Why nailing your EVP is more important now for employers than its ever been
It’s no secret that Australia is in the midst of a war for talent. Pre Covid 19 pandemic, finding the right people was challenging for most organisations but 2022 is proving an incredibly tight year in the labour market with job vacancies at an all time high. SEEK is reporting more jobs than ever being advertised in the company’s 25 year history. Interestingly, jobs where working from home is offered having more job applicants than those that do not.
So, in a talent short market its more important than ever for organisations who are hiring to have a clear vision of what they can offer a job seeker and be ready to “sell” this to a potential job seeker. Applicants have lots of jobs to choose from, especially in the banking and finance sector currently. It’s no longer enough to place a job ad, cross your fingers and hope for the best. Be ready to sell the benefits of your organisation by understanding your EVP – Employee Value Proposition, which is an articulation of what you can offer someone if they join your organisation.
How do you do this?
Be clear about your vision
If you are a hiring manager, it helps to be sure of what information is on your company’s website, and be ready to articulate the values, mission, ……what does your organisation stand for. Be sure of what your businesses reputation is in the marketplace. According to the Harvard Business Review “Modern job seekers weigh a prospective employers reputation heavily in their decision to apply for a job or accept a job offer”. Do you have your elevator pitch ready?
What are the obvious perks of working at your organisation?
Gone are the days where “free fruit” for employees sets an organisation apart as being “special”. Employers we work with offer a host of different employee benefits including cash bonus, flexible work, health insurance, health incentives and programs, catering, gym membership, parking, salary packaging and more. Be ready to clearly articulate at interview stage what you can offer a potential employee and the parameters around the different programs(e.g. what does an employee have to achieve to be eligible for a bonus).
Meanwhile, if you are considering really getting serious about employee benefits, SEEK reports some organisations are offering the following benefits, such as “no set working hours” (Netflix), unlimited annual leave (Virgin), Chef prepared breakfast and lunch (Canva), Annual travel credit (Air BNB), theatre and games room (Interactive IT).
Consider the less obvious benefits of working for your organisation.
Not everyone is interested in the parking space or flexible work. Different job seekers have different priorities in terms of what will make them want to join your organisation. For some, a positive workplace culture and a strong history of training and developing employees is what’s important to them. Other benefits might include the chance to work with great mentors who have strong standing in the industry or the opportunity to cross train in different areas of the business. Consider before starting an interview process how you will articulate these benefits to potential employees (and brief your recruiter on them, as it helps us articulate your job offering in a really positive way to potential candidates).
Do your research on what you are up against
It doesn’t hurt to look at what your competitors are offering in this space. What is their employee value proposition? Be prepared that in the current market candidates often get offered multiple positions at once and you want your organisation to stand out, for all the right reasons!
Would you like some professional assistance with hiring team members? Get in contact with our team today and talk to us about how we tap into talent markets