One of the biggest challenges facing businesses today is finding and attracting top notch talent. Options range from recruitment agencies to online job boards and sometimes there is a large fee involved. But even with the most successful ads and recruiters on the case, there is still no guarantee you will find the best person for the job.
We have a solution – Employer Value Proposition (EVP). EVP is to attracting talent what USP (Unique Selling Point) is to attracting customers. These three simple letters can make all the difference when it comes to standing out in the crowd.
An EVP describes the benefits and characteristics of working for a business or organisation and can help differentiate strong employers from their competition when vying for top talent. It is especially important for small businesses to create an EVP in its early stages to ensure that you attract only the best from the very beginning.
Studies from LinkedIn and The Corporate Leadership Council. Have shown amazing results when an employer brand creates an EVP:
- Reduce recruitment costs by over 50%
- Reduce employee turnover by 28%
- Improve the commitment of new employees by up to 29%
- Reduce new starter compensation demands by up to 50%
For your EVP to be most effective, there are 4 pillars to take into consideration:
- Be Authentic
- Be Different
- Be Innovative
- Be Consistent
Some examples of companies with great EVPs, coincidently they are all extremely successful and all rank highly on “best place to work” tables worldwide.
L’Oreal: 3 pillars run through their EVP
- Thrilling experience
- Thriving company
- School of excellence
Netflix: Freedom and Responsibility Culture
Google: Working Environment, Employee Wellness & Development
And let’s remember being a successful business is not just about recruiting top talent, but also about nurturing the talent you already have.
One of the easiest ways to retain good talent is to make sure you have proper processes in place so they feel valued and well-looked after by you.
Start improving your business finance management with Sage One. Try it free for 35 days. Go to www.sageone.com.au