In the current candidate-driven job market, the pressure is on employers to attract and retain top talent. A lot of the best candidates out there are spoilt for choice at the moment, and with numerous opportunities available to them, it falls to the employer to stand out amongst their competitors. For many employers this puts them in the rather alien position of having to sell their organization and corporate brand to prospective employees, rather than having candidates try to sell themselves to the employers. The balance of power shifts in a candidate-driven market, and a compelling Employer Value Proposition (EVP) can go a long way to addressing this shift for employers….
In basic terms, an EVP is the value that an organization provides to it’s employees in exchange for the value they bring into the organization. This isn’t just about the numerical value they assign to salaries, it’s about what motivates people to work there – What is the corporate culture? What is the vision of the organization? What makes the company unique? How does the organization ensure it’s employees remain happy and dedicated? These are just a few of the considerations that need to be made when establishing an EVP.
For many employers, the challenges arise when it comes to communicating their defined EVP effectively to the right people. It is important for employers at this stage to assess all of their communication ‘touch points’, basically everywhere that potential employees can access information about the organization (website, corporate literature, social media channels, advertising etc). Employers need to evaluate what these touch points say about their organization from a candidate’s perspective. At the very least, employers should have a dedicated area of the website that candidates can be directed to which highlights the benefits of a career in their organization – this could include things like social events, employee recognition schemes, employee perks, and positive testimonials from current staff.
In our experience within the sector, an organization’s recruitment practices are vital in establishing positive candidate perceptions. There’s no quicker way to put off potential employees than having a slow, disjointed recruitment process. In the candidates mind, how they’re treated during the recruitment stage is indicative of how they will be treated as an employee. Not providing feedback; too much time between interview stages; repeatedly rearranging interviews; poorly prepared interview structures. These are just a few of the potential pitfalls employers need to be wary of, but if there’s one thing that guarantees losing out on the best candidates it’s time. If you want to land the big fish you need to reel them in quickly!
Developing an EVP is a vital aspect of building up a wider employer brand, and has a number of distinct benefits for an organization. A key advantage of an EVP is that it can provide enhanced competitive advantage, helping to distinguish an employer from their competitors in the eyes of potential employees and become the employer of choice in their industry. In addition, research suggests that an effective and well-established EVP has clear ongoing benefits for all stakeholders – it helps improve the commitment of new hires, levels of employee retention, engagement and advocacy of employees, and ultimately improves financial performance.
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