In today's changing and evolving business market, it can be difficult to compete with other companies to hire and retain top talent. How can an organization make itself stand out to potential and existing employees?
The answer is by creating an employee value proposition, according to Gallup. Gallup defines an EVP as something that "articulates the balance of the rewards and benefits that employees collect in return for what they contribute to a workplace."
For example, Apple's EVP is creating full education reimbursement for employees. This perk is especially important for Apple, since it wants to — and does — attract workers who are eager to learn. As Gallup puts it, this EVP "appeals to the right kind of people — those who want to learn and grow and who are likely to be engaged with Apple's development-oriented culture."
A recent study from Gallup found companies who hire the top 20 percent of most talented candidates see myriad benefits, including a 10 percent increase in productivity, a 10 percent decrease in turnover and a 30 percent increase in profitability.
How can a company create a perfect EVP for the type of candidates it wants to hire? Keep the following ideas in mind:
1. Understand your best performers. Look at the skill sets of your top talent, and hire candidates that share similar qualities.
2. Connect your applicant messages to your culture. To ensure you're getting the right candidates for the job and keeping them, make sure your applicant attraction information matches your company's culture.
3. Differentiate yourself from the competition. Come up with an EVP that not only attracts candidates, but also sets you apart from other similar organizations.