How often do you think about what you should do for your employees, rather than what they should do for you? The employment relationship goes beyond the exchange of time for money and a contract of employment forms a two-way relationship in which a degree of equity should be sought in terms of employee input vs output.
An employee value proposition (EVP) is therefore a term used to describe everything that a company is doing to attract and retain talent.
This includes pay, reward, benefits and working conditions but it is also so much more. It’s about culture, environmental sustainability, leadership style, business ethics and development opportunities.
What are the key benefits of a strong EVP?
- Increased retention of high performing talent
- Attraction of better qualified candidates
- Competitive edge over market competition
How can you optimise your EVP to attract better talent?
Labour market analysis
- What can you offer that your competitors do not?
- What do you competitors offer that you do not?
- How can you improve what they offer?
Picture your ideal candidate
- What do they want?
- What do they not want?
- What frustrates them about the industry?
Ascertain your current perception within the labour market
- What image are you portraying to potential candidates/ current employees?
- Are you committed to more than a simple exchange of time for money?
- Do you support environmentally friendly initiatives, promote good ethics or undergo charitable endeavours?
Conduct a survey with your current employees
- What do you do well?
- What are you lacking?
- How engaged are your employees – what percentage even respond to your survey?
Crafting an attractive EVP is a strategic way to bolster your employer brand and steer the best talent in the labour market away from competitors and towards your business whilst retaining high-performing talent already within the business.
Employees are one of the main contributors to business performance so you should not disregard the importance of constructing your EVP to secure the best-performing talent that will facilitate growth, innovation, productivity and ultimately, profit.
To discuss how you can improve your EVP, please get in touch via the contact us page.