2020 was a whirlwind, and anyone in the people game saw recruitment and HR professionals, along with candidates, navigate a unique and challenging market. The first half of the year we saw companies gain access to talent, and quality talent, quite easily as a result of the volume of candidates on the market due to the pandemic. Now as we enter 2021, the job market has become competitive again and it has become a much more even playing field. Demand has increased and attracting candidates has become harder. Job stability and security has become number one to candidates, so convincing candidates to move roles can be a challenge.
So how do organisations ensure that in 2021 they can attract and convince candidates to join their organisation? This is where having a strong ‘Employee Value Proposition’ can help.
What is an Employee Value Proposition (EVP)?
An Employee Value Proposition is the remuneration, compensation and rewards/benefits that the employer offers an employee in return for their experience and skills. It is unique for every organisation and a strong EVP combined with an employer brand, can often be the determining factor in attracting, engaging and retaining talent or losing them. An EVP is typically made up of:
- Career and professional development opportunities designed to keep candidates motivated and feeling valued. The opportunity for candidates to develop and progress their careers and be presented with leadership development opportunities/programs.
- Compensation and benefits including such things like holiday and leave entitlements, remuneration, health and medical, insurances or gym memberships
- Work life which includes the balance of work and personal life. This also includes work from home options and flexibility.
- Culture and environment of the organisation and the company missions, vision and values. Leadership and understanding of the company and individual goals. An environment of recognition, collaboration, team spirit, support and trust.
Why is an EVP so important?
Attracting candidates can be tough and an EVP is one of the most critical parts of a recruitment process. It demonstrates to a candidate why they should apply for the job in the first place but also what benefits are on offer to them. A well-executed EVP can:
- Improve a company’s ability to attract new team members
- Decrease company turnover by approximately 70% annually
- Improve the overall employee engagement across the organisation
- Provide an organisation with a competitive advantage that can differentiate themselves from other employers
Employee Value Propositions have become much more than just a monthly pay check to candidates. Employees have choices about which organisations they work for, and organisations with a strong EVP will attract and retain the best candidates.
Need some help with your EVP? Happy to chat.