Today, businesses face more competition than ever before. Not only is there competition for market share, but also for the most talented employees. Previously, how a firm carried out its daily activities mattered only internally; the rest of the world only focused on the end results. However, those days are long gone. In today’s world, radical transparency, integrity, ethics and organizational values matter to virtually the whole world. As a result, it is crucial for a company to embrace more proactive approaches such as employee value proposition when managing their employer brand.
Recent labor market data indicates that employees are constantly looking for better employers. Therefore, if you are not yet implementing employee value proposition, then you are likely to lose talented employees to your competitors. You need to have an attractive and strong employee value proposition (EVP). Unfortunately, a substantial number of firms lack the ability to attract and retain top-notch employees due to shortfalls in their implementation of EVP.
What Is an Employer Value Proposition?
So, how can one define EVP? There are several definitions of EVP. But in simple terms, the employee value proposition encompasses all unique benefits that an employee receives from the employer in return for talent and skills they bring to a company.
An EVP details the reasons why individuals are proud and motivated to work for an organization such as professional development, rewards, inspiring vision and retirement benefits. When properly integrated, an effective EVP will facilitate the retention of top talent and attract the best external performers.
5 Steps to Building a Compelling EVP
Creating a strong and realistic employee value proposition doesn’t have to be difficult. There are several ways through which a company can approach creating an EVP. Here are some of the tips employed by best-in-class organizations when developing an authentic EVP.
1. Understanding Existing Perceptions
To develop a great EVP, you must first carry out a qualitative and quantitative research and analysis of attitudes and priorities. It is recommended that you have a clear picture of what priorities and perceptions exist and potential employees have regarding what your organization currently offers. Mostly, what people think inside and outside the company walls allows you to develop an effective EVP.
- What are your business’s selling points?
- Why do existing and potential staff believe that your firm is unique?
- Why are employees drawn to your company?
- Is there a reason why some stay while some leave?
- Are current perceptions in alignment with the enterprise’s goals and objectives?
- What improvements must must you implement to reflect the organization’s vision and culture better?
2. Dissect and Analyze Your Data
After identifying what is relevant to current and potential staff, examine and review all the data you collected. The smart move would be to consider setting up a cross-functional team to review collected data. Then, establish the company’s strengths and weaknesses. This might include analyzing onboarding and exit surveys, employee engagement, hiring and retaining metrics.
Data analysis will help you identify key themes and emerging trends. Measuring and analyzing employee views is a vital process that many companies fail to comprehend or even act on acquired intelligence. Remember, data collection and interpretation might seem overwhelming. But the real insight comes from research and thorough exploration of data.
3. Develop Your Employee Value Proposition
Use the information acquired after understanding perspectives and data analysis to draft an EVP. At this stage, you should build a credible employee value proposition. This proposition not only showcases but also differentiates company strength. Make sure that the EVP clarifies key areas of support such as work-life balance and career development.
However, always be diverse and don’t try to make one thing work for all people. Lastly, test the developed EVP against your human resource strategy. A firm’s EVP must support the HR strategy. If this is not the case, then strongly consider revising your EVP before implementation.
4. Communicate Your Message
The final step is implementing the employee value proposition through creative and relevant methods. You might want to start by conveying your message through the company website, all appropriate hiring channels, adverts and interview process. This way, prospective employees can decide if they are a good fit for your organization.
Also, do not forget that existing staff are your most powerful means of communication and play a significant role in helping to attract the talent you desire. To turn your team to brand ambassadors, they must see consistency and efficiency in the image you sell outside the company. But this must also reflect in the daily reality of working for the firm.
5. Learn Why Many EVPs Underperform
Companies that present dependable and realistic EVP have the capacity to retain current staff and become employers of choice in the labor market. Unfortunately, the pressure to build a unique employee value proposition can be overwhelming resulting to an ineffective and difficult to maintain EVP. Some of the reasons why an EVP can be unsuccessful include:
- Failure to align with the company’s strategic objectives: A good EVP must always have a clearly defined connection with the firm’s goals. If not, it is a waste of resources.
- Creating a false and unrealistic image of what it’s like to work for an organization: Before you implement your EVP, ensure that it adequately articulates with existing employees and a random sample group from the external labor market.
- Compromise the wrong aspects: This is where the company invests in the less important EVP attributes. Use collected data to determine the priority of the EVP attributes.
- Complex and unoriginal: When your EVP does not differentiate your firm from your competitors, then it is not effective.
- Failure to deliver: The EVP must always fulfill its promises. A mismatch between what you promised and reality has a negative impact on employee commitment.
It is time you accept the fact that having a clear and efficient employee value proposition is a ground-breaking tool in the war for talent. Knowing what makes your employees unique will help you attract top-notch employees, motivate and retain staff to drive your business to success.
Adopting a thoroughly articulated EVP acts as an important driver of talent attraction. However, ultimately it keeps your company ahead of your competition.
The images are from depositphotos.com.