expect from an employee. In addition, your existing staff will know what’s expected of them and what their rewards are for achieving their goals. This brings transparency to the workplace, which as explained in this article, has many benefits.
Other benefits of being able to attract top talent
Having the top talent working for you is the most obvious advantage of improving your talent attraction, but there are other benefits. When people know you value your team, your reputation, or ‘Employer Brand‘ will help you attract & retain candidates. Existing employees may advocate the company, reviewing it favourably online etc. Another benefit of being able to attract the top talent is having a low turnover. This suggests that it’s a great place to work.
As well as the direct impact of hiring the top talent (experience, skills etc.), there can be other benefits that they bring to a business. New ideas, ways of working and connections are just a few examples of things that the best talent can add to your business.
How to make sure your EVP is attractive
To make your Employee Value Proposition attractive to everyone you’re trying to attract or retain, you need to include them. Interview your existing employees and find out what their priorities are and if you’re matching them. What people want or need from a role can change quickly – the COVID pandemic showed just how quick workers desires changed. People went quickly from primarily working in offices to wanting more flexible arrangements. Now, flexibility regarding where you work is considered quite a high priority for many.
Benchmarking the competition is another way of making your EVP attractive. Find out what competitors are offering and see how you can offer something even more enticing. Some employers offer things like career progression opportunities, work-based learning, support with education etc. These can be very popular and work for both parties – your colleagues gain skills that can help further their career and the business gains a worker with new skills.
Though there will be many similarities between your EVPs, it’s necessary to customise them to the individual candidates. Everyone has different expectations and desires from their employment and employers have different expectations for their employees. To ensure you’re offering the best deal you can, make sure you customise your EVP for each of your employees.
How Talent Works can help you develop a leading Employee Value Proposition
Talent Works have a unique approach to developing EVPs. We know it’s vital to have a thorough understanding of the company and their competitors. This helps us differentiate them and offer something more meaningful and/or attractive.
We use methods like stakeholder interviews, competitor analysis and interviews with existing employees to help us determine any patterns. We also check exit interviews and employee survey data to find out about engagement within the business. This information gives us what we need to understand what your employees value. Following this, we use the findings to develop a customised EVP for each candidate that exceeds competitors’ offerings.
We don’t just stop at that, however, we make sure that as well as a great salary package, useful perks and career development opportunities, the work environment is right. Different people suit different environments, so it’s vital to understand what personalities fit. Despite the ‘traditional’ benefits being top of most people’s lists, an unsuitable work environment can undo those positives for people. Getting the right person for the right place is as important as anything else.