In today's job market, attracting top talent is becoming increasingly challenging for many companies. This is especially true for older companies that may have established reputations, but struggle to differentiate themselves from newer and more dynamic competitors. To address this challenge, developing and activating a new EVP (employer value proposition) is crucial for attracting and retaining the best talent.
What is an EVP?
An employer value proposition (EVP) is the unique set of benefits that an employer provides to its employees in exchange for their skills, knowledge, and expertise. It encompasses everything from salary and benefits packages to work culture, values and career development opportunities. Essentially, an EVP is a company's way of communicating what it has to offer to potential employees and what makes it a great place to work.
Why develop a new EVP for an old company?
Older companies often face challenges in attracting and retaining top talent due to a variety of factors. Some of these factors may include a perception of being outdated or stagnant, a lack of diversity and inclusion, or a failure to adapt to changing work styles and preferences.
Developing and activating a new EVP can help address these challenges and position you and your business as a more attractive employer. A new EVP can highlight your company's unique strengths and values, emphasise its commitment to diversity and inclusion, and showcase new initiatives and programs that align with changing work styles.
How to develop a new EVP for an old company
To develop a new EVP, it is essential to conduct research to understand the current perceptions and expectations of both current employees and potential hires. This research should involve gathering data on current employee satisfaction levels, conducting focus groups and surveys, and analysing industry trends and benchmarks.
Based on this research, organisations can then develop a new EVP that aligns with the company's values, culture and strategic goals. The EVP should be authentic and unique, and it should clearly communicate the company's value proposition to potential employees.
Activating a new EVP
Once a new EVP has been developed, it is essential to activate it to attract and retain top talent. This involves communicating the EVP through various channels, such as job boards, social media and internal employee communications. To succeed, your organisation should also ensure that it is delivering on its EVP promises and continually evaluating and adjusting its EVP to ensure that it remains relevant and effective.
How can a recruitment agency help?
Recruitment agencies can play a crucial role in helping companies develop their employer value proposition (EVP). Here's some examples:
Conducting research: By conducting research and gathering insight on industry trends, competitor EVPs, and best practices, recruitment agencies can assist a company in understanding current market trends and candidate expectations.
Benchmarking: They can provide benchmarking data and insights to help a company understand how their current EVP stacks up against their competitors in terms of compensation, benefits, culture, and other factors. This can help a company identify areas where they need to improve and develop a more competitive EVP.
Developing messaging and branding: Experienced recruiters can help an organisation develop messaging and branding that is consistent with their EVP and resonates with potential hires. This includes developing compelling job descriptions, employer branding materials and other communications that highlight the company's strengths.
Monitoring and measuring results: A recruitment agency can help a company track and measure the success of their EVP by monitoring key metrics, such as candidate engagement, time-to-hire and employee retention rates. As a result, a company can identify areas that need improvement and refinement to remain competitive and effective.