Why Your EVP Is More Important Than Ever In 2023
4th Aug 2023
Companies are facing some serious competition, to hit targets in a difficult macro-economic climate and in the hunt for talented candidates and team members. To make your mark and thrive in the modern hiring market, having a killer Employee Value Proposition (EVP) is more crucial than ever before.
Employees have also become more selective and discerning. It's not just about the salary anymore; they're looking for something extra, those less tangible factors that make a workplace truly awesome.
As technology keeps pushing boundaries, industries are changing, and traditional work structures are being redefined. To attract and retain the best talent, companies need to keep up with these changes. That's where your EVP comes in.
Your EVP allows you to stand out from the competition, build a killer Employer Brand, and create an environment that keeps employees engaged and motivated.It's all about attracting, retaining, and nurturing top talent, and that's what will drive success in 2023 and beyond.
Molly Johnson-Jones - CEO & Co-Founder
“Your EVP is all of the things that make your company a great place to work and it’s about owning and showcasing that. You need to be as transparent and as clear as possible about what you offer in order to appeal to the types of people that want to work in the way that you do”
So, with EVP becoming a huge focus in 2023, the question is, what can companies do?Molly Johnson-Jones - CEO & Co-Founder at Flexa and David Duckworth Co-founder and COO of Ben discuss all in our EVP workshop. And be sure to keep reading for our key outtakes.
How is a strong EVP linked to talent attraction?
A strong EVP impacts not only talent attraction but also retention and cost to hire. It’s all interconnected.
When your company has a well-marketed EVP that resonates with employees, it not only attracts top talent but also creates a sense of satisfaction, engagement, and commitment among your existing workforce. This, in turn, contributes to higher retention rates and reduces the need for frequent hiring and onboarding, leading to significant cost savings.
"We place employees at the centre of our focus. We continually evaluate how we can ensure that each individual's benefit needs are met. It is crucial to recognise that what initially mattered to them may have evolved over time. As a result, we strive to adapt and grow alongside our employees, and that’s how we see people sticking around for a lot longer.”
DEI also holds immense importance for us, especially in technical engineering roles where attracting women and minority groups can be challenging. To address this, we carefully consider the offerings that would appeal to these individuals, such as flexible working arrangements and comprehensive maternity and childcare benefits to attract those types of individuals who might be more wary of working for a startup. Those things really matter to them, and this is where benefits can play a big role.”"When employers are transparent and showcase their offerings, companies become 4x more appealing to potential employees. This significantly enhances the likelihood of being recognised as a great place to work. This approach directly influences the cost-to-hire metric. By leading with this information and transforming the hiring funnel into a marketing funnel centred around the EVP, the recruitment process becomes more efficient. In fact, employers leveraging Flexa have witnessed remarkable reductions in cost to hire by up to 90%. Shifting the focus from simply filling a job to highlighting the reasons why candidates should join the company completely transforms the conversation and presents a more enticing approach to talent acquisition and retention."
Key considerations for your EVP
And to summarise, Flexa’s CEO and Co-founder, Molly Johnson-Jones has provided three essential pointers on how you can shape your EVP:
1) Document your existing advantages
Start by recognising and highlighting the reasons you genuinely enjoy working at your company. It could be the flexibility of working from home 3 days a week, the freedom to prioritise family commitments, or even the opportunity to bring your dog to the office. There are so many cost-effective perks or free perks that can enhance the appeal of your company without requiring a significant budget. Identify these unique offerings and begin promoting them.
2) Transform your thoughts into written form
Take the time to put all the reasons why your company is an exceptional place to work into writing. Encourage feedback from your employees, as their input is invaluable. While you may not be able to satisfy everyone entirely, aim to target at least 80% of your workforce. This collaborative approach ensures that the EVP resonates with the majority and accurately reflects your company culture and benefits.
3) Continuously evaluate and refine
Remember that developing an EVP is an ongoing process, and not every aspect needs to be addressed simultaneously. Regularly review and refine your EVP to align with the evolving needs and preferences of your employees. By adopting a continuous improvement mindset, you can ensure that your EVP remains attractive and relevant.Your EVP holds immense power and serves as the foundation of your Employer Brand. Remember your team is core to company growth, so if you aspire to succeed and thrive in the talent market, neglecting it is simply not an option.