Following on from our Virtual Meetup last month, Scaling your Business: An Intro to RPO, we wanted to delve a little deeper into the importance of one of the key topics covered, and one of our services we offer our clients: Employee Value Proposition (EVP).
Making a strong first impression is vital in securing top talent within your organisation. If you are struggling to hire, you may consider re-evaluating your EVP.
What is EVP?
EVP is the ‘face the company shows to the employees, it’s what you offer the employees in return for their experience, skills, and dedication’; it symbolises the internal spirit of the organisation! It is not just your salary, but what value employees gain from working in your organisation. Employee Value Proposition (EVP) is crucial to helping talent shine in the workplace. Though EVP will already be in place, it most likely hasn’t been fully explored.
Using our experience in attracting top talent to the Public Sector and the Housing Market, we have summarised the factors behind a strong EVP, its benefits, and things we considered when developing our own.
We firstly looked at an article written by Jo Perrotta, Recruitment Marketing Specialist and Managing Director at Marmalade Marketing. In accordance with Jo’s article, Why Employee Value Proposition Should Matter to You’, there are five simple steps to create a compelling EVP:
· Identify your current offer
· Characterise your Ideal Employee Profile (IEP)
· Assess current perceptions
· Tailor it to all employees
· Communicate it
These 5 steps allow a more strategic and tactical approach when developing an EVP. When the world went remote, it made us question the way in which we work. Productivity was maintained throughout this period, and it became clear that some traditional working practices are unnecessary and counterproductive. In fact, two years ago, ‘EVP expectations would have been smaller’, as stated in Jon Mannall’s ‘The Importance of EVP and The Next Generation of Employees’. Since the pandemic, employees have different expectations from their workplace. This means that EVP is a constantly evolving process, a process that you will need to change so suit the organisation, it’s employees, and the demands for flexibility. Recruitment Marketing directly assists and controls the EVP within a business and is a huge USP when advertised effectively.
A further look into the research of Jon Mannall highlighted some key figures that will affect the strategy of your EVP. The Hayes ‘What Workers Want’ 2020 surveydiscovered that employees are focussed on gaining experience and are more willing to find another job than wait for a promotion.
The report also revealed that 61% of employees value flexibility in the workplace, and an additional 76% of employees expect wellbeing support from their employer.
In this way, it is important to tailor your EVP to focus on the benefits of each role and what it provides in terms of future development. It’s crucial it can be adapted to those in different skill and career brackets, as well as understanding what will be appealing for them at this stage in their career.
A strong EVP will aid the retention of your employees in your organisation. To find out more about our EVP or how we help our clients develop theirs, please get in touch today!