90% of the current job market is candidate-driven, which means employers need to work harder to attract quality talent and retain employees.
In order for companies to stand out amongst their competitors and become an “employer of choice”, employers need to trigger candidates’ interest by having a strong Employee Value Proposition.
An EVP is the most important part of the recruitment process, as it tells the candidate why they should apply for a job with a company and what’s in it for them. It’s also a great tool for retaining talent and companies with strong EVP’s usually see higher retention rates among their quality employees.
EVP and Employer Branding
Much of the EVP can be communicated through job ads, engaging website content, social media marketing and most importantly, strong employer branding. In fact, over 80% of business leaders acknowledge that employer branding has a significant impact on their ability to hire talent, according to LinkedIn’s Global Recruiting Trends report.
The report also found that while nearly 70% of recruiting budgets are spent on job boards, recruiting tools, and staffing agencies, talent leaders identify employer branding as the top area where they wish they could invest more.
So, how can employers in Australia ensure they have a strong employer branding and a clearly communicated EVP, without needing a huge budget?
Top three areas for employers to focus EVP on
1. The benefits package
Studies by Seek.com show that candidates across industries look first at not just salary, but also compensation, benefits and the perks associated with a job. In other words, savvy candidates are looking at the entire compensation package rather than just the raw dollars. Flexible hours, the ability to work from home and good work-life balance are also taken highly into consideration. Thus, all these benefits need to be highlighted at every step throughout the recruitment process.
2. Career development within the company
Seek.com also found that career development is vital to an employer’s EVP. Job seekers are looking for their next job even as they are starting a current one. Millennials will change careers 15 times throughout their life, according to a McCrindle study, and the main reason is a lack of career progression or direction.
To deter this trend from impacting their workplace, employers need to tailor their communication strategy by using clear information, infographics and employee testimonials to display the positive progression path within the company. This way, candidates can envision their career path several steps at a time.
If this isn’t done correctly, companies are running the risk of losing quality hires to other companies who have an even stronger EVP.
3. Company culture and environment
Candidates want to know what a day in their job will look like. This relates not just to a clear depiction of what their role will involve daily, but also what the workplace culture is like. Are there staff events and activities they can get involved in? Are there employee incentive schemes, rewards or competitions that might interest them? Express this clearly in your EVP and you’ll instantly notice the volume increase of quality candidates applying for vacancies.
Whilst you may spend a long time planning out an effective EVP, don’t forget retention is just as important. There’s no point putting lots of work into your candidate proposition and employer branding, only to lose your new and best candidates soon after they begin their new position.
How to retain quality hires
The entire recruitment process is vital to attracting and retaining good talent, from the early stages of engagement with candidates, right through to the onboarding of employees into an organisation. Even if you have a great EVP, if the initial recruitment experience is poor, you may be losing quality employees before you even get started.
Did you know 20% of employee turnover happens in the first 45 days after a new hire comes on board? To eliminate the chances of this happening, a retaining strategy needs to be in place within every company.
If you have a strong EVP, a portion of the strategy is already taken care of, but it’s when the new hire starts their new career with your company that the retention strategy needs to step up a notch.
Incorporate these tips into your recruitment process and see if you notice a difference in retention rates and staff happiness.
First Impressions: First impressions count, especially in the world of employment. To keep the new hire from spending their first day filling out pages of forms, ask them to fill out the papers before they arrive. Also, provide tips on places to eat and information on transit and parking. Have their desk prepared, computer set up with their details and place one or two fun items on their desk. Make them feel welcome and valued.
Mentorship counts: Designate a mentor to your new hire, whether that be a fellow colleague or manager. The mentor should become a resource to empower the employee and help them reach goals that will lead to advancement within the company since worries about career advancement is the top reason people leave their jobs. The mentor should also sit down with the new hire at the start of his/her employment and set out personal goals and objectives that relate directly to their daily job. This will give the new hire a feeling of purpose and the drive to start working towards goals instantly.
Set a schedule: Give the new employee a 2-3-week schedule of shadowing opportunities, training, meetings with important company members and one-on-ones. Additionally, plan a calendar of training and development for the next three months. This way, they will instantly get the opportunity to learn more about the company culture, fellow staff members and explore more what their daily job will entail.
Provide feedback: It’s so important to provide feedback and praise to new employees. Use their goal and objective plan to mark off achievements and milestones. The more you recognise your employees’ specific contributions to the team, the more irreplaceable they’ll feel.
Hopefully these tips and tricks will help strengthen your Employee Value Proposition, employer branding strategy and retention rates. By putting a big focus on the above, you’re sure to win the war for talent in 2018!