Are you missing out on a fab opportunity to impact just about every aspect of your business for the long-term? If you’re not familiar with or have brushed aside the re-emerging concept labeled “Employee Value Proposition”—EVP for short—then yes, you are missing out.
Heralded as the solution to the talent retention dilemma in this highly competitive labor market, EVP is the definition/explanation of what an employer expects from his employees merged with what the company provides in return for the skills, capabilities, and experience this valued workforce brings to the company.
“Your EVP is the value that employees gain in return for working at your organization,” notes Recruiting.com
. “This can include rewards, benefits or opportunities like work-life balance or professional development. Your EVP is key for communicating your ‘offer’ to job seekers, and it is critical to attracting the candidates you need.”
It’s not a bonus or an if-we-get-around-to-it kind of thing you can continue to push to the bottom of your to-do list. It’s crucial to maintaining the critical ingredient needed to produce whatever product or service you provide. That key ingredient? A competent workforce.
Why EVP is back in vogue
Seeking a truthful answer to, “Why would a highly talented person choose to work here?’” should never have left the hiring conversation. This vital component of employer/employee relationships should not have shifted out of the spotlight. But thank goodness it’s back, and its critical value has been reaffirmed.
Think about it. The general statements that used to snag plenty of quality candidates no longer work. When every job listing boasts “competitive pay and benefits” and “exciting growth potential,” those generic claims mean practically nothing. That’s why the best of the best among job seekers are digging deeper, demanding to know more. Factor in the easy access to review sites such as Glassdoor, and any company seeking to attract quality candidates, let alone win the talent retention war, must step up their game.
What will an EVP do for your company?
For one, keep the talent you’ve worked hard to get on your team, on your team,
rather than losing them to the competition. A complete EVP will also offer protection against the unsolicited job offers, which cream-of-the-crop employees fend off on a regular basis.
As the power of brand achieves greater influence with consumers, employers big and small are paying more attention to building a memorable, reliable brand that will impact their bottom line. A powerful tool in building a strong brand is an engaged, committed workforce. Meshing a solid brand with a detailed EVP will give you an edge in snagging – and keeping – the best candidates.
New kids on the block know they have to differentiate themselves from the crowd, and therefore, put a dedicated effort into defining the essence of their new company. They know they are up against more established companies with long-standing reputations, so they take time to carve out a distinctive culture, infused with unique opportunities and incentives that will appeal to the best of the best. They purposefully integrate the vision of the business into a strong EVP that will both attract and retain outstanding candidates. And what often happens? Their strategy pays off much to the chagrin of veteran companies who’ve not hopped on board the EVP train.
Practical tips toward effective EVPs
Whether you’re at the beginning stages of exploring the need for an EVP or about to embark on the yearly review of a long-existing plan, a commitment to listen to and understand your current workforce is essential. What’s working well? More importantly, what’s causing a negative stir? Has employee satisfaction increased or decreased? Are retention rates up or down?
Gone are the days when management declared and enforced while turning a deaf ear, blind eye, or both to the impact of those declarations and enforcement. That approach is as effective as the ostrich’s attempt to protect himself from predators by jabbing his head in the sand. Resist the ostrich posture in favor of implementing an authentic, compelling plan that majors on the company’s strengths while actively pursuing known weaknesses. Knowing where improvement needs to take place is as important as knowing what your company does well.
serves our clients with respect, integrity, and proactive communication—the very qualities top candidates look for in their pursuit of career goals. Let MPS
assist you in maintaining the premium workforce your company deserves.