If you’re currently recruiting in the technology space, especially in areas like AI or Machine Learning, you’ll know it’s an employees’ market. Fast-paced advances in technology mean that companies are struggling to keep up with demand for skilled individuals and workers, who are able to dictate their compensation and benefit levels.
With this employees’ market, many employers are losing out on top talent because their EVP (Employee Value Proposition) isn’t good enough. As more companies realise they need to pay top dollar for top talent and competition becomes stiffer, a great EVP makes them stand out. Quick Google searches can show a great or bad EVP, meaning you need to pay attention to it.
What is an Employee Value Proposition?
The broad definition of EVP focuses on five key areas: culture, benefits, compensation, career, and environment. These tell prospective employees why your workplace is better than others. Review website, Glassdoor, says employers that prioritise their Employee Value Proposition are 250% more likely to class their hiring efforts as “highly effective”.
They’re also 130% more likely to have increased employee engagement. And all this adds up to better quality hiring and less employee churn. With some businesses losing millions each year through unsuccessful hires, focusing on EVP is a smart way to improve your staffing budgets.
After all, companies with great employer brands have a 50% lower cost per hire, according to LinkedIn. And an overwhelming majority of job seekers, 75% to be precise, consider an employer’s brand before even applying for a job, according to LinkedIn.
Where do I begin?
Start where prospective employees do, on Google. Glassdoor says 62% of job seekers trust a company more after seeing them respond to an online review. Begin by claiming and logging into any accounts where you’ve been reviewed and reply in a calm, reasonable manner.
Communication is key
Then talk to your current employees. The best way to do this is through an anonymous internal survey where employees feel they can give an honest, clear view of your EVP. Ask your team why they originally wanted to work for you, why they stay, and of course, if anything is missing.
Get to work
This might seem like a lot of work, but imagine cutting down the number of interviews you do, spending less time scanning CVs, and dealing with fewer exit interviews? Beautiful.
Analyse your team’s answers and check for patterns in what they say. If you know what departments the replies come from, check if there are similarities or ones that seem to have happier/unhappier teams than others.
Many employees say one of the biggest factors turning them off companies is a lack of information on what the workplace is actually like. Updating your website’s employment pages with contemporary information, and displaying company life on your social media is a good start. Also, be sure to create a strong employee pack, accessible on your site, to send to potential candidates with testimonials from employees, photos, and clear, concise information on culture, benefits, compensation, career, and environment.
Are the outsiders in?
It’s not just important internally though. Your recruiter needs to communicate your Employee Value Proposition as though they were part of your team. But do they understand your culture, and the ins and outs of your team’s dynamics? Are they aware of what constitutes your ideal hire? One of the fastest ways to tarnish an EVP is to make bad hires: your existing morale will suffer, retention will fall, and dissatisfied or disappointed hires could leave poor reviews for prospective candidates to see.
Finding an outside recruitment company that will accurately convey your EVP isn’t easy. It’s even more difficult when you work through a contingent model; after all, with six other businesses to represent, how well are they really embodying your values?
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