We’ve said it before and we’ll say it again; attracting, engaging and retaining the top talent is more important than ever. While the impacts of COVID-19 have seen a previously tight candidate market become flooded with people open to work, it’s still critical to ensure that your Employee Value Proposition is working to keep you ahead of the competition and attracting applicants genuinely aligned with your company values and mission. Furthermore, as organisations strive to maintain employee engagement through restructures and redeployment, and working through lockdown has seen expectations around flexible working increase, a strong Employer Brand will help you retain your best talent.
For some, the first challenge is being able to articulate the difference between their Employee Value Proposition, and their Employer Brand. Put simply, your EVP answers the unspoken question of ‘what’s in it for me if I work here?’ combining both the rational and emotional benefits employees receive in return for their performance, experience and enthusiasm. Building upon that, your EB brings your EVP to life, creating a relationship with your applicants, employees and alumni via multiple touchpoints throughout the employee lifecycle.
In reality, you already have an EB, whether you’ve defined it or not, and it’s influencing your perception in the candidate market. Investing in Employer Branding gives you the tools to market and manage your EVP – yet a 2020 report from Deloitte shows that only 24% of organisations gather metrics related to their EB, despite identifying it as an area critical to their success in the future of work. Still not convinced? Here are just a few more reasons why investing in your EB could be one of the best things you do for your business:
Decreased time and cost to hire
Having a strong EB in the marketplace means that candidates are already aware of your organisation, and the benefits of a career with you. Not only will your advertised roles likely see a spike in applications, but talent pooling becomes easier when the market is coming to you, resulting in a decreased time and cost to hire.
Increased quality of applicants
When you’ve clearly defined what you can offer your employees, you may well find that they’re more motivated to tell you what they can offer your business. A compelling EB is a great way to see an increase in the quality of applicants coming through your pipeline.
Allow candidates to self-select
Not every employee-employer relationship is a match, and that’s ok! Providing enough information upfront to let candidates who aren’t aligned with your EB self-select out of the process helps with that speed of hire, especially in the candidate-flooded market we’re seeing in 2020.
More strategic roadmap for your talent acquisition team
The recruitment market has become so much more than ‘post and pray’ and those dedicated to people experience and culture know the importance of having a strategic roadmap for the employee lifecycle. Putting your EB to work, and knowing how it will be communicated to the candidate market, kept alive within your current workforce, and how to use it to maintain contact with alumni is a significant advantage in workforce planning.
Reduce employee turnover
Your EB can increase talent longevity within your business, as consistently communicating your EB through employee touchpoints is a great reminder of why your business is a great place to work, and demonstrates that your team’s wants and needs are being heard. A strong EB additionally discourages early departures within the first 6 months of tenure, with the decrease in needing to re-advertise returning to the goal of decreasing time and cost to hire.
In celebration of World Employer Branding Day, we’ll be bringing you content and case studies throughout this week, including why proper research is the foundation of a great EB, and how to bring your EB to life through your careers site.
Need help now?
NeonLogic offers a specialist division for EVP development and implementation, working with companies across Australia and New Zealand to deliver effective and successful EVPs. Our proven methodology ensures we take into account all the internal and external factors that help shape and drive your EB to facilitate the successful attraction and retention of staff. Let’s talk.