In a highly competitive job market, a compelling Employee Value Proposition (or EVP) could be just what you need to set your company apart from your competition.
What & why an EVP is the secret to attracting top talent
An EVP is everything a business does to attract and retain its employees – think pay, perks, culture, career development, benefits and rewards. It’s also a way that organisations can differentiate themselves. It also should be communicated through your networks as an introduction to your business and tie in with your existing brand identity.
The secret to a strong EVP
EVP is an internal tool that showcases what makes you unique and answers the key employee questions, “What’s in it for me and what do I need to do in return?”
Your EVP should be fit for purpose, which means it needs to be research-driven and support the strategic direction of your company. That’s why it’s critical to involve all staff in the EVP development process – seek feedback, meet 1:1 and leverage this to introduce new ideas.
According to Vague, an EVP should enhance people’s lives, help them grow and be great at what they do, and in return, they help to create a high performing culture. Why? Because they have a sense of purpose and value in the company.
How will my EVP attract the top talent?
A compelling EVP will help to give you a competitive edge and make you an employer of choice, particularly for candidates who may be considering other offers. It is a huge drawcard for potential new employees, especially now that many people are seeking opportunities to join a business whose goals and values align with theirs. A solid EVP means you are connecting from the get-go and differentiating yourself in a crowded market.
An EVP is a key driver of positive employer-employee relationships and, when done well, it will help to engage and retain existing staff too. Employees can see how they’re part of the broader picture and how they can contribute to the overall success of your organisation.
10 things to offer top talent (aside from money)
Money matters, but it’s far from the only driver when it comes to people’s work and career choices.
For employers under financial pressure who are struggling to reward staff financially, understanding what motivates employees outside of money can help you attract and retain talent.
Here are 10 key principles and incentives that can help employees feel motivated and engaged, without relying on a budget and make them want to join a company and stick around for the long-term, according to research behind the AFR Boss Best Places to Work list.
Purpose Knowing that your work is helping other individuals and society in some way, beyond simple economic gain.
Flexibility Having choice over when, where and how you perform your work, meeting our basic need for autonomy.
Wellbeing Being able to look after your mental, physical and emotional health, and having sustainable working norms.
Equality Working in an environment where every individual and team is valued equally.
Empowerment Having the clarity and structure to work independently and be in charge of your own output.
Learning Having opportunities to constantly learn, grow and be challenged through experience.
Democracy A team environment where everyone’s voice is valid, not just those staff at the top of the organisation.
Choice The freedom to determine what you work on, when and how you do it.
Challenge Having the opportunity to work on tasks that are challenging, and to learn and grow through those challenges.
Belonging Feeling accepted and included by those around you, and part of a greater goal and purpose.
If you’re looking to attract talent now, it’s worth focusing on how you can highlight these things in your job ad.
If your focus is on rewarding and retaining employees, check in with your team to see what resonates with them, then look for ways to incorporate or expand these things.
While money is a key driver, there’s so much more that motivates us when it comes to work. And as an employer, focusing on these things can help you to create an environment that attracts great talent and encourages employees to stay long-term.