How an EVP Helps you Attract and Retain Employees
Recruitment agencies in Vietnam have noticed a shift in the talent sourcing landscape in the past few years. Ten years ago, companies held most of the power when it came to selecting candidates to join their teams. But now, companies are exerting more effort in recruiting and retaining employees as candidates are considering more than just the role and salary when applying for jobs. This is why an EVP or an Employer Value Proposition is crucial in today’s recruitment process and employee experience.
What is an Employer Value Proposition?
An Employer Value Proposition (EVP) focuses on the unique attributes, qualities, and benefits an employer provides for their employees in exchange for the employee’s talent and experience. An Employer Brand is about building a reputation for the company, while the EVP explains the “whys” and “whats” that make it a great place to work. An EVP is the employer’s commitment to providing a beneficial working environment, work-life balance, and a career plan that helps retain employees. This is usually seen externally in a company’s career page, social media pages and job boards.
To employees this is a clear articulation of the culture, values, benefits and opportunities present in the company. It is a great tool to use during recruitment as it attracts great candidates at the start which fit your unique company culture, and in the long run, gives them many reasons to stay and enjoy their employment. An EVP is a great way to retain employees as it provides them with a meaningful work life.
So how do you create an Employer Value Proposition that attracts candidates to your company, and helps retain your ideal employees? The following are aspects that we think should be communicated in your EVP.
Apart from providing a good compensation package, you should be able to offer things that are not necessarily money-related. Candidates and employees look for perks for being part of your esteemed company such as flexible working hours or the ability to work from home. These benefits would demonstrate how much you value work-life balance, and this is very attractive to many people. Recruitment agencies in Vietnam now play a key role in educating candidates about a client’s company culture and benefits as well as the role during the interview process.
One example of a company that focuses on benefits is Yelp, which highlights the big and small perks that make their company a great place for its employees. “We know that keeping you healthy, wealthy, and wise translates to a better work experience. Whether it’s a gym subsidy, unlimited snacks, or healthcare benefits, we believe happy employees are successful employees.”
It is a simple and casual statement which ties into their unique EVP of authenticity and diversity, and it does a great job highlighting how their employee benefits are tied to employee success, happiness and job fulfilment.
Perhaps the most important aspect that candidates and employees look for in a company is the opportunity for learning and career development. When employees know that there are personal and career development plans set out for them in your company, they feel reassured that they will get more out of the job, and in turn, provide better performance for your team.
PricewaterhouseCoopers (PwC), a multinational professional services firm, illustrates this as part of their EVP. “From developing leaders at every level, to digital training to help you embrace the innovative technology of tomorrow, PwC provides you with support to help you develop your career and build relationships with people from diverse backgrounds and across multiple industries.”
A statement like this lets the employee know how valued they are in the entire ecosystem, and that they are considered to be more than just rank-and-file professionals, but are future leaders who are destined for bigger opportunities. EVPs that focus on professional development also strengthen employee engagement, and increase retention rates, creating a community of tenured professionals tailor-made specifically for their teams.
Candidates will also look at company culture to gauge if they would be a great fit. Does your company value collaboration? Do you give your employees enough freedom and space to learn and grow into their jobs? Is your office a physically welcoming place that’s conducive for productivity and teamwork? These are things that would be great to highlight in your EVP because it gives people a better picture of what they are committing to in the working environment.
Bain & Company, an American management company, is cited by Glassdoor as one of the best places to work at. Their careers page states: “Picture yourself at one of the world’s best places to work, surrounded by teams and people who challenge you, support you, and inspire you to be extraordinary.”
This statement shows that employees will be nurtured in a community with like-minded individuals, and be part of a high performing team working on inspiring projects. Articulating your company’s collective personality, and a realistic view of the culture is highly attractive to candidates.
How should I start developing our EVP?
First, list the values, benefits and culture of your company that differentiate you from your competitors in the industry. Try to think like a candidate – think of things that may give employees an advantage in their careers, or are very unique.
Second, build a learning or development roadmap for your employees based on specialisations. This might not be articulated in detail in your EVP, but is useful for you to tie into wider retention and engagement plans, and will feed into your EVP messaging.
Third, work on updating your reward and benefits program to deliver on the promises of your unique value proposition. Whether they’re perks, career development, or employee engagement activities that recognise their contributions to the company, these rewards will make them feel engaged.
And fourth, condense these into communications that make an impact. Devise some crisp statements that effectively sum up what you do best. You can also make these central to recruitment communication on your website, job boards, emails, and social media content so it will resonate with more and more people who research your company.
Recruitment agency in Ho Chi Minh
Creating or enhancing your Employer Value Proposition will take some time and effort – this is not something that will be accomplished quickly. Candidates should know that your EVP is well thought out and truly representative to your company so they feel more connected with you throughout their journey with you. The Talent Consultants is a trusted recruitment agency and talent acquisition consultancy in Ho Chi Minh that is available for further consultation and advice in this area. We have strong experience recruiting all kinds of professionals, across a variety of industries. Talk to The Talent Consultants to know how you can benefit from receiving professional recruitment and HR advice today. For a confidential discussion, please email email@example.com.