If you’re currently recruiting in the technology space, especially in areas like AI or Machine Learning, you’ll know it’s a candidates’ market. Companies are struggling to keep up with demand for skilled individuals and workers, who are able to dictate their compensation and benefit levels, because of fast-paced changes in tech.
Employers are losing out on top talent because their EVP (Employee Value Proposition) isn’t good enough. As more companies realise top talent is difficult to find and competition becomes stiffer, a great Candidate Value Proposition makes them stand out. Quick Google searches can show candidates a great or bad CVP, meaning you need to pay attention to it.
What’s the Difference Between Candidate and Employee Value Propositions?
The broad definition of EVP focuses on five key areas: culture, benefits, compensation, career, and environment. These are the main reasons that your people continue to work for the company.
A Candidate Value Proposition contains everything from your EVP, but can be affected by how it’s displayed to candidates and includes more external sources. All these tell prospective employees why your workplace is better than others. Review website, Glassdoor, says job seekers are 2x more likely to apply when a job includes employer branded content.
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% ) consider an employer’s brand before even applying for a job.
Where Do I Begin With Candidate Value Proposition?
Start with your employee value proposition. Because it all stems from that. After all people talk, and if your employees are unhappy, the chances are that dilligent candidates will find that our.
Then research 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
To improve both your EVP and CVP, it’s important to talk to your 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 from your business proposition.
Get to Work
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 that turns 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 Your Outside Partners In?
It’s not just important internally . 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?