Expert advice from SEIVA’s Head of People & Culture, Terri Green.
As a small business, you may feel like a small fish in a big pond, finding it difficult to compete with “googlesque” businesses that can offer the world to their current and future employees.
Then there’s the cost of replacing employees who leave for greener pastures – an eye-watering 33% of their annual salary, according to The Work Institute. And let’s face it, you don’t have the luxury of endless time and cash flow to constantly train new hires as your star performers walk out the door.
My experience tells me that if your team genuinely enjoys working for you and is having a great experience, they’re less likely to leave even if tapped on the shoulder. And when it comes to attracting new employees, they want to know what makes you special.
That’s where your unique Employee Value Proposition (EVP) comes in. When attracting and retaining employees, it’s all about showcasing and amplifying the rewards and benefits you offer in exchange for your team’s loyalty, effort, and performance.
Here are my handy steps to help you do just that.
Steps To Build and Amplify Your EVP
- Define your purpose, values, and goals:
Determine why you do what you do and what impact you want to make so you can attract people with shared your values. This gives them a greater sense of engagement and emotional connection.
- Create your ideal team member:
Create a persona that represents your ideal employee and consider the qualities and factors that would attract them to your business. If you already have a team member who fits this persona, use them as a point of reference to shape your workplace experience.
- Do your research:
Gather feedback from current employees, potential candidates, and colleagues through surveys, focus groups, and interviews to understand what’s important to them and what are their priorities.
- Leverage your small business advantage:
Not everyone wants to work for a big business, so highlight the unique benefits of working for a small one. Such as a family-like atmosphere, genuine care for the individual, personalised recognition, and quick decision-making.
- Unlock your offerings in key areas:
Break down your EVP into four key areas – reward and recognition, benefits, career development, and well-being. Reflect on what you currently offer and explore opportunities to enhance them. Be realistic about what you can genuinely provide and commit to.
- Craft your EVP message:
Develop a clear and concise message that communicates your business’s values, benefits, and rewards.
- Promote your EVP:
Communicate and promote your EVP message through various channels, such as social media, job postings, and employee communication. No use keeping the good stuff to yourself.
- Be genuine and authentic:
Ensure that your workplace aligns with your EVP message and practices. Walk the talk and create a positive experience for employees and customers. If you say you are going to do it, e.g. a recognition program, it is vital that you do it.
- Regularly evaluate and adjust:
Continuously assess and adjust your EVP to meet the evolving needs of your team and potential candidates. Seek feedback and make necessary adjustments to remain effective and truly be a best place to work.
By following these steps, you can build a strong EVP that attracts and retains top talent while showcasing the unique advantages of working for your business.