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While the recruitment market is constantly changing, one thing is for certain, it's important for businesses to differentiate themselves in order to attract and retain top talent. Employers who invest time and effort into crafting a compelling Employee Value Proposition (EVP) are more likely to catch the attention of quality candidates and stand out as an "employer of choice."
What is an Employee Value Proposition (EVP)?
An EVP is essentially the unique set of offerings and benefits that a company provides to its employees, showcasing why it is a great place to work. It is the most important part of the recruitment process, as it tells the candidate why they should apply for the job and what’s in it for them. It’s also a great tool for retaining talent, and companies with strong EVPs usually see higher retention rates among their quality employees.
Much of the EVP can be communicated through job ads, engaging website content, social media marketing, and most importantly, strong employer branding. Globally it is recognised that strong company values are essential for attracting the next generation of professionals with LinkedIn showing an increase in job applications referencing culture and values, so clearly communicating your company's EVP to candidates is crucial.
Why is an EVP important?
Building EVP can help retain employees. But how can employers in Australia clearly communicate their EVP and employer branding, without needing a huge budget? We share our top three examples of Employee Value Proposition to help you improve your EVP plan:
Top 3 areas for employers to focus EVP on:
1. The benefits package
Trends highlighted by SEEK show that candidates are looking not just at salary, but also compensation, benefits, and the perks associated with a job. In other words, savvy candidates are looking at the entire compensation package rather than just the raw dollars. Flexible hours, the ability to work from home and good work-life balance are also taken highly into consideration. Thus, all these benefits need to be highlighted at every step throughout the recruitment process.
2. Career development within the company
SEEK also found that career development is vital to an employer’s EVP. Job seekers are looking for their next job even as they are starting a current one. According to Job Mobility insights from the Australian Bureau of Statistics (ABS), in the 12 months to February 2023, 1.3 million (or 9.5% of employed people) changed jobs; the highest annual job mobility rate since 2012.
To deter this trend from impacting their workplace, employers need to tailor their communication strategy by using clear information, infographics, and employee testimonials to display the positive progression path within the company. This way, candidates can envision their career path several steps at a time.
If this isn’t done correctly, companies are running the risk of losing quality hires and high performing employees to other companies who have an even stronger EVP.
RELATED: 4 ways to retain new employees
3. Company culture and environment
Candidates want to know what a day in their job will look like. This relates not just to a clear depiction of what their role will involve daily, but also what the workplace culture is like. Are there staff events and activities they can get involved in? Are there employee incentive schemes, rewards or competitions that might interest them? What do you offer in terms of flexible working arrangements? Express this clearly in your EVP and you’ll instantly notice the volume increase of quality candidates applying for vacancies.
Whilst you may spend a long time planning out an effective EVP, don’t forget retention is just as important. There’s no point putting lots of work into your candidate proposition and employer branding, only to lose your new and best candidates soon after they begin their new position.
In essence, an EVP serves as a powerful tool in recruitment and retention strategies. It communicates what candidates can expect from a role, the benefits and perks on offer, opportunities for career growth, and the overall company culture. By focusing on areas such as the benefits package, career development opportunities, and company culture, employers can effectively showcase their EVP and attract quality candidates who align with their values and goals.
Talk to a recruitment consultant in your area to discuss ways to make your organisation’s EVP appeal to prospective employees.
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