Alan Herrity | July 1, 2024
In the ever-evolving job market, having a compelling Employee Value Proposition (EVP) is critical to attracting new talent while keeping your current staff engaged and motivated.
Here is our guide to crafting a market-leading EVP.
1. Regular Review
An EVP older than 12 months is outdated. Given the recent significant shifts in the market, it’s important to review your EVP annually to ensure it aligns with current market trends and changing employee expectations.
2. Flexible Work
With many employees now looking for flexible working arrangements, these considerations should be at the heart of your EVP.
Organisations without work location flexibility will struggle to attract and retain talent.
3. Benefits and Needs
Other key components of an EVP are remuneration, benefits, training, coaching, and career progression. Be sure to include each of these and explain how they relate to the role on offer.
Understand the ideal candidate profile and align your EVP to their needs to make your recruitment process more targeted and accurate.
4. Co-creation
Try creating your EVP in collaboration with your staff. This will give them ownership and show that you understand what they need from you as an employer.
Co-creation should be easy for smaller organisations where staff can speak directly to HR and management. Large corporations may need to create a network of EVP champions to represent specific business units.
Involving your staff in creating an EVP is a great way to sense-check that what is being developed is what the staff want. This will help keep your EVP authentic and relevant.
5. Strategy
Clearly communicate how each team fits into your company strategy and its specific goals.
Employees need to understand where they belong in the company’s journey and the value they bring. This fosters a sense of purpose that increases job security, making them more likely to stay.
6. Values & Culture
Clearly define your company values in your EVP and demonstrate how you live by them every day. Be sure that your values are adhered to at all levels of the company.
Encourage employees at all levels of your organisation to be culture champions.
The correlation between how line managers lead and how your organisation's culture is demonstrated is important for attracting and retaining the best talent.
7. EVP in Interviews
During the recruitment process, interviewers should talk about your EVP from the get-go.
Ensure you have the right people involved in your interviews and that they are proficient in selling your EVP. Highlight why candidates should join your company and showcase your organisational strengths.
Don’t leave it to the end of the interview, where it may appear to be an afterthought and be rushed. Presenting the EVP early ensures the candidate understands how important your company culture and strategy are to your success.
CONCLUSION
A study found that employee happiness throughout a company led to a 12% rise in productivity. Think about how you can support your employees to be successful and happy.
A compelling EVP will help with this and decrease employee turnover while at the same time increasing new hire commitment by up to 30%.
By incorporating the elements discussed above into your EVP, you can create an employee proposition that stands out in any market.
To find out more, email Alan Herrity, Director, Momentum Search and Selection.