Are you having trouble filling your open positions with top talent candidates? If so, you are not alone. More than 65 percent of employers are reporting having trouble attracting qualified candidates. In order to stand out in today’s job market, employers must find a way to differentiate themselves from their competitors. Developing a strong Employer Value Proposition (EVP) can do just that.
Not only will an effective Employer Value Proposition (EVP) help to drive new talent to those hard-to-fill vacancies, but it can also help recruiters break through the noise when recruiting on various social platforms. Here’s a short introduction, along with the five key practices on how to create a solid EVP for your company:
What Is an Employer Value Proposition (EVP)?
An Employer Value Proposition focuses on the unique attributes, qualities, and benefits an employer provides for their employees in exchange for the employee’s talents and experience.
What is the difference between Employer brand and an EVP?
Many employers still equate Employer Brand to EVP, but these two concepts are not the same. An Employer Brand is about building a reputation for the company, while the EVP explains the “whys” and “whats” that make it a great place to work.
Why the Importance of an EVP in Today’s Job Market?
With record-low unemployment rates and the rise of online job boards and career sites, standard recruitment practices that worked in the past are no longer effective if you’re looking for top talent.
1. Candidates have more job options.
These means that employers need to connect with the applicants right from the start. Today’s savvy candidates often research a company before they even complete the application. You have the option of letting candidates form an opinion about the company based on what they find online, or you can use your EVP to help form this opinion for them.
2. Both employers and employees are looking for the right “fit.”
Having the right talent and experience for the job is as important as fitting into the workplace. Maintaining a strong EVP can help weed out the wrong candidates while ensuring you find the best candidate for the position and your company.
3. Understanding how you can differentiate as an employer is crucial to win the war for talent.
Answering the questions “Why would a highly talented person choose to work for us?” What sets our company apart from its competitors? Is it the workplace culture? Great benefits? Rewards? Opportunities? not only gives your company a competitive advantage but is the basis for developing a strong and compelling Employer Value Proposition.
Recruiters Versus Marketers
If you think an Employer Value Proposition sounds similar to a Customer Value Proposition (CVP), it is. Recruiters are finding that many of the same sales tactics used by marketers are effective when it comes to recruiting. While the target audience is different – the customer versus the candidate – the EVP also has the power to create brand loyalists. This mashing of recruitment and marketing strategies is proving to be extremely successful. Digital recruitment marketing techniques enable recruiters to effectively identify and attract top talent candidates.
5 Key Practices to Get the EVP Right
Creating an effective EVP takes time and commitment, but the rewards are well worth it. Here is a look at five key practices to keep in mind to make sure you get yours right.
1. Differentiate Your Company
The primary purpose of your EVP is to help differentiate your company from your competitors. You must think about what would make a candidate want to work for your company versus one of your competitors. Evaluate your top five competitors and determine what about your company, as an employer, sets it apart from these competitors. Is it your culture, benefits, work-life balance, high-quality clients, training, mentorship, or any other factors?
2. Design Customized EVP
Creating a great EVP is not as easy as looking at your competitors and mimicking their brand. Instead, you must develop a customized proposition that speaks directly about the unique quality of your company. Take into account your company brand, targeted candidates, high-value employees and industry factors to create one that speaks to both current and prospective employees.
3. Align EVP with Recruitment Strategy
Your EVP development is not a stand-alone strategy. You cannot take the time to build it and then set it off to the side. In order to maximize its benefits, it must become an intricate part of the company’s overall recruitment strategy. Your EVP must be evaluated continuously to ensure it effectively and accurately describes the most vital qualities of what it’s like to work for the company.
4. Deliver EVP Promises
One of the most important aspects of building an EVP is making sure your company can deliver on its promises. This is not the time to use wording that sounds nice, be overreaching or follow the latest trends. Instead, your EVP should be an accurate depiction of the company. A recent study revealed that 95 percent of job seekers would not apply to a company that has a bad reputation. Making promises that you can’t keep is a sure way to get a bad reputation among potential candidates. With the number of online employer review platforms available today, disgruntled employees and prospective candidates have a louder voice than ever before.
5. Candidate Behavior Analytics
Finally, you cannot create an EVP and just hope for the best. It is vital to use candidate behavior analytics to measure and test the effectiveness of your strategies. These candidate behavior metrics will reveal if your EVP is attracting top talent candidates or if some adjustments to your strategy are necessary.
Developing a solid Employer Value Proposition is the first step to crafting a successful employer brand strategy. Learn more about how data-driven recruitment techniques and smart sourcing can help you build a strong EVP that attracts not just the best talent, but the “right” talent by contacting Tulsie today.
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