07.07.22 | FEATURED ARTICLE | DIVERSITY, EQUITY, & INCLUSION
Why an Employee Value Proposition is important.
Employers must have a strong Employee Value Proposition in order to stand out among their competitors and become a “employer of choice.”
The most important element of the recruitment process is the EVP, which explains why a prospect should apply for a position with a company and what benefits they will receive. It’s also a great tool for retaining talent, and organizations with excellent EVPs have greater staff retention rates.
A unique combination of benefits that an employee receives in exchange for the skills, capabilities, and experience they contribute to a company is referred to as an employee value proposition (EVP).
An EVP is all about establishing your company’s identity – what makes it special and what it stands for. It includes the main reasons why individuals are proud and encouraged to work there, such as the inspiring vision or diverse culture. It’s essential that your EVP is distinct, current, and compelling.
A strong EVP will help retain top performers and recruit the best external talent when it is integrated into all aspects of a business.
Employer Branding and EVP
Job ads, relevant website content, social media marketing, and, most importantly, excellent corporate branding can all help to communicate the EVP. According to LinkedIn’s Global Recruiting Trends research, over 80% of business owners recognize that employer branding has a substantial impact on their ability to hire talent.
While over 70% of recruitment funds are spent on job boards, recruiting tools, and staffing agencies, talent executives say employer branding is the most important area in which they wish they could invest more.
Here are some pointers on how to create an engaging EVP.
Recognize existing perceptions
Building a company culture that will be reflected in your EVP is not simply the responsibility of business executives; it is also the responsibility of your team members who live and breathe your company values. Your ideal company culture will emerge from your people, allowing you to realize your goal. To create a strong, realistic EVP, first figure out what your current and potential employees think about your company’s brand and culture.
Identify key selling points
Create a cross-functional team to go over the data and figure out which areas of your company people care about the most. Building up your employer brand and clearly describing it in your EVP will give a clear sense of what your company stands for and how it might fit into the values of a potential employee. Use this information to create an EVP, making sure to answer the following questions.
To check if your EVP effectively explains why an individual would want to work for your company, test it with current employees and a sample group from the external market.
Deliver the message
Find innovative and relevant ways to communicate your EVP to the people you’re aiming to attract once you’ve defined it. Start by communicating it through all hiring channels, such as corporate websites, advertising, and the interview process, so that potential employees can assess whether or not they are a suitable fit for your company.
The passive labor market will build a positive opinion of the worth of working for your company if you consistently communicate a compelling EVP through branding, public relations, and marketing.
Existing employees are your most effective source of advertising and play an important role in attracting talent. To build brand ambassadors, your employees must perceive consistency in both the external image you sell and the day-to-day reality of working for your organization.
Incorporate the EVP into your firm’s induction programs, reward and recognition schemes, internal communications, rules, and business plans so that it is reflected in how your company operates on a daily basis. Examine your EVP on a yearly basis to verify that it continues to reflect the evolving employee experience.
Speak with Stone Soup Performance about how to make your company’s EVP more appealing to prospective employees. We help businesses to reach their maximum potential, from their HR needs, team development, and more. Contact us today.