As of 2023, 90% of employers still struggle to fill team gaps due to rising skill shortages. Employers need to find ways of effectively “selling” their company to top talent, focusing on the unique benefits they can offer their teams; A strong remuneration package is no longer enough.
Companies need to appeal to the evolving priorities of their team members.
This means crafting a compelling “Employee Value Proposition” or “EVP” that identifies and champions all reasons candidates may want to work with your business is critical.
Here’s everything you need to know about creating an EVP that transforms your recruitment process and fills your talent pipeline.
Understanding the Employee Value Proposition (EVP)
An EVP, or Employee Value Proposition, is a crucial component of your employer brand. It dictates how you attract skilled professionals to your team, promising opportunities, benefits, and a compelling culture that connects with your audience.
In the past, many business owners assumed the success of their EVP revolved exclusively around the salary packages they were willing to offer. However, according to a Gallup poll, while 82% of leaders assumed staff left their roles for better pay, only 12% of employees agreed.
A compelling EVP needs to go beyond salary and benefits to highlight all of the reasons why candidates might want to work with your business. This could mean demonstrating your support for remote working, enhanced pension plans, or wellness and wellbeing initiatives.
Showing candidates why they should work with your company doesn’t just increase your access to valuable talent; it can also reduce turnover. Several studies show a comprehensive EVP can minimise employee turnover by almost 70% and increase the number of employees that recommend your business to friends by 28%.
Benefits of a Strong EVP
A strong EVP is quickly becoming a necessity in the skills-short financial landscape. Around 68% of job seekers now say they pay closer attention to the benefits in job adverts, looking beyond salary and remuneration. Up to 65% of candidates say they pause their application after discovering a company has an unattractive EVP.
Crafting a compelling EVP for your company helps to:
- Attract top talent: Prospective financial hires are becoming more discerning about the companies they choose to work for. Your EVP is a crucial driver of talent acquisition, encouraging candidates to pursue a role with your business.
- Retaining employees: A strong EVP can boost the commitment of new hires by up to 29%, improving connections between employers and employees. This increases retention and reduces the risk of rapid employee turnover.
- Employee alignment: With a clear EVP, you can more easily appeal to candidates with the same values and priorities as your business. This paves the way for a more unified and aligned team driven by a shared purpose.
- Competitive advantage: Finance candidates now have numerous job offers to choose from. A strong EVP helps to differentiate your business from your competitors, ensuring you can rapidly fill in-demand roles.
Elements of an Effective EVP
As employee priorities change, the Employee Value Proposition’s nature is also evolving. However, there are still various core elements you should include in your EVP when determining how to attract and retain candidates, including:
- Compensation and benefits: Though 67% of employees say an organisation’s mission is more important than how much it can pay, finance professionals still want to earn a market-rate salary and access great benefits. Choosing a competitive compensation package aligned with industry standards will help you to stand out.
- Career development: Every employee wants to see room for growth in your business. Highlighting opportunities for skill enhancement, career progression, and professional development in your job descriptions will help you to appeal to ambitious candidates. A good development plan ensures you can stay ahead of the competition.
- Company culture: Today’s financial employees are more concerned about company culture than ever before. They want to know they will work in a supportive environment with a company that shares their values and priorities. Make sure you showcase how your culture fosters a sense of belonging.
- Work-life balance: Since the pandemic, demand for work-life balance has grown. Financial professionals are searching for flexible work opportunities, remote working options, and supportive policies focusing on wellbeing and good health.
- Recognition and rewards: Employees want to know their hard work is appreciated. Drawing attention to your recognition and reward policies is a great way to demonstrate how you celebrate and support your employees’ achievements.
Crafting Your Compelling EVP
Creating a compelling EVP takes time and focus but is worth the effort. Gartner found that companies can reach 50% deeper into the labour market and even reduce their compensation premiums by 50% with an attractive EVP. Here’s how you can get started.
1.    Research and analysis
The first step in creating a compelling EVP is getting to know your ideal candidate and the current hiring market. Learn as much as you can about the preferences and motivations of the financial professionals in your niche.
You can consult industry reports, such as those offered by the CFA institute, assess the job descriptions of competitors, and even conduct surveys.
2.    Engaging stakeholders
Engaging stakeholders when producing your EVP isn’t just about talking to other team leaders and discovering what benefits and opportunities you can offer.
It’s also important to get feedback from your existing finance team. Asking your existing employees why they chose to work with your company and what convinces them to stay on your team can provide useful insights.
3.    Define your Differentiators
Using the research you’ve gathered so far, decide what sets your business apart from the other companies in your industry searching for the same finance talent.
Do you have a fantastic diversity, equity and inclusion policy? Are you committed to providing team members with extensive training and access to the latest technology? Maybe you offer a flexible work strategy for teams?
4.    Craft Clear Messaging
Now you know what sets your business apart from other companies in search of finance talent, it’s time to convey that message to candidates. Include elements of your EVP in your job descriptions, social media posts, and website copy.
Work with your specialist finance recruiter to ensure you’re listing compelling job ads on the right platforms to reach your audience wherever they are.
5.    Showcase Real Stories
Validating your employee value proposition is important to earning the trust of potential candidates. Working with your existing employees, create real-life stories, and share behind-the-scenes insights into the team members who benefit from your EVP.
Ask your staff members to post about their experiences on employer review sites, share their thoughts on your company blog, or discuss your business on social media.
6.    Regularly Review your EVP
After you’ve communicated the core components of your EVP to your potential candidates, keep a close eye on how they respond to the unique differentiators you share. Examine the market regularly and look for new ways to stay competitive.
Keep an eye on how your finance employees and their priorities change over time, so you can enhance your EVP going forward.
Creating the Ultimate EVP for Your Business
In a skills-short financial market, an effective Employee Value Proposition is one of your business’s most important tools. It’s essential to attract, engage, and retain financial professionals who will help your business grow.
Define what makes your company unique, showcase your benefits, and work with a finance recruitment agency to ensure you send the right message to your candidates.
Thanks
Rachel
About Rebus Financial Recruitment
Rebus Financial Recruitment provides a specialist and focused recruitment service to its customers, ranging from various organisations, including SMEs, to large PLCs.
We strive to offer both the client and candidate a seamless recruitment experience. Using our expertise, we get to the heart of employer and employee needs, and, in doing so, we match the two perfectly.
To learn more, contact one of our team today, or call us on 01282 930930.
