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Why you need an EVP
We hear employers everywhere telling us that they need more and better people which is no surprise given that we have been having very low unemployment rates and there are chronic skills shortages in so many sectors for lots of reasons.
So what can a business do about that to get an advantage over competitors in the labour market?
You need an Employer Value Proposition (EVP) which essentially answers the question (in a positive way): “Why would I want to work for you?”
Here are several reasons why having a compelling EVP is important:
- Attracting top talent: A strong EVP helps you stand out from other employers and attract highly skilled individuals. Job seekers are increasingly looking for more than just financial compensation. They seek opportunities for growth, life balance, a positive work environment, and a sense of purpose. By clearly articulating your value proposition, you can appeal to the aspirations and needs of potential candidates.
- Retention of employees: A well-defined EVP can help retain your existing employees. When employees feel valued and connected to and understand what they like about working in your business, they are more likely to stay.
- Employee engagement and productivity: When employees feel that their needs and aspirations are aligned with the organisation’s goals, they become more committed and motivated. They are more likely to go above and beyond in their work, leading to higher productivity and better outcomes.
- Cost savings: Investing in a strong EVP can result in cost savings in the long run. By attracting and retaining the right talent, you can reduce turnover, save on hiring expenses and training costs, and maintain a more stable and productive workforce.
- Cultural alignment: An EVP helps attract individuals who align with your organizational culture and values. When employees share common values, it fosters a sense of belonging and creates a positive work environment. This, in turn, enhances collaboration, teamwork, and overall organizational effectiveness.
So there are lots of reasons why having an EVP makes good business sense (just as having the right value proposition for your customers does).
Of course, it has to be real or it will just create contradictions which can be far more damaging than not having an EVP at all.
Want to know more about how we can help you define your EVP and make it real? Call us on 1300 108 488 or email info@poswork.com.au.
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PosWork
A Division of Ridgeline Human Resources Pty Ltd
ABN : 24 091 644 094
info@poswork.com.au
6 Ellesmere Ave, Croydon Victoria 3136
1300 108 488
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