Get (and keep) Great People

Of all the difficulties currently facing businesses in the UK, one that might not be immediately apparent is employee recruitment and retention. Surely, economic uncertainty makes it less likely that staff will walk out? The answer, however, is not so straightforward. In fact, as companies look to adjust to the new climate the likelihood of your best people being attracted away does not decline.

Demand for the most productive people actually grows in these circumstances and businesses that do not persuade employees or potential recruits that they offer both excellent financial rewards and a great working environment struggle to keep up. This in turn impacts on the customers’ experience of the brand, service or product and can exacerbate decline.

The Employee Value Proposition

To counter this potential danger to the survival of a business we help clients to develop and implement an Employee Value Proposition (EVP). An EVP is a promise or pledge to employees, which communicates the values and aspirations of the company as well as the benefits for employees. It sets out what the company stands for, what it offers its staff and what it expects from them in return.

The development of an EVP must include input from different key functions of the business including marketing, human resources and corporate communications to ensure it fits in with the objectives and culture of the organisation, and is coherent and complementary to external articulations of the brand.

Cross functional co-operation in the development of an EVP is also important to avoid a common mistake made by many companies - making claims to both current and potential employees that do not reflect the real experience of working for the company. Two of the most common claims that companies make focus on diversity and innovation. Yet, more often than not, a quick visit to the company website reveals a top management team that is largely homogeneous and a product pipeline that is less than inspiring. To attract the best people companies do not just need a good EVP they also need to be able to prove it.

Developing an Employee Value

Proposition Prophet has developed a proven process that not only creates an EVP but also helps companies achieve the aspirations its sets out, delivering real benefits in terms of employee recruitment and retention as well as the broader reputation of the business.

The process of developing the EVP is based on four pillars. A good starting point is always to look at what other companies are doing. To stand out a company needs to create an EVP that is unique and discovering the ‘white space’ is critical. This research does not focus solely on companies in the same sector but also those in other sectors that are attracting the kind of people you would like to be working for you. An additional and equally important aspect of this phase is to examine the qualities of other successful brands and whether these qualities need to be incorporated into your own culture as an ante for consideration, for example providing the opportunity to develop both personally and professionally through high levels of responsibility.

Secondly, you need to analyse the elements that are already part of your brand which can be used to successfully recruit and retain employees. An examination of the choice drivers that help to shape people’s decisions about where they want to work and a comparison with your existing equities needs to be supported by the third pillar of the process, namely a detailed survey of the opinions of employees and potential employees.

This third pillar helps to identify what these people really think. Why have people applied for a job in your company? Why did they refuse or accept an offer? What do your current employees think? Why have some employees been with you for years and what keeps them here? Detailed research into where a company stands at the moment provides the insights needed to move forward.

Finally, a company needs to look at what can realistically be delivered. What will actually work for the business and support overarching brand goals?

This research and analysis process then leads to the development of several possible EVPs. For Prophet, the development of an EVP combines art and science. We use the insights derived from the research to develop a strategy and then use intuition and creativity to develop a range of unique solutions. There may be a set list of ingredients that needs to go into making an effective EVP - such as for example working culture, development opportunities and impact on the local community - but how these are mixed together can produce very different results, some of which may not fit well with the objectives and culture of the company.

To find the best option, all the possible EVP solutions need to be put through a filter process. This asks whether it is really relevant to employees and potential recruits, whether it is really different or unique, whether it really fits with the business strategy and whether it is really credible? The latter filter often needs to include a time frame within which a company sets out an ambition to achieve its EVP. This is based on a clear understanding of the gap that exists between the current position and where the company wants to be.

Implementing the Employee Value Proposition

The development of an EVP is simply the first step. It’s the and an effective monitoring and reporting system ensures progress is on track.

The benefi ts of an Employee Value Proposition

The successful development of an Employee Value Proposition means companies retain and attract the best people. These are individuals who fit in with the values of the company and share its aspirations. This puts businesses in a strong position to survive any economic downturn and to prepare for future growth. It also creates a virtuous circle. A company that clearly transmits its values and aspirations to its employees enhances its wider reputation as the EVP is translated into the ways in which employees interact with customers. This helps recruitment. You have people who live the brand and the culture. Higher staff retention also means cost savings. Those organisations that develop an EVP which clearly sets out benefits in terms of personal development and working environment can, in fact, often avoid competing on salaries with their peers. People are not only motivated by money and an effective EVP not only means a better reputation and more loyal customers but also reduced costs.