As workforce expectations change, your EVP must work harder than ever to attract the right candidates.
Candidates now have unrivalled access to information online, are more mobile, and accustomed to consumer brand interactions that are personalized, anticipate their needs and demonstrate cultural values that benefit individuals, communities, and the environment.
Our expectations of employer brands are growing in line with our expectations of consumer brands: we want a job to pay the bills, but also to provide us with a fulfilling experience. As a result, an EVP must address the complex emotional needs of candidates in order to strike a chord – of which, the need to align meaning and purpose is becoming the most crucial differentiator.
The risks associated with the EVP workstream is split into two parts.
- The risk associated with not having an EVP
- The risk associated with having a poorly managed EVP
The risk associated with not having an EVP
By not having a robust EVP, employers need to work harder to be noticed in the marketplace. The cost to attract candidates is greater, and recruiters lack the tools they need to articulate your proposition in a way that speaks to different target groups' motivations and needs.
From a candidate perspective, the people that you want to attract are not able to make informed decisions in the consideration, application, and acceptance stages of the candidate lifecycle. They do not have the full picture of the employee experience and will have a smaller degree of certainty that they are making the right choice.
If you have a high rate of attrition today, your current attraction strategy is not working. The disconnect between the expectation and reality can only close by first truly understanding what it means to work for you first, and then ensuring that this is effectively communicated to candidates.
The risk associated with having a poorly managed EVP
For an EVP workstream to be successful, stakeholder engagement and involvement is vital. Our experience shows us that time and time again, the ability for a business to embrace the EVP is about will winning the hearts and minds of leadership, management, and employees throughout the process.
This is not just an exercise in creating a brand, but something that needs buy-in both from the top and from the bottom. Collaboration, listening, and joint ownership ensure that the brand is crafted with you, and is not something that is done to you. In doing so, we take people on a journey and ensure that everyone who touches the workstream becomes an ambassador and a champion.
Without buy-in along the way, the risk is that Employer Branding becomes a toolkit that lives in someone’s desk drawer.
Investing in EVP is important now, but it's going to be an increasingly important part of businesses' HR and brand strategy in the future.