How to tailor your Employee Value Proposition to a new generation
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HOW TO TAILOR YOUR EMPLOYEE VALUE PROPOSITION TO A NEW GENERATION
Your company's EVP can have a huge impact on how well you attract new talent. But what does EVP stand for? Your employee value proposition is an important indicator of your company culture. And, in recent years, the focus on how businesses approach their employer value proposition has seen a dramatic shift.
Previously, an employee value proposition would only need to focus on salary, bonuses and benefits.
We are now in a new era where workers want and expect different things. For example, an individual looking for their next challenge may have fewer location-specific decisions to make. However, this candidate may focus on training and development, sustainability and diversity commitments, or whether the company embraces hybrid and remote working.
You need to show the special qualities and goals of your company to attract employees from a new generation.
What is the meaning of EVP for your business?
An EVP (employee value proposition) means the value a business provides to its employees in return for their skills. Examples of EVP includes:
- Pay – basic salary as well as any bonus schemes or rewards.
- Benefits – such as an enhanced pension policy or maternity/paternity polices.
- Perks – including travel discounts for those who commute or financial support to help set up home offices.
- Career development - opportunities to progress and upskill within your organisation.
- Corporate responsibility – a clear commitment to the communities in which the organisation operates, as well as wellbeing initiatives to support staff.
Any benefits included in an employee value proposition can be financial or non-financial. An effective EVP will boost employee engagement, enhance business culture and your employer brand.
What do the next generation of employees believe, want and expect?
Prioritising the company's mission and purpose
Workers are bringing a different set of expectations and behaviours to their search for a new role. An increasing number of individuals are looking for a company that is ‘purpose driven’.
A company’s ‘purpose’ is the idea of what the company is, why it exists and what it stands for. This purpose drives all decisions and actions. There is a growing expectation that organisations should make a positive contribution to local and international communities.
A purpose can include mental health and wellbeing, sustainability and the environment, or something else. Companies need to express their purpose within a strong employee value proposition.
Appreciating your employees
A rising number of individuals are now more aware of the value they add to organisations. Our What Workers Want report shows a growing confidence among workers in their own skills, capabilities and experiences.
There has been a notable shift in mindset among the next generation. Gen Z workers are looking to gather experience. This new generation is confident in identifying how a role will provide them with certain skills.
Demonstrating career progression
Gen Z are aware that the fastest way to progress their career is to move to a new organisation. This cohort realises this is often more effective than waiting for a promotion.
In turn, a company’s workforce will become more transient unless they are successful at retaining workers. Having a strong EVP that remains consistent throughout the employee lifecycle will aid retention and decrease annual employee turnover.
Catering for hybrid or flexible working styles
The report also reveals the added importance workers place on whether a company offers flexible working. The employee surveys told us 61 percent consider flexibility important. 76 percent of team members also expect wellbeing support from an employer.
A new generation of workers is entering the market. It is essential that your company stands out from the competition when looking to engage new hires. Fail to differentiate yourself from the crowd and you will not attract the best candidates.
Tailoring your EVP to the next generation of employees
To stand out from the competition, tailor your EVP to the candidate or group of candidates. You don’t need to create multiple versions. Simply recognise there are foundations to your EVP. Make sure you can adapt those foundations to appeal to each group of candidates.
- Hybrid working: Most employees, if given the option, prefer a hybrid working set up. Therefore, it will be important to include provision for hybrid or flexible working options.
- Career development: Workers are no longer solely motivated by pay and reward. The youngest generation in particular want to understand the ‘why’ more than the ‘what’ and the ‘how’. Tailor your EVP to focus on the true benefits of a role for the worker. Discuss how Gen Z can advance their career at the company, develop their skills and work on projects they can be proud of.
- Exciting projects: If your company needs to hire niche talent in particular, focus on the broader picture. Get candidates excited about the work they will undertake and the value they will add to your organisation.
However, an individual will prioritise different parts of the EVP depending on where they are in their career. Companies should know the type of candidate they want to attract and understand what will appeal to them at this stage in their career.
How to deliver your EVP to potential candidates with 'moments that matter'
If you want to have an impact on potential hires, consider the 'moments that matter'.
Research motivating factors for your ideal employees
First impressions really are as important as everyone says, so make sure you do your research. Tailor your EVP according to the interests and motivations of your target audience. If first impressions are positive in their eyes, this is half the battle.
Engage actively on social media
A targeted EVP is just one piece of the puzzle when building a positive first impression. You will also need to ensure you are showcasing your EVP by adding relevant content to social media platforms. This way you will be more likely to attract your target audience when searching for their next role. By using relevant platforms you can assert the credibility of your commitment to your employees.
Increasingly, this means operating in largely online environments. Review your digital estate for talent attraction and ensure that your EVP is well-presented. Otherwise you are less likely to convert passive interest into an active application.
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Case Study: EVP in action
Hays was given the task of engaging candidates across Europe for a Fortune 500 company. We began by tailoring engagement campaigns to the candidate based on their location, skills and interests.
The next step was publishing localised content across multiple mediums in line with candidate expectations. Creating microsites meant we were able to target early in career talent. We were also delivering job previews by video so candidates could gain an insight into what the job would be like.
These campaigns were hugely successful, offering individuals the opportunity to research roles using channels they trusted. The use of video gave us valuable insight into the role and organisation from an existing employee’s perspective.
Remember that the hiring process is a two-way conversation
The hiring process is for candidates to assess if the company and the role are a good fit for them. This process is also for employers to assess whether the candidate is a good match for the role. Companies that lose sight of this as a two-way process will be at a distinct disadvantage.
Represent your company culture during interviews
Train hiring managers to act as brand ambassadors. Make sure they reinforce the culture and values of the company in a consistent way.
A great employee value proposition will reflect your company’s culture and values. Your company culture and values should be evident at every candidate touchpoint in the hiring process. Authenticity is key to keeping a candidate engaged.
If you take time to understand and then engage with candidates in the right way, your EVP and hiring process will be more successful.
Don't become complacent in a competitive market
Competition for good talent is fierce, so keep close to your potential hires. Do not underestimate the number of offers and counter offers they may receive from other companies. Stay connected throughout the hiring process to make sure you deliver a good experience in support of your EVP.
For example, follow up with each candidate within 24 hours of an interview and respond quickly to queries. Most importantly, remember to deliver on any commitments you make to updates or next steps.
A psychological contract with a new hire takes time to build. Any negative experiences can be indicative of what you will be like as an employer.
Never stop fine-tuning your EVP
The ultimate test for your EVP is whether new hires recognise these values during their time at the company. Establishing feedback loops is a simple but effective way of validating whether the EVP aligns with the experience.
Check in with new hires and existing employees every three to six months. Use this time to get feedback on how their experience matches your EVP. If not already in place, then a new joiner survey is an excellent way of capturing the feedback on a range of topics.
Actively seek feedback from all sources to contextualise how well your EVP is meeting current employee needs too. Employees will regularly share their views externally, impacting your new hires’ views on the company. If an employee decides to leave, carry out an exit interview. Exit interviews are excellent opportunities to establish whether the EVP meets the employee experience.
If the feedback loops indicate that there is room for improvement, take the opportunity to review your EVP. You can positively impact talent acquisition in the future and ensure a real focus on talent retention. As a colleague of mine often quotes, “filling the bath is a lot easier with the plug in.”
Monitoring the EVP moments that matter
It is essential that companies recognise the important role the EVP will play in attracting, engaging and retaining workers. Working with a partner like Enterprise Solutions at Hays ensures you are always up to date on candidate expectations. This approach will enable you to identify the shifts that require a more serious review of your EVP.
Once you attract the right talent, it is important leaders keep employees energised and motivated to drive business performance.
Find more advice on attracting a new generation of workers:
- What do workers want when applying for jobs?
- The top hiring trends for 2024: How to attract and retain tomorrow’s talent
- Energy companies: How to attract Gen Z
AUTHOR
Jon Mannall
EMEA Managing Director, Enterprise Solutions at Hays
Jonathan is the EMEA Managing Director for Enterprise Solutions at Hays. Previous roles held at Hays included Service Delivery Director, Head of Sales for the UK and Global Head of Sales, Solutions and Innovation. He is now responsible for leading our teams across 11 countries in EMEA and evolving our approach to engaging, delivering and developing our strategic client relationships across the region.
Prior to joining Hays, and after completing his Masters in Philosophy and Management, Jon worked in the RPO and MSP sector for 10 years with a range of Financial Services, Public Sector, IT & Telecommunications, and Insurance clients in Sales and Operations Director roles.