employee engagement

What is an Employee Value Proposition and why should I have one?

By November 20, 2014 No Comments

As an employer, you don’t want to receive the same CV four hundred times for a single opening – “I’m great at working in teams, have excellent attention to detail; I’m like a Japanese train when it comes to time keeping (ha, ha)”, etc. etc. So, why should candidates expect the same thing when they’re looking for jobs?

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The first thing that a jobseeker does when applying for a job is research the company they’re applying for. If you’re simply listing the same benefits as every other company in your industry, why should you expect a potential employee to sit up and take notice?

Companies with a strong talent brand attract on average 50% more quality applicant

In a booming recruitment market, employees don’t apply for job openings – they search out the companies they want to work for. If you want to attract the best talent, you better stand out from the crowd.

In fact, a 2014 study by LinkedIn found that companies with a strong talent brand attract on average 50% more quality applicants than those without. But the report doesn’t stop there:

  • Companies with stronger talent brands have 28% lower turnover rates compared to companies with weaker brands.
  • With a better-managed and stronger talent brand, companies typically spend 50% less per hire than those with weaker brands.
  • 56% of professionals consider a company’s reputation as great place to work above all other factors when considering a new job opportunity.
  • Studies show that highly engaged employees are 480% more committed to helping their companies succeed.
  • 93% of CEOs say that they are actively changing their talent strategy, or recognise that they need to.

The evidence for developing a talent brand is clear, as is the intent of the competition, so the question a company that wants to attract top talent needs to ask themselves is, where do I begin?

The answer? Developing your Employee Value Proposition – your EVP.

It’s one of the most effective ways of conveying the less tangible aspects of your company

What exactly is an EVP?

In short, an EVP is a tool that allows you to communicate consistently and convincingly, what your company can offer jobseekers.

Whether this highlights the integrated nature of your teams and workforce, the international scope of work, or the potential for development (or all of the above), your EVP is a toolkit that maps out your company’s key benefits and how you address them. It’s one of the most effective ways of conveying the less tangible aspects of your company: not just the salary and pension entitlements, but your values and culture.

But this means that your EVP is not simply a rehashing of your advertising . After all, what you’re offering jobseekers is likely very different to what you’re offering your customers. Your EVP should be a distinctive language developed specifically for translating a unique proposition for the candidates that you want to attract. It should be geared towards telling the story of your culture, your values, and what working for you can add to a potential employee.

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How do I create my EVP?

Think about the things that make you stand out to potential employees – is it the fact that you have teams all over the world? Is it that you have the best training programmes in the industry? Is it that you offer monthly ultimate Frisbee tournaments? Speak to your current employees about what it is that they enjoy about the company.

Once you’ve specified what these are, you can set about defining how you want to speak about them. You can do this by focusing on the language that you want to use and how you want to use it. Do you want to push the fact that your company is ‘inspirational’ or ‘aspirational’? When you talk a candidates career path, do you want to focus on ‘development’, ‘progress’ or ‘reaching your full potential’? These are the specific details that can make an EVP successful.

Using a partnership agency to help define and create your EVP will not only help you specify what your best and most marketable traits are (an external pair of eyes is always wise), but they will also be well placed to help find the best way to package it.

Now what do I do?

Defining and creating an EVP is just one step towards creating a consistent and attractive public face for your company in order to to draw in excellent talent. You can use it to inform your recruitment content marketing strategy  – what’s one of those? Stay tuned for my upcoming blog – hit subscribe and you won’t miss it.

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