Today's recruitment is candidate-driven, with candidates choosing their workplaces for reasons other than pay. A company's employee value proposition (EVP) describes what it can offer potential employees in terms of remuneration, support, and growth. It can also clarify your organization's values, allowing you to attract the right talent.
Advantages of a Good EVP
- A good EVP helps in attracting and retaining like-minded individuals.
- Shows potential candidates why they should choose your company over others (for example, how are your values different from others? What benefits do you offer?).
- Employees may feel closer to one another and to the company.
- Establishes a solid foundation for work objectives and communication.
- Enhances the employer brand overall
- Increases employee engagement and experience, which improves performance.
- Reduces hiring costs by utilizing organic employer brand marketing and saving money on recruitment agencies and job postings.
Creating and implementing the ideal EVP
Determine who you're going after.
Create a candidate persona and base your EVP on what the ideal candidate will gain. Try to keep an open mind and be as inclusive as possible when narrowing down who you want to bring into your company.
Make certain that the EVP is in both the employee's and the employer's best interests.
An EVP is similar to a contract between a company and its employees. Make sure it meets both employee needs and corporate expectations.
Discover the employee point of view.
Understanding how your employees perceive your company is critical. Conduct surveys and solicit feedback as frequently as possible to learn more about why current employees choose to work for your company, how potential candidates perceive your company, and why former employees left.
Employees can express their true feelings about the company through anonymous surveys. As a result, you'll understand how to emphasize your strengths, manage your weaknesses, and attract candidates based on these characteristics.
Utilize your EVP.
Keeping the promises made in your EVP is critical for talent retention and attraction. Admitting your difficulties and being open about what you can and cannot do is acceptable. Overselling can jeopardize a company's reputation.
Don't forget anything.
Make sure your EVP emphasizes all available opportunities. Discuss the financial and health benefits, as well as the work environment and culture, as well as potential career paths.
Display your EVP on all fronts.
It is critical that your EVP be reflected in all aspects of your brand, including social media, your website, and candidate communication.
Aside from developing and publishing an EVP strategy internally, you should also create and actively promote an EVP statement.
A perfect EVP is always improving.
The employee value proposition of a company should evolve alongside it. As the company grows and the roles you hire for become more diverse, your culture and what you can offer employees will most likely change. That is why adaptability is essential. You can use metrics and feedback to review and revise your EVP to ensure that it accurately reflects what your organization stands for.