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In today’s competitive market, it is compulsory for every type of business to retain top talent if it wants to grow exponentially. But the question remains, what a company should do to succeed in this process? Because there are a lot of competitors out there in this race. Here comes the role of Employer Value Proposition. It is a tool which helps a company to standout in this race. Apart from salaries and benefits, there are a lot of other factors involved which play a vital role to keep employees engaged for continuous growth of a company. Every employee asks themselves a question, why should he/she join this company?
Why is a Strong EVP Important?
Although! There are a lot of benefits for having strong EVP. But here are listed some most important benefits for a company who has strong EVP.
1) Attract Top Talent
Employer Value Proposition is something which can act like a magnet. It attracts those individuals who are very active and skillful. It creates a system in which those skilled candidates are hired who can easily be aligned with the values and culture of the company.
2) Reduce Recruiting Cost
Those businesses, in which there is higher ratio of employee turnover, have to bear a lot of cost in terms of recruitment. When any employee will leave, the company will have to do recruitment to fill vacant position. In result the company would bear some recruiting cost. But EVP will decrease employee turnover ratio. This will result in reduced recruiting cost for the company. A recent study of Society of Human Resource Management shows that cost of recruitment for replacing an individual would be around 20% to 200% of his salary.
3) Increase Employee Retention
As discussed EVP will act like magnet to attract top talent who will be best fit for the company. Only those individuals will be hired whose skills and expertise are aligned with the culture and long-term goals of the company. These employees will work for the company for longer period of time for achieving its objectives.
4) Boost Employer Branding
It can be clearly observed that any individual would love to work in such organization which is more reputed and has better image as compared to its competitors. So, having a positive EVP will increase the reputation of the company. There would be a pool of individuals willing to work in the company. This will result in boosting the employer branding in the industry.
When there will be clear indication of work and duties of employees and also employees would be aware of all the benefits they receive in return of their work. This will satisfy the employees and they will be more engaged.
How to Build Stronger and Winning EVP?
Building strong Employer Value Proposition is crucial for every type of business to be successful in their respective industry. There are following steps to be followed if a company wants to build stronger and winning EVP.
1- Internal Assessment
First step in building stronger EVP is internal assessment. It means you have to dive into your organization. This can be done by following:
Try to show your core purpose in company’s vision and mission statement.
Highlight your business’s work environment and try to make it collaborative.
Showcase the benefits and perks offered by the company to its employees.
Try investing in growth and development of employees. Offer training and career advancement opportunities to the employees.
2- Listen to Your Audience
Second step in building strong EVP is listening to your target audience which is basically your employees. It can be done by following these strategies:
Try to conduct surveys in the company. The main purpose of these surveys should be getting to know what your employees like the most in the company.
There should be arrangement of direct interviews with employees. Such interviews will result in highlighting the areas of improvement in the company.
Frequently analyze the competitors. It highlights what your competitors are offering to their employees. Then you can act accordingly.
3- Differentiation
You should offer something different to employees with respect to your competitors. Always highlight this differentiation. For example if a company apart from employment, gives chance of professional training to its employees. It can be highlighted by that company. If a company offers more salaries to its employees as compare to its competitors then this can also be highlighted.
4- Craft EVP Statement
Try to craft the EVP statement. It is recommended that the Employer Value Proposition Statement should be clear, concise and compelling. Because it will highlight how your company values its employees.
5- Integrate EVP
The last step in this process is integration. If a company wants long-term success then it should integrate EVP on all levels and in all departments. Usually, it is said that consistency is the key. So, for achieving long-term goals of the company the top management should work on EVP consistently.
Conclusion:
To conclude all the discussions it can be said that, in today’s competitive market EVP is very important for every type of business. It makes it easy for a company to hire and retain top talent. It enhances the brand value. The employees would be motivated in a company where there is strong integration of EVP. Long-term goals of the company can be achieved easily if there is strong integration of EVP on all levels of management and in all departments.
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