Investing in employer branding is a top three priority for HR leaders in 2023, according to CIPD research.
But whilst many organisations have created teams to generate social media posts and refresh web pages, a properly managed employer brand can have a much wider and more positive impact.
In today’s uncertain times, employers have a unique opportunity to reshape and nurture a compelling employment value proposition (EVP).
What is an EVP?
An EVP articulates:
- What you want to be known for as an employer – the experience, working conditions, culture, programmes and rewards you offer employees that differentiate you from competitors
- What the business expects from employees and what employees can expect in return – ‘the deal’
In today’s uncertain times, employers have a unique opportunity to reshape and nurture a compelling EVP
Making a tangible impact
Having a strong EVP contributes to higher employee commitment and lower turnover, which ultimately has a positive impact on both customer and business results. (Corporate Executive Board 2020)
A well-executed EVP can:
- Improve the commitment of new hires by up to 29%
- Increase the likelihood of employees acting as sponsors from an average of 24% to 47%
Plus:
- Organisations with a strong EVP experience a 50% decrease in the compensation premium required to attract employees
- Organisations with a strong EVP and employer brand see a 28% reduction in turnover
- Before applying for a job, 75% of job seekers consider an employer’s brand
- If offered another role with a company that had an excellent employer reputation, 92% of employees would consider leaving their current jobs
Having a strong EVP contributes to higher employee commitment and lower turnover
The right EVP recipe is vital for success
When done right, it not only tells a compelling story but guides how you deliver your employment experience.
Discover the five key elements of the EVP recipe in our white paper.
There are three things you need to do to get the most from an EVP.
When done right, it not only tells a compelling story but guides how you deliver your employment experience
Define your EVP
What do you want to be known for as an employer?
A simple question, but the answer is frequently complex.
When creating an EVP, consider the following:
• What are your business needs? Start by understanding the type of talent your business needs to be successful – both now and in the future
Ask your leaders to share their workforce requirements and talent strategy so you can develop an EVP that inspires your desired workforce.
• What do you expect from your employees? A good EVP will clarify what you need employees to do to drive the business and meet customer needs. Your EVP should align with your corporate brand to support what you stand for as a company
• What do employees and candidates want in an employer? You can gather meaningful insights by asking employees and prospective employees about their perceptions and aspirations
A good EVP will clarify what you need employees to do to drive the business and meet customer needs
The aspects compelling applicants
In a 2023 study by PeopleScout, 2,000 recent job-changers were asked which aspects most influenced their propensity to apply.
An organisation’s mission, purpose and values was at the top of the list, followed by flexible working, work-life balance and rewards.
Interestingly, these requirements were consistent across all generations in the workplace.
For more data insights, find the full candidate experience report here.
Creating a compelling EVP hinges on your ability to identify which workplace characteristics have the greatest potential to differentiate you from other employers
Definition and differentiation
How is your EVP different from others with whom you compete for talent?
Creating a compelling EVP hinges on your ability to identify which workplace characteristics have the greatest potential to differentiate you from other employers.
When you define your EVP, you create a foundation for how you’ll make future decisions about the employee experience needed to drive success and how you’ll attract, retain, develop and inspire the talent needed to achieve results.
Many employer branding projects fail because of insufficient focus on how the EVP is translated and communicated to employees
Bringing your story to life
The power of harnessing staff as ambassadors is a key component of successful employer branding.
Research from PeopleScout highlights that word of mouth is still an important source for job seekers with 57% saying they’ve asked friends and colleagues about an employer prior to applying.
However, many employer branding projects fail because of insufficient focus on how the EVP is translated and communicated to employees.
When you define your EVP, you create a foundation for how you’ll … attract, retain, develop and inspire the talent needed to achieve results
Top tips for developing a strong employer brand
- Be intentional about how you communicate your EVP, including developing a set of core messages that can be used by your leaders, managers, HR, and talent acquisition team
- Let employees speak for you. Your story is one best told through your employers, so engage them in your communication efforts. The fact that 35% of employer careers sites don’t feature ‘real’ employees isa missed opportunity. Ask them to share personal experiences via social networking sites, online job adverts, or videos on your company website and intranet to illustrate and reinforce what your company is really like as an employer
- Connect to your business strategy and corporate brand. Your EVP is an extension of both, so make sure your employment brand makes that connection clear to employees. Consider how you can use your employer brand to make your business strategy and corporate brand actionable, understandable, and resilient
- Focus on what makes you stand out as an employer and put this at the centre of your communication efforts
- Make it authentic and nuanced. Use personas to understand the different segments of your existing and potential staff. Ensure that your messaging resonates with audiences and is framed to meet the specific needs of individual geographies and workforce groups
- Set key measurements at the start of the project. These might include lower recruitment costs (reducing agency spend, increasing direct applications and referrals), improving staff engagement scores and enhancing staff retention etc.
Just make sure you can track and report on progress.
PeopleScout is a global Talent Advisory consulting business, helping employers gain a competitive edge. Contact Robert Peasnell today to start getting the most from your employer brand.
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