According to research undertaken by the Corporate Leadership Council an effective EVP can:
- Increase how committed new hires are by 29%
- Reduce new hire compensations by up to 50%
- Almost double (24% to 47%) the likelihood that employees will act as company advocates
Alongside this, a well-defined and authentic employee value proposition can help a company, from a recruitment angle, to differentiate itself from the competition, attract and retain talent, refine its appeal to different target groups and provide an accurate representation of the organisations working culture.
The benefits of a formal and managed EVP are plain to see but how are companies communicating them with their prospective hires?
Let the employees speak out…
American Express chose to let their employee’s do the talking, rolling out a series of video’s entitled #foraliving, all available on their careers site and YouTube. Videos like these give an EVP an employee voice. This approach has seen the company double its traffic from recruits over various online channels.
Include a human touch…
Instead of getting an employee to tell potential candidates why they like working at the company, Ernst and Young decided to show them by taking a candidate through what could, one day, be their own journey within the company. Whilst the video itself is quite long, its storyline plays on the anxieties, triumphs and changes each employee encounters during their working life and reveals Ernst and Young’s supportive culture founded on employee development; where hard-work is valued and rewarded with an ‘experience that lasts a lifetime’…
From a recruitment aspect, a well-communicated EVP offers potential hires the window that they crave into a company’s environment and culture. Both these videos reveal authentic and enticing EVP’s that have been communicated in a way that tunes into a viewers own emotions and aspirations. By doing this they have created a bond that connects prospective candidates with each organisation, encouraging them to consider, what could one day be, their own place within the company.