We’re pretty sure nobody needs to be reminded that great talent is in short supply these days.
The practical implication of this shortage is that more often than not, you need to convince the people you really want in your business why they should work for you.
It’s a challenge that’s become as difficult, if not more so, than attracting and engaging customers.
So how do you create and maintain an advantage over others competing in that same, limited talent pool?
The answer lies in an employee value proposition that you can clearly articulate and that creates advocates for your business among your existing employees.
What is an employee value proposition (EVP)?
Put simply, your EVP is all about letting prospective employees know what makes yours a great business to work in.
It needs to be clear about the tangible things offered by the business including:
Competitive salary arrangements;
A meaningful incentive program (where appropriate);
Training and development opportunities;
Career opportunities; and
Flexible working arrangements.
These are the more obvious items and your business may offer a whole lot more.
Your EVP should also contain information about the intangibles. Here we’re talking about the culture within the business, maybe volunteering programs, social events and the like. In other words, don’t overlook the things that bind your employees into a functional, effective and cohesive team.
The most important intangible?
Be clear about your business purpose. There’s no shortage of research showing people want to feel their work is significant and contributing to something more than a financial bottom line.
In fact, if you’re not clear about purpose, plenty of potential employees will sidestep your business for one that is even if it means a lower salary.
How do you know what’s likely to attract talent?
Our most important tip? Don’t think you already know the answer to this question. Because you almost definitely don’t.
Our second most important tip? Don’t rely solely on research about employees in your industry that might be available – your business is different from all others in your market and what works for one may or may not work for you. Industry insights might give you some clues, but it won’t give you all the answers.
The best place to start is to ask your existing employees a couple of questions.
First, what it is about working in your business they value.
Second, what’s the one thing about your business that stops them looking elsewhere.
You might also think about asking them what else you could do to enhance their experience as employees in your business. If you do, be careful how you frame the question so that you don’t raise unrealistic expectations about what’s possible.
What should you do with this EVP once you have it?
Your EVP should be an important contributor to both attracting and retaining quality talent. You should document it and make sure there’s a summary of the key points on your website in the appropriate location.
You should give your EVP appropriate focus during the recruitment process – remember, it’s all about letting prospective employees know why they should join your business.
And existing employees should be very clear about the entire benefit package available to them via whatever internal communication processes your business uses – digital or otherwise.
A final word.
It’s not just about the money. You could create a fantastic salary and benefits package in your business and still struggle to attract and retain the right people.
We mentioned it earlier in this post and it’s worth repeating…the core of your EVP should be your business purpose. It needs to be clearly articulated and demonstrably “lived” within the business across the board.
If that’s not the case, you might find the best talent is beyond your reach.
Not sure where to start?
Attracting and retaining the right people isn't easy, so any advantage you can give yourself is crucial. Creating (or reviewing) your EVP is just one such advantage and we'd be happy to help if you're finding those first steps difficult.
Please give us a call or drop us a note to organise a conversation about how we might be able to help you out.
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