If You Haven't Updated Your Employer Value Proposition, You Haven't Been Paying Attention
The article emphasizes the critical importance of regularly updating an Employer Value Proposition (EVP) to effectively attract and retain talent by clearly communicating a company's unique benefits, culture, and values—including compensation, perks, and social commitments—highlighting that even small businesses like Swipeclock can leverage a well-crafted EVP to stand out in a competitive labor market.
Have you updated your Employment Value Proposition (EVP)? If not, get it on your to-do list. It can help you attract and retain talent in a competitive labor market.
Don’t have an EVP? Today’s job seekers expect a prospective employer to showcase their employer brand front and center.
An Employer Value Proposition is also called an Employment Value or Employee Value Proposition. Your EVP should succinctly explain the value you provide to a potential candidate as well as your existing employees. This includes compensation, benefits, perks and, increasingly, your company’s commitment to causes your employees care about.
Why Is an EVP Important?
An Employee Value Proposition is a useful tool in any labor market. But it’s especially important now, because it’s never been more difficult to find top talent. Surprisingly, recession fears and rising inflation haven’t put a damper on hiring, at least in most industries.
Employer Value Proposition Example
You don’t have to be a large business to create and benefit from an EVP. Small businesses can (and should) articulate what they have to offer, specifically the benefits of working at a small company. Swipeclock, for example, is a 100-employee company. Here are some excerpts from their employment value proposition:
Our team casts a wide net across numerous locations, lifestyles and backgrounds. We celebrate the uniqueness and strength found in diversity and inclusivity. It’s our differences that make us interesting, and our shared belief in Swipeclock’s core values that bind us together. Resilient: We are a resilient group of individuals. We know the business environment can be unpredictable. Thriving means being able to pivot, respond to the unexpected and keep the focus on what’s important — our customers. Agile: Phenomenally agile are able to take a problem and work it into a success story. With our agile mindset, we seek to deliver solutions quickly and respond to customer inquiries with the same speed.
How Has Your Value Prop Changed?
As reflected in the title of this piece, it’s time to update your value proposition. Your company and employees have changed dramatically. If your workforce is thriving, you have been successful at supporting your employees and adapting to the new world of work and life. In other words, you have a strong EVP.
Have you revamped your benefits package by adding mental health coverage or childcare? It’s never been more important to strengthen your commitment to work-life balance. Do you provide hybrid working and flexible schedules to make life easier for your current employees? What causes do you support? Your ideal candidate shares your values.
How about career development? This has become increasingly important to candidates and employees. A work environment where employees understand their career paths is critical if you want to improve retention and find the right talent.
If so, update your Employer Value Proposition so you can convey these things to prospective candidates. Furthermore, it will help you unify your workforce which will, in turn, reduce employee turnover.
This evolution in thinking has undoubtedly been accelerated by the Covid-19 pandemic, which put immense pressure on leaders to not just communicate their values but also to demonstrate them. In the face of difficult decisions, employers suddenly had to decide whether their professed ideals and “north stars” were real and substantive or mere lip service. They gained a heightened awareness of the importance of organizational purpose, team cohesion, and employee experience. — Bryan Adams, Harvard Business Review
What if I’m Creating Our First EVP?
It’s important to realize that your company’s EVP merely expresses the value of working for your organization. In other words, you already have an identity and culture. To write your value prop you need to figure out what it is.
Begin by identifying what makes your company special. An anonymous employee survey can help. In addition, you can check Glassdoor and other workplace review sites to see what current and former employees say. Customer testimonials and feedback from your support team can shed light on how your company is perceived in its space.
How Can We Improve It?
Once you understand your current value proposition, you can make a plan to improve it if needed. This is called your employer brand strategy.
If you have high turnover, it’s not just your EVP that’s weak. Unfortunately, it’s the company culture upon which it’s based. If this is the case, it’s time to re-evaluate the employee experience you provide as an employer. Create an ideal Employer Value Proposition to guide you as you work toward it.
If your employees are loyal, but don’t have clarity why, you have a communication problem. This is not the worst problem to have. It means you have a terrific culture and can create a strong Employee Value Proposition. As discussed previously, use focus groups to identify your company values.
Then, work to get your compelling Employment Value Proposition out to your team and potential candidates. Share it with employees in your HR portal. Have your talent acquisition team include it in your job descriptions and discuss it in interviews. Talk about it in company-wide meetings.
Related
EVP: Your Employee Value Proposition Matters - ApplicantStack
The article emphasizes the importance of developing a strong Employee Value Proposition (EVP) to differentiate an organization in a competitive job market by clearly communicating unique benefits, culture, and values that attract and retain talent, enhance employee engagement, and improve overall recruitment and retention outcomes.
Employer Reputation
Employer branding is the strategic process of shaping a company's reputation as an employer by defining its mission, values, culture, and employee experiences to attract and retain top talent, which is crucial in today's competitive job market as 75% of job seekers research employer reputation before applying, and a poor brand can increase hiring costs by over 10%.
Employer Branding
Employer branding is the strategic process of shaping a company’s reputation as an employer by defining its mission, values, and culture, gathering employee feedback, identifying key skills of top performers, and crafting an Employer Value Proposition to attract and retain talented employees in a competitive job market where 75% of job seekers research employer reputation before applying.
Create Compelling Job Ads to Generate a Wider Recruiting Funnel
The blog emphasizes the importance of creating compelling job ads that focus on specific requirements, strong employer branding, and engaging formats like video to widen the recruitment funnel, streamline hiring through technology, and build a consistent, fair, and attractive recruitment process that ultimately helps organizations attract and retain top talent even during economic uncertainty.
Talent Acquisition Strategies: 12 Key Considerations - ApplicantStack
The article explains that a talent acquisition strategy is a long-term, comprehensive hiring plan aligned with an organization's business goals that streamlines recruitment, reduces time and cost per hire, strengthens employer branding, improves candidate quality, and helps forecast future staffing needs, while outlining 12 key considerations for building an effective strategy.
A Look into Internal Mobility: What it Means for Small Businesses
Internal mobility, the practice of filling open positions within a small business by moving existing employees laterally, across departments, or through promotions and transfers, offers significant benefits such as reduced hiring costs, faster integration into company culture, improved employee loyalty, and higher success rates in new roles, making it a strategic approach for small businesses to optimize talent and save resources.