The Million Dollar Question: What’s EVP?
Nowadays, companies need to differentiate themselves from their competition in order to attract top talent. And, in order to accomplish that, your company must offer candidates additional perks and benefits that will win them over. This added value is what they’ll get in return for the talent, skills, and productivity they bring to the company and it’s up to you to put together a compelling enough offer to lure in the best workforce on the market.
EVP is not only salary, compensations, and benefits; it encompasses all the attributes that you can offer candidates to compel them to work for you, including growth opportunities, corporate culture, and work environment. An effective EVP should reflect your company’s vision, values, and purpose in order for you to achieve your main recruitment goal: attracting and engaging your most important assets: your employees.
But Why Does It Matter?
EVP doesn’t only serve to draw in candidates like moths to a flame. Aside from having an impact on your talent attraction strategy, a unique and appealing proposition will strengthen and help you boost your employer branding. If your EVP can effectively communicate a consistent and clear message about your company’s core values, you’ll be able to establish a strong connection with the type of candidates you wish to recruit.
The Perks of EVP
Having a compelling EVP will help your company stay on top in a competitive, candidate-driven market. Some of the most outstanding advantages of having a strong and attractive employment deal are:
• Attractiveness & Engagement: Offering candidates perks and benefits that meet and exceed their expectations will make you a more appealing employer and will get you more applicants as opposed to those companies who offer an average proposition. What’s more, an attractive EVP can help you awaken passive candidates’ interest and make them want to join your company. With a broader scope of qualified applicants, you’ll be able to increase your chances of finding and securing the best talent.
• Commitment & Retention: Setting an employment proposition that is unique and compelling plays a determining role in employee satisfaction and retention. Take the time to know what your employees think about your company, its corporate culture, and what they expect from you as an employer. This will help you design an EVP that not only meets their expectations, but that will give them a reason to stick around and to commit to your brand, vision, and goals. As a result, designing an EVP based on your current employees’ needs will give them a reason to stick around longer, thus, improving their commitment to your brand, vision, and goals.
• Saves you money in the long run: Businesses with a strong EVP are more likely to draw in candidates for a lower salary than those with an average value proposition. According to a recent TSheets study, 1 in 5 workers would sacrifice a higher pay for additional benefits, such as more time off or a more flexible work schedule. Therefore, by putting more emphasis on appealing perks rather than money, you’ll be able to engage new hires with a job offer that doesn’t involve extravagant paychecks. This will reduce the compensation required to draw in candidates and will save you a considerable amount of money in the long run that can be better allocated in other areas of your recruitment strategy.
Long Story Short
Staying on top of the current employment market is not an easy task. If companies want to differentiate themselves from their competitors and win the talent war, they need to be aware of what candidates and employees want and expect from an employer. Remember that it is all about the employees—the current and future ones—so, the more distinctive, relevant, and consistent the employment deal you offer them is, the more you’ll attract and retain a highly-qualified workforce.
Nany Indriago / NEUVOO
Content Marketing Strategist