There is no doubt that the impact of the COVID-19 pandemic coincides with the influx of workers searching for new job roles and opportunities – especially with many employees working from home.
Not only has this given current employees time to think about their aspirations and career goals but it has also left others feeling very vulnerable to unemployment.
Employers need to ensure that they are doing everything they can to retain their existing talent as well as attracting new, motivated individuals too.
One way that employers can do this is by looking at their employee value proposition (EVP).
What is an EVP?
An EVP is a unique set of benefits that an employee receives in return for the skills, capabilities, and experience that they bring to a company.
This is all about defining the essence of your company. Employers ought to consider what makes their company unique and what it stands for.
Ultimately, an EVP should determine the main reasons why people are proud and motivated to work in your business, such as a great culture or an inspiring vision. When doing this successfully, a strong EVP will help businesses retain the top performers and attract the best possible talent.
How do you create an EVP?
Building your company culture cannot come from the employers themselves, but from the team members that are showcasing the business’ values every day.
Therefore, you must address what perceptions your existing staff and potential employees have about your company. From what they value most to why they would want to leave or stay; this will give you an insight into what your key selling points are.
This will also ensure you can address any company issues head-on and potentially avoid any top talent leaving your company. The last thing a company should do is leave finding out how they can improve to an employees’ exit interview.
This information can be gathered from employee surveys and focus groups, or even former employee feedback. Addressing such questions can also demonstrate to your current employees that their voices are being considered and heard.
Once the research has been gathered, you can build your employer brand and define clearly what your business embodies and how this might fit into employee’s own values. Employers ought to consider the following questions:
- Does this align with my strategic objectives?
- How does it differentiate my company from others?
- Does this paint a realistic but exciting picture of what it is like to work for my company?
Once a business’ EVP has been defined, it is key to find creative ways to communicate it to the target audience. Whether this be social media, company career websites or throughout the interview process, communicating your EVP will help the passive labour market form a positive perception of your company.
Nevertheless, your most powerful source of communication is your existing employees. Employers must ensure that existing employees can fully support the EVP as they can be a key role in attracting talent.
To do so, incorporate this EVP into rewards and recognition schemes, internal communications, or business plans so that it is in employees’ everyday operations.
With a compelling EVP, you will ensure that the business is attracting the top and most motivated talent, whilst also ensuring your current employees know that they are in the right place.
Finally, the most important step of creating an EVP is making sure your business goes through with everything that they say they stand for.
At HR Caddy, we can guide you through the process of looking at creating the right employee culture and talent pool through the creation of a great EVP. For more help or advice on related matters, please contact us today.