Employee Value Proposition (EVP). A tool to attract, empower, and engage your current and future team. It’s the set of benefits and experiences an employee receives in return for the skills and capabilities they can bring to your company. A pretty powerful tool, don’t you think?
And the best thing about it… it’s unique to you!
But I’m not here to talk through the impact of your EVP, I’m here to talk about the why and how of measuring it.
Why you need to measure the success of your EVP…
Attracting top talent
Constantly improving your Employee Value Proposition will give you a competitive advantage to attract the highest quality candidates. If you are promoting the best set of benefits and career-building experiences, you will become a magnet to the best set of candidates – simple. Measuring the success of the quantity and quality of candidates that apply to your roles will allow you to refine your recruitment strategy to reach the right candidates that align with your business.
Improved Employer Brand
A strong EVP contributes to a positive Employer Brand. Not sure what Employer Branding is? It’s essentially the reputation among your current and future employees. The perception of what it’s like to work at your company and how your values are translated into your employee’s advocacy. Understanding your brand perception gives you the ability to improve your recruitment efforts, the better your brand perception is, the better candidates will apply to your roles.
Not forgetting that a strong Employer Brand will also lead to strong brand advocacy. Satisfied employees are more likely to become brand ambassadors, positively promoting the company online and offline. Again, another competitive advantage to your recruitment efforts.
The metrics you need to measure…
Retention and Turnover Rates
So, now you know why you need to measure the success of your EVP, it is time to understand what needs to be measured. One of the first indicators of a successful EVP is the rate at which employees leave the company, AKA – your employee turnover rate. It’s self-explanatory; the more people that leave in a short amount of time, the more work your EVP needs.
Recruitment metrics
Time to hire and offer acceptance rates are the biggest indicators of how attractive your EVP is to potential candidates. Think about yourself, the roles that you’ve accepted straight away or found yourself applying for as soon as the advert goes live, are the roles that aligned the most with you. How do you know that? Because the company most likely promoted and measured their EVP. If you’re not seeing an influx in applications when your latest vacancy goes live or you’re finding the offers you are making aren’t getting accepted straight away – it’s time to reassess your EVP. Trust me, you’ll notice a difference once you do!
Overall, the ongoing measurement of your Employee Value Proposition is essential to those businesses that want to attract and retain the best talent. There are always improvements you can make to be competitive in your industry. Start analysing your measurements, take action on improving your results, and see your Employee Value Proposition soar to attract and retain the best talent for your business!
