In today’s competitive job market, attracting and retaining top talent has become more challenging than ever before. Companies like ourselves constantly search for ways to stand out and entice potential employees. As a recruitment business owner, I know first-hand how a key hire can impact my business. One powerful tool I discovered this year was the Employee Value Proposition (EVP). I attended the Recruitment Expo and listened to Jo Major talk about the EVP, and I was instantly intrigued. In this blog, I delve into whether or not you need an EVP to attract and retain top talent.
Firstly, what is an Employee Value Proposition (EVP)?
An EVP is a document (presented in various ways) outlining the benefits, values and culture an organisation offers its employees. An EVP is what your company promises to its employees in exchange for their skills, capabilities and experiences. Think of it as the ‘why’ that motivates people to work for your company instead of your competitors.
What makes a strong EVP?
In a job-heavy market, top talent is spoilt for choice. A strong EVP can be a game-changer for your business, but it’s important to highlight that an EVP is not just about salary and package. This is your opportunity to entice a candidate, so it should include career progression opportunities and your company culture values, and ultimately demonstrate how the person will feel working for your company. There are some wonderful EVPs out there, and it’s vital that you put time and effort into getting it right if you’re going to do one. Some of the strongest EVPs I have seen have been in video form, but documents work, too. Check out LinkedIn’s EVP, one of my favourite blogs, below.
A look at what LinkedIn Life means to our employees | #LinkedInLife - YouTube
Retaining talent through your EVP
Retention is just as necessary as attraction. An authentic and consistently delivered EVP helps employees feel valued and engaged. It’s one thing to promise a dynamic, supportive work environment and another to deliver it. In my opinion, it’s a great idea to involve your team when creating your own EVP so that it is an accurate representation of your company. A disconnection between what’s promised and what’s experienced can lead to disillusionment and turnover.
Personalise your EVP
Your business is unique, so I would advise not to copy competitors when creating an EVP. We plan to work with our creative design agency on our EVP, which will be an investment but one that I personally feel will pay dividends. For me, it’s important that we tailor our EVP to not just attracting talent but the right talent, who aligns with our business values and goals.
Measuring the impact
If you decide to make the investment (time and cost) in an EVP, like we are, then it’s essential to continuously evaluate it. Seek feedback from your team and new starters to ensure your EVP is aligned with the company. Exit interviews can also be beneficial in understanding if your EVP is accurate and if there are any areas for improvement.
Final thoughts
In summary, I think an EVP is an asset to any business. As a recruitment business owner, I think it could be the differentiator that sets us apart from our competitors, so I’m excited to create our own in 2024. What I have learnt about an EVP, though, is that for it to be an asset, it needs to be executed properly, and it takes time to do (if you’re a small business like us).
