When people apply to your jobs these days, they spend a bit of time researching online about your company and its market reputation, to determine whether or not it’s going to be a good fit for them. In fact, many surveys suggest that more than 70% of the potential candidates research your employment brand before they finally apply. They do this by visiting your company’s official website, reading employee reviews, browsing through your official social media pages and searching your company on Google to find out where and when it was mentioned on the cyberspace.
By knowing how your potential employees evaluate your company and its compatibility with their skillset and mindset, how do you think you can make a great impression on the best talent?
This can only be done by building a strong Employee Value Proposition (EVP).
What is an EVP?
Your Employer Value Proposition (EVP) is the set of attributes that your potential employees as well as other professionals perceive as the value they can gain by getting employed in your company. It can also be described as the main appeal of working for your company.
This includes things like salary, benefits, flexible vacation time, employee wellness programs, training & development etc. Apart from these tangible things, EVP also includes things that don’t show up on a paycheck but are equally important such as a challenging environment, exciting company culture, professional growth possibilities and more.
Basically, an EVP is everything your employees brag about to their peers when describing where they work.
How can EVP help my company?
An attractive EVP would help your company attract as well as retain top talent. Besides, it’ll motivate your current employees to drive your company forward.
Below is how building a strong EVP can help your company:
Connect with passive candidates – This is done by embedding your brand more deeply with the job market. It takes your company to a place where people wish to work.
Re-inspire your employees – As a part of building a robust EVP, you’ll need listening to your existing employees and understanding what they want. This activity will help you build trust in them and uplift their commitment.
Attract talent from all groups – A strong EVP is never based on “one size fits all” strategy. For instance, a part of your offer in the EVP that attracts designers will not necessarily attract engineers. So a flawless EVP resonates well with all employee groups.
Reduce competition based on compensation – It’s a proven fact that the candidates who find your EVP valuable to them would look at compensation as a smaller part of equation when applying. So even if you do not offer them the highest pay, they’ll still consider working for your company.
Refine recruitment goals and objectives – The entire process of building an employee value proposition makes you understand things that are important to your current as well as potential employees. With the help of this understanding, you can refine your recruiting efforts and make your job offers more compelling and competitive.
Hit the subscribe button to stay tuned to the sequel to this piece, as I pen down the steps that are involved in building a strong employee value proposition (EVP).