Events of recent years have made employees much more aware of the value they bring to their employees. They have a more discerning view of their careers, with flexible work opportunities and employee well-being becoming key issues in the recruitment process.
In turn, this has made it challenging for HR teams and recruiting services to attract the best candidates. Once they have joined your team, it’s then vital to ensure that you retain talent, helping to keep staff recruitment costs down.
The Employee Value Proposition is a crucial element in this process. Creating an effective EVP before you go out to recruiting services will give you the best chance of attracting, recruiting, and retaining the talent your business needs.
But what makes a good Employee Value Proposition, and how do you create one for your business?
What is an Employee Value Proposition (EVP)?
Essentially, your company’s EVP (Employee Value Proposition) is a document that sets out the benefits and rewards your employees receive in return for the experience and skills they bring to your company.
Your EVP defines what makes your company unique, what you stand for, and your distinctive culture. It sets out your company’s vision and why people are proud to work there.
This makes the EVP a highly valuable branding tool. It will help your recruiting service to attract the best talent and make it easier to retain your best-performing employees.
How to attract and retain talent with an Employee Value Proposition
A clearly defined Employee Value Proposition is a valuable tool for HR teams and recruiting services, but what makes a good EVP?
Here are some of the essential steps of the process:
Understand existing perceptions.
Before creating your EVP, you need to understand how your organization is currently perceived. How do your existing staff and potential candidates view your company, its brand, and its culture?
You can gather this information by surveying current and former employees, and running focus groups, asking questions such as:
- What do current employees value about working at your company?
- What do they think makes it unique compared to your competitors?
- Why do current staff stay there, and why did former employees leave?
Put people first.
It’s vital to remember that each employee in your business is an individual, and the employee experience will differ for each person.
Factors like gender and age have an impact, so your EVP needs the flexibility that allows it to cater to each employee’s circumstances.
Consider the importance of employee benefits.
Candidates are now more aware of their value to employers, which needs to be reflected in your EVP. Yoga classes and free lunches are nice, but the candidates you want to attract are more likely to look for hybrid working and a better work-life balance.
Your organization’s values are also increasingly important in attracting the best candidates. They like to know they are working for a company that makes a positive impact, so include mentions of the social and environmental issues you champion.
Involve your management team.
The relationship between employees and their manager is always vital, especially in today’s hybrid work environments, as they may not have as much contact with other staff members.
Your management team needs to understand the EVP to carry out its strategies, so training and support for your management team will be crucial to this process.
Use clear and uncomplicated language.
When you write your Employee Value Proposition, use clear and uncomplicated language to truthfully represent employees’ experiences of working at your organization. Highlight what you can offer that makes you stand out from your competitors.
This will help you attract the people who will thrive in your team rather than being disappointed when the reality doesn’t match up to the promise.
Once you have defined your EVP, recruitment and retention become more straightforward. The EVP will provide vital information to help your recruiting service identify the best candidates to join your team and help you to provide the employee experience that keeps them with you. But the work doesn’t stop there.
You should constantly assess your EVP by monitoring applications and employee retention rates, and consulting with employees throughout their career with you.
You may need to adapt your Employee Value Proposition, so it remains relevant to the current recruiting landscape and employee expectations. Contact CRI for help in using our powerful assessments to supplement your hiring strategy and EVP.