Businesses are always looking for new competitive advantage and have started to catch on to the employer value proposition (EVP) as an attractive differentiator. This is a powerful tool for attracting and retaining talent, but is fraught with problems if handled badly.
However, there are really only three aspects of successful EVP that need considering:
The EVP must work together with your brand strategy
Just like a successful brand strategy, a successful EVP doesn’t just reach out, it reaches out to the right audience, so you can engage not only with the best talent, but the right talent that is best for you.
The war for talent, however, isn’t won on recruitment alone. For your existing workforce it serves as a reinforcement that they are at the right place; and it fuels their commitment to a long term career with you. With the cost of finding and replacing senior talent easily matching twice their annual salary, a strong employer brand is not just a nice to have, it’s an essential investment.
Your overall brand strategy already defines what your company is about. It taps into your history and culture and leverages your tone and points of difference. If you develop an EVP independently of your brand strategy, you will essentially split your brand in two. Instead, create a platform consistent with your brand strategy that clearly communicates what it means for talent. With multiple strategic frameworks involved it can get tricky. Continue reading