Anyone who believes that the market’s top talent is only after huge pay packages has sort of been under a rock all this while. While money matters, it is not the only factor that candidates consider when choosing an employer. A company’s work culture, their work-life balance, intellectual stimulation, and career progression opportunities play an equally important role, if not more. All these non-financial components together make up your company’s employee value proposition (EVP) and they have a significant impact on how you attract the best candidates.
Not only will strong EVP help businesses hire a competent workforce, it can actually craft your winning edge. But most importantly, a well defined EVP bolsters your employer brand and makes your company a desirable place to work. According to a survey conducted by Glassdoor, 69% respondents said they will never join an organization that doesn’t have a good reputation. Needless to say, EVP plays a monumental role in defining your recruitment strategy.
But what can you do to highlight your employee value proposition and come out shining?
Define your Employee Value Proposition
This may seem obvious, but it is strange how very few companies consider it. Before you discover the EVP, you need to define what it is. Ask yourself what your company stands for? What is the work culture like? Do you prioritize work-like balance? Is the work stimulating? Will your team members work independently or collaboratively? Once you have answered these questions, you can ask your employees why they like to work for the company to see if you are on the same page in terms of “delivery on promise”. Remember, the idea is to create an authentic image and deliver as promised if you want to acquire and retain the best from the marketplace.
Rolls-Royce is one of the most famous brands out there that has more than 50,000 people in its employ globally. So how did Rolls-Royce prepare their EVP? Daniel Perkins, Global Employer Brand Manager, explains that they began interviewing their employees to understand what they feel about the company and wanted to understand why people wanted to work for them. Most importantly, Rolls-Royce wanted to know if the employee experience matched the expectations they set through their marketing efforts. The results were not only positive but also revealed how proud the employees were to work for the group. The company’s value, “trusted to deliver excellence” fit organically around what inspired their work force.
Define your target audience
The next important step in discovering your employee value proposition is to define the ideal candidate persona that you are not only trying to attract and hire but also to retain. This persona is a combination of skills, traits, and traits that make them a perfect candidate. When defining an ideal candidate persona, it is not enough to consider if they will be a good fit for the role. You must also ensure that they are suitable for the company’s ethos too.
L’Oréal is a great example of this. They use the front page of their career website to define the characteristics they seek in their ideal candidates. They also provide curated content related to its functional areas with employee profiles and inside stories to educate potential applicants about the kind of people that work for the organization, the nature of their work and what do they mean when they say the “right fit.”
Deliver what is promised
A good employee value proposition is not just about hiring; it is also about retaining the people you hired. Most employees agree that in the long-term, employer brand success really depends on the employment experience. However, companies also agreed they mostly work on hiring practices only rather than focusing on people management and employee life-cycle. They don’t pay much attention to performance metrics either like career progression and management reviews. This mismatch in EVP goal setting and what is actually delivered can ruin employee advocacy that can be counterproductive to your recruitment efforts. Organizations must not only focus on developing solid EVPs but also consistently deliver positive employment experience.
Google, for instance, uses scientific approach to manage every aspect of their employee management including their experience. This helps them ensure that their people are enjoying their work and performing to the best of their ability. Some fine examples of this experiential design can be seen in projects like “20% time” that gave software engineers stimulating projects of their choosing that the company realized encouraged great innovation.
If you want your business to attract superstar talent, then you need to be a good employer and be one consistently. You need to choose the areas where you can be great and this is where the secret to successful employee value proposition lies. You should be able to answer confidently what sets you apart from the competitors and what makes your company culture better than the others.