A Guide To Creating an EVP that Attracts the Right Candidates
You've embarked on the journey to find the perfect candidates – the ones who can drive your company to greater heights. Yet, in this evolving job market, offering a competitive salary is merely a stepping stone.
Modern job seekers seek more; they’re looking for companies that understand their unique needs, whether it's flexible work arrangements, professional growth, or a supportive work environment. Crafting an EVP, or Employee Value Proposition, is your key to unlocking the potential of attracting the right talent to your organisation.
According to Gartner, organisations that craft a compelling EVP can increase new hire commitment by 30% and slash annual employee turnover by a remarkable 70%. So, how can you, as a business, craft an EVP that resonates? Before we delve into the details, let's set the stage with some definitions.
What is an Employee Value Proposition?
To forge a powerful EVP, you must first grasp the essence of this term. Often confused with "employer branding," which seeks to make your company look as enticing as possible, the EVP pivots towards showcasing what your company can do for its employees. It encompasses a wide spectrum, from competitive salaries and employee benefits packages to the way you nurture professional development.
Your EVP should also encompass the tactics that incentivise candidates to join your ranks – the creation of a vibrant company culture, a secure job environment, and ample room for personal and professional growth.
Crafting a Compelling EVP
In today's competitive landscape, an effective EVP has become indispensable for employers. Approximately 57% of hiring managers now grapple with the challenge of setting themselves apart from the competition. Here are the steps to ensure your EVP stands out for all the right reasons:
1. Know and Understand Your Ideal Employees
Your EVP should be a magnetic force, pulling in talent to your company over others in the industry. To make your compensation, company culture, benefits, and growth opportunities appealing, you first must have a deep understanding of your ideal employees' priorities.
In the world of B2B Marketing, some may seek a flexible workspace, with shorter work weeks and remote work options. Others are fuelled by access to development opportunities and a diverse company culture. Define your ideal employee persona by probing questions like:
- What work-life balance or employment structure are your employees seeking?
- What defines the perfect company culture for your team?
- How can you ensure your compensation and benefits packages are not just competitive but fair?
- How do you infuse purpose and meaning into your employees' roles?
- How do you cultivate a work environment that's brimming with recognition and effective management strategies?
You may even need to create distinct "personas" for various types of candidates, as the priorities of Marketing leaders may differ significantly from those of recent graduates and entry-level staff.
2. Examine Your Current EVP
Even if you don't realise it, you already have an EVP that's broadcasting a message to potential candidates. Evaluate what your business currently offers employees, paying attention to areas such as:
- Compensation and benefits
- Career development
- Work environment
- Company culture
To gain a comprehensive understanding of your existing EVP, consider sending surveys to current and past employees or consult your recruitment agency for valuable insights.
3. Define the Core Elements of Your EVP
Having audited your current EVP, the next step involves shaping what you want candidates to perceive and feel when considering your brand. While your EVP may vary for employees at different levels or pursuing different roles, the foundational elements remain the same. Determine:
- Competitive salary ranges
- Benefits that enhance the overall compensation package
- Company culture attributes that resonate with your candidates
- Strategies to fuel development opportunities
- An environment that aligns with your ideal employee persona
Transform your findings into a clear and concise employee value proposition statement, one that outlines all the values and benefits your candidates can expect if they choose to work with you.
4. Promote Your EVP
With your EVP statement firmly in place, it's time to broadcast the unique value and benefits your company offers its employees. Remember, it's not just about salary; it's about all the aspects that make your company an appealing choice.
Leverage a mix of channels, both online and offline, to amplify your EVP's presence. Share it in newsletters, company blogs, on your website and social media platforms, and within the job descriptions for new roles.
And don't forget to inform your marketing recruitment agency about your EVP. They can be your voice in amplifying your company's most attractive facets to potential candidates.
5. Remember to Evolve
The world of employee preferences is in constant flux. Keep your finger on the pulse of the marketing recruitment market and be prepared to evolve your EVP to stay in tune with the ever-changing needs and aspirations of your ideal candidates. This way, your EVP will continue to be a beacon, guiding valuable talent to your organisation for years to come.
If you want to find out how we can help you find your next marketing role, or if you are looking to hire new talent, please arrange a call here or email: jo.wassell@invokerecruitment.com