To grow and improve performance in this competitive world, businesses need top quality employees who are aligned and engaged. However global demographic predictions have identified that in the coming years certain areas of the population will have a reduced supply of talent due to decreasing population. In these instances, businesses will struggle to win the best and brightest over their competitors. In other areas, exploding population size will result in an oversupply of talent, with businesses struggling to identify which employees are the right fit.
Alongside these challenges, there is also the inevitable instability in the market to contend with. Economic downturn brings the requirement to drive down expenses and reduce margins, yet maintain quality of output. This results in smaller recruitment budgets and more pressure internally to ensure optimum productivity of people.
Faced with these challenges, a strong employee value proposition (EVP) becomes a vital tool in the battle to find the right people, as we found when we spoke to 14 senior brand leaders as part of our Brand Leaders 2017 Report.
How an EVP helps win the war for talent
An EVP summarises the wider vision of a business and defines the employee’s role in delivering against that vision. In its simplest form, an EVP defines where a business is going, what it requires from its employees to get there and what it will provide to them in return. But is an EVP really that valuable in winning the war for talent? Yes it is.
With 75% of prospective employees considering an employer’s brand before ever applying for a job, and 69% of prospective employees saying they would not take a job with a business with a poor employer brand – even if they were unemployed, the power of an EVP in attracting talent is clear.
A strong EVP attracts applicants by:
In time, this results in a reduced dependency of expensive recruitment processes and suppliers, and your HR team having a larger pool of applicants to select from.
Simplifying the qualifying process
However, a large number of applicants presents its own challenges, if the business then expends time and money sorting through and interviewing to get to the right candidate. This is why an EVP’s role is also to sort in, and sort out applicants at every stage of the process.
An EVP supports in the qualifying of applicants by:
Key considerations when crafting an EVP