Even with all the talk of recession, sourcing talent remains a challenge for many organisations. Niamh O’Brien explains how a strong employer value proposition can help attract the best candidates
The current landscape is a complex one for employers. Amid the headlines announcing lay-offs and the threat of recession, the SME Sentiment Index 2022, released recently by BDO and Ibec, found that 80 percent of the businesses surveyed were having trouble retaining employees and spending more time hiring new staff.
On top of this, employee expectations are also changing, with increased demands for hybrid working, better work-life balance, and calls for salaries to rise in line with inflation.
Retention and attraction
While the term employer value proposition (EVP) may sound like a marketing ploy, having a strong EVP can actually be very important for businesses, especially in the current climate. In much the same way an employer will require a CV providing an overview of a potential candidate’s experience, employees want an EVP to give them insight into what a potential employer can offer them.
And it’s not enough to just talk the talk. To retain talented people, companies must be able to walk the walk. A strong EVP that is truly reflective of their working environment, can help them to retain talented people.
Quite often, however, even when a business has a wide range of benefits and a strong company culture, you will find that this is not articulated well through internal communication. An EVP can act as a reminder to the existing workforce of the benefits they have access to.
How do you define your EVP?
An EVP should be truly reflective of the key selling points an employer can offer. To start clearly defining your EVP, consider the following:
What is your working environment?
There is rising pressure on companies to offer flexible working options, including hybrid working arrangements. In addition, potential employees will want to know what onsite facilities are in place and what work–life balance “looks like” for existing staff.
What is your company culture?
Most businesses have found that their pre-COVID-19 working practices and culture have had to evolve and adjust.
There is more focus now on how businesses handle environmental, social and governance, sustainability matters, employee wellbeing, and diversity, equity and inclusion. These topics should be detailed within the EVP to give employees insights into how the company’s working culture is brought to life through policies and practices.
Are there career opportunities?
Being able to demonstrate how training and development is approached, what career paths are in place, and how career progression is facilitated will all add to a genuine and robust EVP.
What are your compensation and benefits?
In the current competitive market, basic salary and a comprehensive benefits package is vital to attract new talent. Not only that, but it can also help to retain your existing employees.
Once you have defined your EVP, the next step is to ensure that it is, not only accessible to existing employees, but can also be used as a marketing tool to attract new talent.
EVP for accounting professionals
Many young accounting professionals are initially attracted to an employer with the promise of a training contract, but what happens when the contract is finished?
Ask yourself these questions:
- Can your company offer newly-qualified accountants the opportunity to work across a range of areas to help develop their skillset?
- Does the company offer secondments into client organisations, allowing staff to gain exposure to new industries?
- What long-term career prospects can you offer once the training contract finishes?
- How is career development fostered and nurtured in your organisation alongside exposure to different parts of the business?
Answering these questions will help you to attract the best talent during your next hiring cycle.
Ultimately, a strong EVP should act as an attraction strategy. It can be included on job specifications, outlined on a careers page, and explained during the interview process.
Niamh O’Brien is a Director of Talent Management at BDO