An EVP Blueprint To Attract The Start-Up & Scale-Up Candidates You Want
How to Use Your EVP to Attract the Candidates You Want
In today's skills-short start-up and scale-up landscape, employers need to work harder than ever to capture the attention of talented professionals. It's not enough to offer a good salary anymore. Today's employees are searching for opportunities to work with companies that appreciate their priorities, from flexible work to development opportunities.
Developing an EVP, or Employee Value Proposition, is one of the best ways for any employer to improve their chances of appealing to the right talent. An EVP highlights the core benefits a company can offer its team members in exchange for their time and skills.
According to Gartner, organisations that create and implement a compelling EVP can boost the commitment of new hires by 30% and reduce annual employee turnover by up to 70%. So, how do businesses create a compelling EVP? Before we answer that question, let's start with a few definitions.
What is an Employee Value Proposition?
The first step in developing a strong EVP is understanding what an Employee Value Proposition entails. The term is often confused with "employer branding", another strategy organisations can use to enhance their reputation in the hiring market.
However, while employer branding focuses on making a business look as appealing as possible, an EVP highlights what a company can do for its employees. The components of a start-up/scale-up EVP include everything from a salary and employee benefits plan to how organisations deliver development opportunities to teams.
Your EVP should also examine how your company incentivises candidates to work with you by creating a great company culture and work environment, ensuring job security, and giving team members opportunities to grow and seek new opportunities.
How to Create a Compelling EVP
In recent years, designing an effective EVP has become increasingly crucial for fast-growth employers. Today, around 57% of hiring managers agree separating themselves from the competition is one of the biggest challenges they face in the recruitment world.
Here are some of the steps you can use to ensure your EVP stands out for all the right reasons.
1. Know and Understand Your Ideal Employees
An EVP should show employees why they should consider working for your company instead of other organisations in the start-up /scale-up landscape. If you want to make your compensation, company culture, benefits, and development opportunities more attractive, you first need to understand the priorities of your target employees.
Some professionals are more likely to consider working for a company with a flexible workspace, offering 4-day work weeks and remote opportunities. Others will be more motivated by access to development opportunities and diverse company culture.
Define your ideal employee persona by asking questions such as:
• What kind of work/life balance or employment structure do your employees want?
• What do your employees look for in the ideal company culture?
• How can you ensure your remuneration and benefits packages are fair?
• How do you provide your employees with purpose and meaning in their role?
• How do you enhance your work environment with recognition and management strategies?
You may need to consider creating different "personas" for different types of candidates you'll pursue. For instance, the priorities of leaders and managers in the industry may differ from the values of new graduates and entry-level staff.
2. Examine Your Current EVP
If you already have employees working in your team, then you already have an EVP – you just may not be aware of the exact message you're sending to candidates. Evaluate what your business offers to employees today, focusing on areas such as:
• Compensation and benefits: Salaries, bonuses, raises and promotions, pension plans, paid leave, and sponsored holidays.
• Career development: Training programs, promotion paths, opportunities to work in different departments, support acquiring qualifications, and mentorship programs.
• Work environment: Office design, hybrid or remote work options, well-being, management interactions, recognition given to employees, and overall atmosphere.
• Company culture: The values of your company, diversity initiatives, collaboration and team spirit, communication strategies, and so on.
If you need support to understand your current EVP, it might be helpful to send surveys to your current and previous employees to ask them how they define your brand's values. You can also consider speaking to your recruitment company to see what possible candidates think of your business.
3. Define the Core Elements of your EVP
Once you've audited your existing EVP, the next step is defining what you want candidates to think and feel when considering working with your brand. Remember, your EVP might change for employees at different levels or pursuing other roles, but the core components of your strategy will be the same. Determine:
• Salary ranges: How can you make your salary appealing to your candidates? What is the average pay range offered in your SECTOR?
• Benefits: What kind of benefits can you include to improve the remuneration package for your employees, such as paid time off or support with flexible work?
• Company culture: Which cultural attributes will your candidates be looking for in your business? How can you promote diversity, equity, inclusion, and other factors?
• Development opportunities: How will you invest in your employees to ensure they develop the skills they need to thrive in your industry?
• Work environment: What constitutes the perfect work environment for your ideal employee persona? How can you make your environment more appealing?
Once you have the answers to these questions, transform the information into a clear employee value proposition statement. This simple statement will outline all the core values your candidates can expect if they work with you.
4. Promote Your EVP
With your EVP statement in place, it's time to start drawing attention to the value and benefits your company can offer its employees. Remember, you should promote all the factors that make your business compelling to employees, not just your salary options.
Leverage a variety of channels to highlight your unique EVP, both in the online and offline world. You can promote your employee value proposition in newsletters and company blogs, your website and social media pages, and even the job descriptions you create for new roles.
Most importantly, ensure your recruitment agency knows the EVP you've developed. They'll be able to promote your company's most compelling aspects to potential candidates considering applying to work with your business. They'll also be able to use your EVP to match your roles to those looking for the specific benefits you offer.
Remember to Evolve
Though the steps above will help you to create and promote your initial EVP, it's worth remembering the priorities of employees can evolve. It's helpful to keep track of your reputation in your market and update your proposition whenever necessary.
Keeping your finger on the pulse of the recruitment market will help to ensure your EVP continues to attract valuable talent for years to come.