The Benefits of Employer Value Propositions
Being a first-choice employer has never been more important. Increased competition and new work environments mean attracting the best talent is difficult.
An employer value proposition is a vital first step to creating a competitive employer brand. This is because companies don’t control the hiring game anymore. The candidates have a multitude of options and want to find the company that gives them the most value.
Employers used to know more about the potential employees, it didn’t matter that the candidate didn’t know much about the job, company, culture, or values.
Why is a clear EVP important? 83% of employees feel that a clear EVP is important and 75% of job seekers consider the employer brand before applying for a job.
A business without a clear and competitive value proposition will fall to the wayside and fail to attract candidates that meet their needs.
The prospects need to find the right fit and displaying the company's value to them will help get your business in front of the right people.
Here's a guide to an employer's value proposition, its benefits, and how to put together the best one for your company.
💎What is an employer value proposition?
An employer value proposition (EVP) is part of employer branding. It is one of the ways a company attracts the candidates they are looking for and engage with them.
The EVP is where a company or employer creates messaging that displays the value they offer to potential employees.
The value proposition is important for recruiting the best and most qualified employees as today the candidates have more knowledge, resources, and ability to find the position and company that meets their needs.
The employer brand highlights real-life experiences and perceptions of what it’s like to work at a company.
💡The Benefits of an Employer Value Proposition
Employer branding is critical to finding the best candidates in your employment process. A high-quality value proposition holds a lot of benefits for any company including:
1. Attracting the best candidates
Almost all prospects do research and consider the employer's brand before they even apply for a position. Today most job seekers are more likely to avoid working for a company that has a negative brand reputation, even if the pay is higher than competitors.
You need to position yourself effectively as the best choice in your industry, starting with offering a high-quality EVP. The top candidates need touchpoints that show the company's value before applying, interviewing, or accepting an offer.
So how does a brand build an EVP that attracts the best job seekers? Consider the biggest benefits that your business can offer to the employees and explain them in your company profile or job ads. Showing these applicants how working for your company will improve their candidate experience is the best way to attract great candidates.
2. Creating a competitive advantage
A high-quality EVP can distinguish one organization from its competitors. The value proposition shows the best candidates why your business gives them more value than your competitors.
Growing a brand with the most qualified employees is a major goal of any business. An employer value proposition that displays a great company culture, benefits of working for that company, and why a candidate should want to work for that company creates an advantage that competitors might not have.
Businesses that have well-managed employer brands have access to a large portion of the employee market, having more potential candidates gives a brand a leg up because there are more potential employees that are interested in the company.
A great EVP can position your brand as a better place to work than competitors. If a job seeker sees value in a brand they will apply for a job.
3. Promoting the company culture
The employer value proposition isn’t just a selling point for an open position but a statement about the culture that has been created. If you are trying to improve your reputation, the EVP is a blueprint for the culture and changes to come.
In a lot of ways, an EVP is a step toward creating a modern and attractive workplace by putting an emphasis on employee satisfaction. It’s a sign to current employees and candidates that the happiness of employees is the main focus of the management.
It helps create a ‘people first’ company culture which can become a main focus for the brand. For example, companies like Microsoft or Google are known for their great benefits and employee culture–and look what it brings to them: lots of candidates lining up to work for them.
4. Reducing employee turnover
Hiring the best employees is expensive and it goes beyond the salary. To recruit some employees, you need time to find the right people, and the more time you spend on searching for the perfect candidate, the more business opportunities that you ignore.
According to Lucas Group it takes an average of 23 days to hire a new employee. This number might be less or significantly more depending on the industry.
On top of the time and money in the recruiting stage, onboarding and training new employees are a massive investment for any company. As a result, loyal employees become vital to your business' productivity and revenue. It’s why many organizations invest heavily in retaining their best employees and why any company wants to avoid losing the new talents in just a few months.
The good news is that investing in the employer value proposition and brand has a positive impact on retaining your top employees. A high-quality EVP describes why someone would want to work for your company, when it’s used right can decrease turnover and increase employee commitment.
🧲The Value of Testing Your EVP Before Publishing
Creating an effective employer value proposition is important to display your value to top prospects. When you are putting your EVP together consider some of the following factors:
- What kind of compensation do you offer employees
- How do you want to describe the company culture
- What the job security looks like
- Do you offer career growth
- What are your Unique Selling Propositions
Once you have made your employer value proposition, make sure it is as effective as it can be to reap all of the benefits. A great way to do this is to test it with an online platform before publishing.
Usability A/B testing is a quick and easy way to gather feedback from real people. There are many great platforms that allow you to present users with multiple versions of your EVP and get opinions in under an hour.
This method of testing helps you create an EVP that reaches the top candidates, explains your company's value, and differentiates your employer brand from competitors.
👍A Strong EVP Created Through Testing is A Employer Brand Must Have
Emphasizing your employer's value proposition will help you win over the best talent and keep them at your business. The best EVP’s attract top candidates, create a competitive advantage, emphasize great cultures, and reduce employee turnover. It'll save you valuable time and money in the hiring process.
One of the best ways to ensure your EVP is top-notch is by testing it on an online testing tool. Gaining real feedback on your value proposition before publishing will ensure you sell the right value and set your business up for success.
Once you’ve hired the best candidates with the EVP selling strategy, use Zavvy’s employee development program to engage and upskill your employees so that they can thrive in their careers.