Thinking about the relationship with employees from their perspective will help clarify how you can improve recruitment and retention by making them happier. This translates to reduced churn and less pressure on talent acquisition. It often proves more successful (and more cost-effective) than doing so exclusively through compensation.
Sure, most people get jobs because they need the money, but that isn’t the driving motivation anymore, and it’s going to become less so as time goes on.
According to the Corporate Leadership Council, companies with a managed employee value proposition are able to engage move than 60% of the talent pool, while other companies only have access to about 40% of the market. That is only expected to increase in the favor of managed EVPs.
Mainly, you’ll have a higher percentage of valuable candidates to choose from when hiring. If you build a reputation with your EVP you may even have those potential employees coming to you looking for a place in your company. You’ll decrease your turnover rate by assuring you are attracting the right people with the right skills and motivations.
Use your EVP to assure that every position is appealing to the top talent you want to attract to it, thus bringing in better qualified candidates. It will create a better environment for current employees, which will, in turn, increase your employer reputation, again, leading to more qualified candidates being interested.
These skilled and talented workers will then be more committed to the success of your company and the mission. And they will be happy.
This is clearly important, but every job offers a paycheck. If you want to have a good EVP, you need to do more. In addition to having a good start rate, you need to offer opportunities for raises and, possibly, bonuses.
Benefits will need to mean much more than insurance. Candidates will be looking at time off, paid holidays, retirement plans, education opportunities, work flexibility, and more.
The days of employees just wanting to come to work, doing the same thing every day and leaving eight hours later, are quickly coming to a close. Potential employees are going to be looking for an organization that offers them a chance to develop their skills and learn new ones. They want to feel like their job is stable. They want opportunities for training and education. They also want a company that will work with them on career development and mentoring; someone that will provide honest and constructive feedback on their personal growth and performance.
The future requires a safe environment with a good work-life balance. Nobody wants to live only for the company anymore. They want to be challenged and recognized when they react to those challenges well. They want to understand – and be part of – the goals and missions of the company. They also want a culture of collaboration and teamwork. Also, more than perhaps ever before, people are looking for companies that are socially responsible.
Everything your potential employees are looking for will benefit the company as well. So, if you’re wondering if you should change your recruiting and retention strategy to focus on happiness over money … the answer is 'Yes'!
Aspirant's Organizational Effectiveness experts can help your HR team craft and utilize a compelling employer value proposition that improves recruitment and retention. Use the form below to schedule a casual discussion about how we can better position your team and your company for success.
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