Every employer wants to be the preferred choice for top talent. In today’s competitive hiring landscape, candidates wield a great deal of power and it takes some finesse to attract the best ones. Differentiating your company from the vast sea of competitors is a sure-fire way to pique the interest of elite jobseekers. Fortunately, a knockout Employee Value Proposition (EVP) can do just that.
“What’s in it for me?” That’s what skilled job seekers want to know when considering a position. They want to clearly understand what they’ll be getting if they come to work for your organization and what it’s like to be employed there. The EVP encompasses the total value your firm offers to employees in return for their work. It breaks down all that they stand to gain from your company for the time and effort they invest in your workplace. It sounds simple, but done right, it’s far more than just a running list of compensation and benefits. A masterful EVP strikes a delicate balance between tangible rewards received by employees, such as compensation and benefits, and intangible rewards, like interesting and meaningful projects to work on, great company culture, and flexible working hours. It’s a highly personalized message that clearly defines who you are, what you bring to the table, and the many ways you offer value as an employer.
The better your EVP, the easier it will be to attract the best workers. It’s important to take your time and give careful thought to your value proposition and the message you craft. Envision your ideal candidate—the one you are trying to attract, hire, and retain. What characteristics, skills, and traits do they have? Once you have your vision of the perfect hire, use it as a template to define your EVP.
The EVP typically has five main components:
- Compensation, benefits, and perks
The war for talent is on and you can’t expect to attract the best workers if you’re not offering competitive compensation packages. In addition to great salaries and benefits, perks like flexible schedules and teleworking can go a long way toward convincing potential employees that your company is the right place for them.
- Career path
Candidates want to know how this position can offer career stability and opportunities for development and progress. Today, many job seekers are thinking about their next position even as they are starting the current one. By clearly defining where each position sits within your corporate structure and where you expect this position to lead, it allows job seekers to envision their career path.
- Work environment
Don’t expect to hire the most talented individuals if you’re doing things the way you did 20 years ago. Similarly, if you’re relying on dated technology and antiquated polices, you’ll likely be out of the running for top talent. Build a vibrant, welcoming work environment that will interest the best job seekers.
- Work/life balance
Do you expect your employees to work around the clock? Or are you invested in ensuring they have a healthy work-life balance? If your company has the reputation for proverbially working your employees to death, you’ll find it harder to attract the best candidates.
- Company culture
What’s your company’s personality? The company culture includes a variety of elements, such as its mission, values, ethics, social responsibility, expectations, and goals. Some companies have a team-based culture with employee participation on all levels, while others have a more traditional and formal management style. Company culture is important to employees because they tend to enjoy their work more when their needs and values are consistent with those of the workplace.
Developing a stellar EVP isn’t easy but you’ll reap the rewards for your efforts by attracting and retaining superior talent. If you’d like guidance creating your knockout EVP, The HR Team is here to help. Contact us anytime.
About The HR Team: Founded in 1996, The HR Team is a Maryland-based human resources outsourcing firm committed to developing strategic, customized solutions that respond to the unique needs and cultures of organizations of all types and sizes. Available as a one-source alternative to an in-house HR department or on an à la carte project basis, the company’s flexible service models address the full spectrum of HR needs that many organizations struggle to address. The HR Team helps clients achieve their highest level of success by providing value-driven human resources services that leave them time to focus on what they do best: directing business growth and profitability. To learn more about The HR Team, call 410.381.9700 or visit www.thehrteam.com.