A clear and compelling employee value proposition (EVP) is the foundation of a successful attraction and retention strategy. But how can you ensure it speaks to the evolving expectations of Australian candidates?
Having a solid, substantial data source to draw on is so beneficial, especially at a time when employers are looking to create or refresh their EVP to reflect the impact of COVID-19. In a candidate-short market, hiring managers are facing more pressure, so understanding what candidates really want is more important than ever.
Where’s the value in your EVP?
Are you are delivering on what candidates want? How does your EVP come to life and demonstrate the truth of what you've communicated? It’s how you deliver on your EVP that helps you attract, engage and retain the best talent.
An effective EVP includes three key elements that drive attraction and retention - organisation, opportunities and extras.
1. Organisation
The organisation element of an EVP is all about the qualities of your business that attract candidates and motivate them to stay. The value candidates place on these qualities differs across demographics.
2. Opportunities
The opportunities element of an EVP focuses on what candidates have access to at your organisation. This can provide a competitive edge, especially in the current market, understanding what candidates really want will help set you apart from similar organisations that are trying to march to the same tune.
3. Extras
What are the perks or ‘nice to haves’ that enhance an employee experience and encourage them to join your organisation and stay? Do retail workers value food allowances, for instance, and are Millennials still attracted to overseas work opportunities?
Flexibility used to be considered a ‘nice to have’, but now it’s a standard expectation among candidates. Candidates expect it, but they now want to know how it’s delivered. The way that you demonstrate flexibility to different demographics would be something to reflect on in your EVP.
A robust EVP that is tailored to what your employees and candidates really want will help you to shape the EVP that attracts and retains them. We hope these points equip you with the insights you need to form long-lasting relationships.