Hiring a new employee today is seen as more than simply filling a vacancy as quickly as possible. Today, in a world where companies understand the tremendous value of a skilled and motivated workforce, the best recruitment practices rely on crafting the right proposals to entice the best candidates to apply.
Specifically, we are talking about employer value propositions. An employer value proposition (EPV) should already be a solid feature of your hiring strategy, but if it isn’t, or if you are curious to develop one that attracts top talent, then read on.
Understanding the Employer Value Proposition
By “employer value proposition,” we refer to all the elements a company offers its potential employees in exchange for their skills, expertise, and performance. On a basic level, it includes a series of perks successful candidates can expect to receive once they’ve been offered a job with that company.
This concept isn’t limited to just full-time employees; even part-time workers or IT freelancers, who play a significant role in today’s workforce, can benefit from a strong EVP. It provides them with insights into the opportunities and benefits your company offers.
Delving deeper, though, the meaning of an EVP goes far beyond apparent factors such as salary and benefits. It’s also—if not mostly—about company culture, employee empowerment, and employer branding. To achieve all these aspects of a compelling EVP, it’s important to hire full-stack developers who can contribute to every layer of your company’s technological growth.
Employer branding, in particular, is a crucial element that can have a huge impact on the ability of a company to identify, attract, and hire the best applicants for a job.
An EVP is an indispensable tool for your hiring processes and should be placed high on your new employee onboarding checklist.
Top 3 Benefits of Developing an EVP
There are several benefits to developing a solid EVP, but let’s look at the three main ones.
1. It lifts employee engagement.
An exceptional EVP can not only help you to find the “creme de la creme” in terms of skilled and experienced employees, it also allows you to boost their engagement. By highlighting, for example, your company’s values as something you are utterly dedicated to, you will instantly appeal to professionals who share those same values and who would be genuinely excited to help you achieve your goals.
2. It attracts the best talent around.
We’ve said this already, but it bears repeating. An employer value proposition acts as a magnet for savvy, talented, and experienced candidates—the best of the bunch. This happens because these are also the kinds of candidates who spend a lot of time researching the company before applying for a job. And if your company stands out through a compelling EVP, half of your job is done.
3. It slashes employee turnover.
Did you know that hiring just one new person costs around $17,000? And the total costs associated with recruiting top-level executives can be even higher. Not to mention, of course, that the whole process often can be frustrating and time-consuming.
Guess what? With an EVP in place, you are in a much better position to attract candidates who go on to become happy employees, and you then can turn those happy employees into loyal ones who want to stay with you for the long haul—saving you time, money, and headaches.
Build a Solid EVP in Five Steps
Now that we have clarified what an EVP is and its benefits, it’s time to discover how you can build a great employer value proposition in just five steps:
1. Consider your proposed wages.
There’s no way around it: A hefty starting salary is often one of the most compelling parts of an EVP. Consider, therefore, offering wages that are comparatively better than your industry’s average.
2. Highlight job security.
Talk about your company’s position in the market, and illustrate your points by sharing some of your most recent and successful financial results.
Given the volatility of the current job market, proof that a company is steady and trustworthy can put your candidates’ minds to rest and encourage them to apply. Remember to keep your channels in tip-top shape, too, to reflect your company’s reliability and leadership (for example, getting a new and more suitable domain name from OnlyDomains might help reinforce your employer branding).
3. Emphasize bonuses and benefits.
The perks of a job don’t stop with a higher-than-average salary. What about holiday allowance or sick leave? And have you thought about parental leave? Are you also offering health or dental insurance? Don’t forget to include provisions to promote good mental health, too, as this topic is increasingly high on the agenda of the top companies worldwide.
4. Offer growth and development opportunities.
When crafting your EVP, be clear in stating that both the role you are advertising and your company can provide exciting opportunities to keep growing and improving. This could mean progressing on a career path or remaining in the same role while developing soft skills that can contribute to better performance and productivity.
If, for example, your company routinely assesses employees’ performances every six months and provides pay raises to those who did well, make sure you include this in your EVP, as it can attract more—and better—candidates.
Moreover, consider utilizing ATS software within your recruitment process to reinforce this culture of inclusivity and empowerment. ATS software can streamline your recruitment process and ensure that you can efficiently evaluate and manage a large pool of applicants. This not only saves time but helps identify the best candidates more effectively, aligning with your commitment to valuing diverse talent and contributions.
5. Describe your inclusive and empowering culture.
Lastly, your employer value proposition should feature a brief but enticing description of your company culture. You’ll want to highlight the healthy, inclusive, and empowering work environment you offer and reinstate your commitment to valuing each employee’s individual ideas, skills, and contributions.
To this effect, you also may want to utilize an advanced CRM recruitment software tool that can help you further stress how committed you are to building a diverse and nurtured workforce.
Ready to Craft Your Compelling Employer Value Proposition?
Attracting top-quality candidates begins with an employer value proposition—all those unique and appealing features a company puts on display when searching for the best talent around to fill a vacancy.
For an EVP to be effective, it must include specific information such as salary and bonuses/benefits, company culture, and growth opportunities.
Now it’s time to start building your EVP and expanding your company with the most successful professionals in the industry.
