Employee Value Proposition
Separate your business from your competition with a competitive EVP.
"Revamping your Employer Value Proposition – it doesn’t have to cost a fortune (if anything at all!) "
In today's competitive job market, attracting and retaining top employee talent is a tough challenge for many employers and one that more and more of our clients are facing.
Gone are the days when a company posts a job to Seek and is inundated with applications. The focus has shifted from what a company is looking for in an employee, to what a company can offer to a potential employee.
More importantly, we need to ensure we are retaining those employees that we value, the hard working loyal employees that would leave a hole in your business if they resigned.
How you differentiate yourself as an employer in the market matters – everyone is looking for a competitive advantage. Reviewing and enhancing your Employer Value Proposition (EVP) will assist with this, and it doesn’t have to cost a fortune.
What is an Employee Value Proposition?
An EVP represents the way a company wishes to be perceived by its current and future employees. It’s a statement intended to express the company’s core values, culture and benefits that it offers to employees. It also outlines what employers expect their employees to contribute to the workplace in return.
Many companies may already have an EVP but have not yet formalised this into a succinct strategy to help attract and retain key talent.
Why do I need an Employee Value Proposition?
Having a strong EVP can reinforce the identity of the employer and showcase the potential benefits that employees are looking for in their future employer. For example, in today's talent market, many people are seeking a position that can help them improve their skills, advance in their career or provide greater flexibility regarding hours of work or working from home. Should companies showcase their commitment to these in their EVP it will assist with attracting candidates that align with the organisation’s core values.
Revamping your Employee Value Proposition
Establishing or revamping your existing EVP does not mean you have to spend thousands of dollars on new and exciting initiatives. It is often challenging for small and mid-sized companies to compete with larger companies on salary and benefits. There are alternate ways employers can create value propositions or implement initiatives with minimal or no cost that will improve company culture, boost employee morale, and appeal directly to potential employees.
The most important consideration when developing an EVP is to ensure that it is authentic and accurately represents what your company stands for and can offer its employees. In developing your EVP strategy, you need to:
1. Analyse your company’s strengths
2. Evaluate your company’s competitors
3. Draft your EVP
Once this has been executed, communication is key!
How does an Employee Value Proposition affect the recruitment process?
Existing employees can be your biggest advocates if you give them a reason to be. One of the most valuable factors in the recruitment process is leveraging this to spread the message to potential employees. Additionally, rethinking your approach to upcoming recruitment campaigns focusing on what makes you unique from your competition may assist you in finding the one you are looking for.
Having a clear EVP can assist to:
* Showcase the company’s culture and can give prospective employees an idea of what it is like to work for the company;
* Set the company apart from its competitors;
* Clearly articulate what the company has to offer; and
* Quickly determine a candidate’s alignment to the company culture.
How does this work in practice?
When looking at a company’s EVP it becomes an extension of their brand. Take Skildare for example, our mission is to deliver straightforward HR advice and support to bring out the best in our client’s people so they can bring out the best in their business.
How can we practice what we preach if we don’t do the same? We are having regular conversations with our team to understand what matters to them and what would make a difference in their day-to-day.
As a result, we have implemented a number of recent initiatives such as:
* A 9-day fortnight for full time employees;
* Monthly team lunch “ burgers on the balcony";
* Fresh fruit in the kitchen – a small value add that has a huge impact when employees are experiencing high workload; and
* “Dress for your day” dress code and empowering our team to find that balance without compromising on our service to our clients.
Where to from here?
We have worked with a number of our clients to assist in generating ideas and implementing strategies aligned to what they are trying to achieve and to ensure they are in the best possible position to attract and retain the talent they are looking for.
If you feel that this is something your company would benefit from, please reach out to our team who will be happy to discuss this with you further.