Originally Published in Times Of India
Why should we hire you? There were times when it used to be one of the most anticipated questions in any job interview. Is that still the same? Maybe not. Now employers in most industries face an acute talent crunch, and hence the tables have turned naturally. We live in an era where most employers are chasing a limited pool of quality talent on one side and worry about retaining their top performers on the other. This shortage of quality talent in the employment market has created a war for quality talent & also distorted the compensation structures and employee loyalty.
From employers asking, ‘Why should we hire you?’, the tide has shifted to candidates asking, ‘Why should I join you?’. So, in a scenario where most of the other variables remain the same, what is that one key component of an employer’s talent strategy that can offer a competitive advantage? The simple answer to this question is an EVP – Employee Value Proposition. In straightforward terms, an EVP refers to the set of associations, rewards & offerings provided by an organisation to its employees in return for the talent, skills, capabilities & value they bring to the organisation.
An EVP is essential for an organisation to attract top talent, retain the best contributing employees, be recognised as an employer of choice & hence enjoy optimised recruiting expenses, to boost employee engagement & outcomes. And it is also crucial for building a great company culture that not only improves talent retention but also inspires customer loyalty and delivers the desired shareholder value.
Here are seven steps to creating an excellent EVP for your organization:
- Define the critical components of your EVP – start with defining the vital elements of your brand’s EVP. What would you like it to be? How would you like your employees and people outside the organization to perceive you as a company? What are the financial rewards, benefits & growth opportunities, career development & work environment that you would like to offer as a part of your EVP? What purpose, core values & culture you would like to promote?
- Assess what you currently offer – it all starts with a clear & unbiased understanding of the current reality. So, begin with an assessment of how your organization is presently perceived by your employees & also by the people outside the organization, especially in terms of the critical components of the EVP that we discussed above. Then, include feedback surveys & interviewing your current & past employees, and request candid feedback.
- Write your employee value proposition – yes, once you have defined your EVP and learnt the current offering versus perception, the next logical thing is to write down your new EVP. So, pen down your narrative. Then, map it against the original thought & test it for correctness before rolling it out.
- Promote your EVP through the proper channels – any EVP is as good as it is communicated & perceived by the people internally and outside the organization. Therefore, it is crucial to plan the communication strategy and identify the proper channels for communicating with the EVP.
- Review the results – anything that cannot be measured cannot be improved. Therefore, never forget to implement a process for a feedback loop. Review the results of communicating your EVP and collect feedback that can be used to refine the communication strategy further. If required, you may also consider reconfiguring some of the components of the EVP.
- Continuous improvement – evolve with feedback & time. Do not remain stuck. And do not feel bad about making changes. Whatever doesn’t seem to be working or looks counter-productive. Whatever works for your organization, try to amplify & evolve it further.
- Constantly Communicate – internally & externally. Yes, like in marketing, any amount of communication is less. Hence, think of creative ways to continuously communicate your EVP resulting in building a powerful brand perception with people internally & outside the organisation. Make your organisation a highly desired and respected brand.
In short, as the war for talent gets worst, an EVP is the only competitive advantage any organization may have. Hence, it is business-critical to invest due time, effort & resources in building a comprehensive and compelling EVP and communicating it in the best way possible. After all, it is critical to appreciate, ‘what makes my employer brand click & super attractive to work for, by my employees and for the talent outside?’ Time to shift from why should we hire you to having & communicating the best narrative for why should you join us.