Hiring Challenges in Focus Series: Your Employer Value Proposition (EVP)
The well-documented candidate shortage in the UK market and the shift in candidate priorities will leave unprepared employers missing out on top talent.
The attractiveness of your corporate identity and internal culture is now more critical than ever in securing your next hire.
While salary remains a crucial priority for candidates, other factors have caught up. Work-life balance now tops the scales for importance to a potential candidate ahead of compensation (LinkedIn).
Since covid, there has been a 12.3% increase in the importance of flexible working and a 7.3% increase in inclusivity in the workplace as candidate priorities (LinkedIn).
An Employer Value Proposition (EVP) communicates your company’s core tangible benefits and intangible culture to a potential applicant.
A successful EVP can reach 50% deeper into the labour market when candidates view the EVP as attractive (Vervoe).
The EVP demonstrates to the candidate what a company and culture can offer them. It is everything of value the employer has to offer in exchange for their talent, skills and experience.
The EVP should answer candidate questions about their potential employer, such as:
- What sets you apart?
- What are your strategic goals?
- What do employees like about working with you?
In a tight market, it can be the differentiator between securing a quality candidate – or not. Plus, delivering on your EVP can decrease annual turnover by 70% (Vervoe).
“Standing out in a crowded market means showcasing your role and your Employer Value Proposition. It’s what sets you apart from others in your market. We are seeing more and more candidates asking about a client’s culture during the hiring process and those clients that can demonstrate why they are different make for more attractive employers.” Charlotte Rush, Marketing and Operations Director, MRG
MRG can help companies create and communicate a forensic and attractive EVP. Contact talk@mrgpeople.co.uk to learn more.