Is your organization struggling with creating a marketable brand that attracts and inspires talent?
According to a 2017 Society for Human Resource Management survey, there is a huge concern over talent right now, with around 68% of companies worried about skills shortages in their markets.
In order to improve recruitment and retention efforts, organizations are turning to developing stronger employee value propositions (EVP) and leveraging them in unique ways.
According to Gartner Research, companies that invest in developing and delivering a strong employment value propositions can secure significant talent attraction and employee engagement benefits — including the ability to decrease employee turnover by as much as 69%, reach 50% deeper into the labor market to attract passive candidates, and increase new hire commitment by nearly 30%.
What are some ways that employers can create more effective EVPs, and further, how can they measure the results? Turns out, an employee engagement solution can support the goals of a strong employer brand and position in the market.
5 Elements of a Complete EVP
Creating an employer brand is no simple task. Many companies confuse this with their mission, but it goes a lot deeper. An employer value proposition is a strategic message that appeals to candidates and employees alike, describing with as much accuracy as possible, the culture of the organization and all its perks.
To accomplish this, there are certain elements that should be included.
Rewards: What employees want and need from a career experience
This is often the first place to start in developing an EVP. Speaking directly to the needs that candidates have, examples of this can include salary, benefits, recognition, and more.
Organization: How the organization is better or unique in a specific industry
An organization often has a reputation that goes before it; something that can appeal to certain candidates. Even a startup can develop an EVP thats powerful if it has something very unique to offer to hires.
Opportunity: Why employees should commit to the work here
Many candidates are looking for career-building opportunities, therefore they seek out companies that offer stability, training, and advancement steps. The growth of the organization plays a strong role here too.
Work: What kind of experience employees can expect
Candidates are actively seeking work experiences that include a good balance between work and play, innovation and impact. This element of the EVP should be based on truthful descriptions given by existing employees and efforts made to make the experience better.
People: What the culture of the organization offers
Are your ideal employees seeking a family-like culture, or the opportunity to work in a modern environment with plenty of autonomy? The way management interacts with employees, how important camaraderie is, and if the culture is structured can all dictate the EVP.
Using Employee Engagement Data to Build a Better EVP
Putting these elements together takes careful research and employee surveys play an important part in this process. Using data gathered from employee engagement surveys can be a good first step. Asking current employees what they like about the company, what they don’t like, what things they want, and how they see the company can provide valuable insight.
The marketing team can use this information to craft an EVP that appeals to candidates and to customers. Once this is established, human resource efforts can be directed towards using the EVP to improve the image of the company when communicating with employees, candidates, and new partners.
It’s also possible to use pulse employee engagement surveys to measure the success of the new EVP. Real-time survey data can demonstrate the results that this new EVP is creating for the organization. Improved candidate quality can be indicated by employee satisfaction with team mates. Employees may also mention that they are happier with certain factors of their work life, such as their earnings, benefits, or how well they get along with management. Nearly every aspect of the EVP can be measured in some way using the employee engagement solution.
In order to remain a competitive organization, consider the possibilities of creating a stronger EVP and then using an employee engagement system for measuring its long-term success.
Find out how Thymometrics can help support your goals of a strong employer brand and position in the market. Contact Thymometrics by email [email protected], call +1 646 760 9323 (US) or +44 (0) 1223 750 251 (Europe) or visit thymometrics.com.
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