This is a guest blog by Laura Weaving (MD of DUO Global Consulting).
One of the biggest challenges to UK businesses is a shortage of skilled talent. Although industries such as Engineering, IT, and Manufacturing are often hardest hit, competing for top talent is a challenge facing every industry and every growing business.
There are some options you could use to try and attract talent – recruitment agencies, job boards, graduate recruitment, careers fairs, etc – but, in addition to the high costs, do any of these options give you any real competitive advantage and access to the best people in the market? We don’t think so.
The answer is pretty simple though and it’s three letters – EVP.
Your EVP (Employer Value Proposition) is the key to accessing top talent. Similar to the way a USP (Unique Selling Point) works in attracting potential customers, an effective EVP is your key differentiator in attracting top talent.
An EVP describes the benefits and characteristics of working for a business or organisation and can help differentiate strong employers from their competition when vying for top talent.
Companies of all sizes and sectors should consider having a strategic EVP. For small businesses it is important to create this from your early stages to ensure that as you grow you can attract and retain the talent needed to be successful.
There are many benefits of a strong EVP, namely attracting and retaining the best talent in a competitive market place. Just to prove our point, let’s look at some interesting numbers from studies by LinkedIn and The Corporate Leadership Council.
A strong Employer Brand and EVP can:
* Reduce recruitment costs by over 50%
*Reduce employee turnover by 28%
* Improve the commitment of new employees by up to 29%
* Reduce new starter compensation demands by up to 50%
For your EVP to be most effective, there are 4 pillars to take into consideration:
Be Authentic – The best EVPs focus on reality, not aspiration. Many businesses oversell the benefits of working for them only to be confused when people leave after discovering it is not the right environment for them. Be honest about the reality of your company and attract people who want to work for you
Be Different – For maximum effect, your EVP needs to differentiate you from your competition. Make sure you understand your market, competitors and create value propositions that are attractive and different to potential employees
Be Innovative – Traditionally, tangible benefits such as high salaries, bonuses, health benefits etc, were talent value propositions. Now, you need to do more to attract the best, and that’s good news for businesses who don’t want to increase their bottom line by bumping up salaries and bonuses. You need to be innovative about what you can offer potential talent: quality work, professional development, charity work, profit sharing, company culture. Remember benefits linked to emotional needs rank higher in engagement.
Be Consistent – Your EVP needs to tie in with your employer branding and overall company branding. The values behind your EVP should also not only be present when attracting talent, but also as an undercurrent to talent development and retention.
Some examples of companies with great EVPs, coincidently they are all extremely successful and all rank highly on “best place to work” tables worldwide.
L’Oreal: 3 pillars run through their EVP
* Thrilling experience
* Thriving company
* School of excellence
Netflix: Freedom and Responsibility Culture
Google: Working Environment, Employee Wellness & Development
One of the easiest ways to retain good talent is to make sure you have proper processes in place so they feel valued and well-looked after by you.
Something as simple as paying them on time and without any nasty surprises like major fluctuations in pay shouldn’t be underestimated and is why low-cost, easy-to-use payroll software like Sage One Payroll is so popular.
By using software like Sage One, both you and your employees can spend less time worrying about getting your payroll right and more time on winning and keeping happy customers.
Sage One Payroll costs just £5, £10 or £15 + VAT per month (for the 5, 10 or 15 employee version) and you can sign up for a free 30 day trial now at https://app.sageone.com/signup?product=payroll_5