Facilitate recruiting and talent acquisition strategies and increase employee retention
Attracting, developing, and retaining talent has become the primary imperative for organizations nowadays. Intangible assets such as brand, culture, leadership and innovativeness have assumed greater importance in terms of a company’s competitive advantage.
Competition has shifted from tangible assets that companies own to intangible assets that are driven by employees, the power has shifted from the employer to the employee.
Thus, attractive companies do not depend on their corporate brand, but rather on a sum of intangible attributes that are behind the brand.
Why it is important to enhance the employee value proposition, what the company is offering that the competition does not to attract better candidates?
The EVP is a comprehensive set of employer offerings that boost employee engagement and bring out the best in them, acting as a key driver of talent management and acquisition, helping you to get more applications from talented candidates.
These benefits, formulates as proposals, delimit the perception of employees about the value offered to them when working in a certain company or when considering it as a future employer
The five main components that an EVP should include:
Financial Rewards, addresses an employee’s expectation from the overall evaluation and compensation system
Employment Benefits, health insurance, retirement benefits, Paid leaves, Gym memberships, Company-sponsored holidays
Career Development, technical Training, Leadership Training, Mentoring and career guidance, Promotion opportunities, Opportunities to work in other cities or countries
Work Environment, flexible working hours, Work-life balance, Recognition, Team building, Communication systems, Workspace design
Company Culture, trust and collaboration, Positive relationships between team members across hierarchies, Team communication and support, Alignment of employees with company goals
Organizations, to make themselves employer of choice must be able to trigger their perfect candidates’ interest by differentiating the company from their competitors offering an attractive employee value proposition. Nowadays, before the prospective candidates apply to the job, they thoroughly research the company to determine if the organization is the right fit for them.
An effective employee value proposition (EVP) management strategy should have:
Before the company begins to develop an EVP, it is a good idea to take a full evaluation of what the company offers to employees today and consider investing in an employee engagement survey, it will help the organization understand what is important to their workforce and what is not.
A second step would be translating key themes into terms that reflect your company, culture and values and do some research to see what the competitors are doing, if the organization’s EVP differs from other employers that are looking for the same talent, they can stand out as an employer of choice.
Finally, it is especially important to incorporate the employee value proposition into the recruitment process, and your organization’s exit stage. If the employees leave with a positive perception of the company, they may tell others about the organization and encourage them to apply.
Strong strategic development of an Employee Value Proposition can help the organization to:
REACH PASSIVE CANDIDATES: A successful EVP increases access to passive candidates by embedding the brand more deeply within the talent market. A strong EVP positions the organization as the place where people want to work.
RE-INSPIRE YOUR WORKFORCE: Building and sharing a strong EVP involves listening to the existing employees so that the company can understand what is important to them. This practice helps build trust and strengthen commitment by including employees in the process.
RESONATE WITH NICHE CANDIDATES: A great EVP goes beyond a “one size fits all.” Instead, it addresses the wants and needs of each key employee group. Understand that the part of the offer that attracts designers is not necessarily the same thing that will attract engineers.
REDUCE COMPETITION BASED ON COMPENSATION: If candidates find the EVP valuable to them, they will look at compensation as a smaller part of the equation when applying. This means that even if the company does not offer the most competitive pay, they can still successfully compete for job seekers on other dimensions.
REFINE YOUR RECRUITING OBJECTIVES: The process of building an EVP forces the organization to learn and drill down on what is important to the employees and potential new hires. Having this information will help guide the recruiting efforts so that the company can make job offers as compelling as possible.
Defining a company’s Employee Value Proposition (EVP) is an extraordinarily complex task but it will pay off in dividends for your company. However, organizations do not have to navigate this process alone, it is an advantage to consider the help of experts in recruitment and talent acquisition, since they have the experience and methodology necessary to successfully design an attractive EVP.
They can help you build a unique employer brand that will be built upon a strong foundation of the Employee Value Proposition and promoted through recruitment marketing strategies, allowing the company to increase the number of quality applicants, reduce hiring costs, and differentiate the organization from competitors.
In conclusion, nowadays businesses cannot grow without a talented workforce to ensure their future growth. When you manage to attract and retain the right talent, they will help boost your business and ultimately your company’s bottom line, leading your organization to more productivity and profitability in the future.