October 30th, 2019 | Steven Smith, Managing Director EMEA
Attracting the right candidates with a strong employee value proposition
In today’s competitive jobs market, the quest to find the best talent can be a complex and increasingly challenging task. Organisations must consider how they can differentiate themselves, and yet convey their true authenticity to candidates as well as existing employees. A well thought out employee value proposition (EVP) can play its part and gives your organisation the best chance of attracting the right people to the right roles. But what does an employee value proposition really mean?
What is an Employee Value Proposition (EVP)?
In our recent webinar, ‘How to create the perfect recruitment journey‘, Chief People Officer at the Financial Services Compensation Scheme (FSCS), David Blackburn, defined an employee value proposition as a “unique set of benefits which an employee receives in return for the skills, capabilities and experience they bring to the company.” Ultimately, the EVP is about defining the essence of your company, through your mission, vision, and values.
It’s far more than the monetary benefits, but rather the overall experience, the feelings they will get, why they should join, and how they can make a positive difference. This gives the prospective employee an immersive insight and a level of expectation regarding their working experiences, what other employees have come to value, and the overall environment. The creation of the EVP should be primarily business-driven and takes a collaborative approach based upon the feedback of all employees – after all, your people are your culture. It should fall to the Human Resources function to ensure that the EVP is reflected in the recruitment process and amplified throughout the company’s cultural dynamics.
Where Diversity and Inclusion Comes in…
A hot topic in recent years, organisations are making strides to invest in and consider best practice processes when it comes to creating a diverse and inclusive workforce. Our recent webinar poll highlights this, with 59% of respondents suggesting that they are making progress, but still have some way to go. This is further reinforced on a global level according to research from PWC, as 87% of global businesses claim that diversity and inclusion (D&I) has become a top organisational priority. As part of the overall experience and enhancing the EVP, a workplace environment fostering D&I has the potential to be incredibly beneficial for the organisation in question. A Mckinsey research demonstrates exactly that, as companies in the top quartile for gender diversity are outperforming their competitors by 15%, additionally those in the top quartile for ethnic diversity also outperform their competitors by 35%.
Your Mission, Their Values
Your EVP should connect to your organisation’s core mission as this forms an integral part of your company brand. It’s vital that your employees can resonate with this, as they’ll want to feel and echo the social purpose of the organisation, but more importantly the company’s mission should align with the values of the individuals. Similarly, the organisational values should be influenced internally by the employees themselves, as these values will provide a foundation for the overall mission, align with the culture and create a sense of community within.
Assessing Cultural Fit
There is an abundance of relevant assessment tools to suit every role in the organisation . These can help identify whether a candidate would gel with the business by possessing the relevant skills as well as temperament and aligning with the culture of the company. Examples of this include an interest inventory, which focuses on the areas of interest to that individual, identifying what really drives and motivates them. This may be applied pre-employment or even for existing employees allowing for the development of bespoke personal development plans – which have the potential to further bolster the EVP.
As part of the recruitment process some commonly used tools include inductive numerical and verbal reasoning, which aims to ensure the candidates you are considering for employment possess the basic skills that will allow them to flourish.
The Importance of Background Checks
Featuring at the end of the recruitment journey, background checks can play a significant role in identifying the right candidate. Depending on the role in question, there are a multitude of checks available to hiring organisations, ranging from criminal record checks to employment verifications. These can help uncover negative behaviours of candidates and help to mitigate the associated risks of a bad hire. However, a notable example of identifying cultural fit through background checks can come in the form of a social media search, which has the potential to uncover positive characteristics that can help hiring managers make more informed hiring decisions, objectively. Together as a part of a robust and comprehensive programme these checks can play an essential role in creating the foundation of trust and safety and in establishing great environments for your workers that can also enhance your EVP.
Interested in learning how your organisation can create the ideal recruitment journey for your candidates? Catch-up with our on-demand webinar featuring award-winning HR leader at the FSCS, David Blackburn.
This publication is for informational purposes only and nothing contained in it should be construed as legal advice. We expressly disclaim any warranty or responsibility for damages arising out this information. We encourage you to consult with legal counsel regarding your specific needs. We do not undertake any duty to update previously posted materials.