Kate Whitley-Gray
CLIENT SERVICES DIRECTOR
Every organisation knows that attracting and retaining the best talent is vital for growing a business, improving performance, and effective succession planning. However, it can be the hardest thing to get right – and the most expensive in terms of time and money.
Having a strong employer brand is vital for successful recruitment. In fact, a staggering 80% of HR leaders in the US say employer branding significantly impacts their ability to attract talent within a competitive landscape. On average, the top talent gets snapped up by recruiters within just 10 days.
Your employer brand isn’t just a shiny veneer that helps recruit talent to your organisation though, it needs to be lived, breathed and embedded within your company culture in order to ensure your best employees stay with you. It must be real, not aspirational - a mismatch between the recruitment 'premise and reality will only result in demotivation and attrition. Focusing on employee retention and happiness not only ensures smooth operations and maintains the morale of your team, but it also makes a huge difference to your profitability.
A CAP study found that the average costs to replace employees who leave are:
So, how do you ensure your employer brand not only stands out to prospective employees but also delivers on your promise to them?
In this complete guide to attracting and retaining talent, we’ll look at the importance of developing an Employer Value Proposition (EVP), how to communicate it effectively and best practise. We also discuss why learning, development and career progression are vital for retention and how to map and communicate career pathways effectively.
Think of your EVP as defining the essence of your company. It encompasses your values, culture, USPs and what you stand for as an organisation. A great EVP clearly lays out what your employees and customers can expect from you in a compelling way. In return, it communicates what you expect from them.
Another way of thinking about your EVP is a contract, or promise, between your employees and your business. It maps the ecosystem of how you engage, manage and develop your people including the support and recognition you offer them. The purpose of your EVP is to empower your people in their development and enable them to realise their potential.
When you clearly communicate and operate in a way that’s fully aligned to your EVP, you add value to your organisation in multiple ways:
Read More: What Is An Employee Value Proposition And Why Is It Important?
When defining your EVP, undertake a thorough assessment of the core values and strengths of your organisation to identify what makes your organisation a compelling and desirable place to work.
There are five key best practice elements that make up a stand-out EVP:
Read More: How To Build An Employer Brand That Attracts The Right Talent
Increasingly, people want to work for organisations that align with their personal values.
Glassdoor’s 2019 Mission and Culture Survey found that 79% of job seekers consider the mission and purpose of potential employers to be a priority.
In simplest terms, your EVP should answer the question: Why should a highly talented person choose to work with us?
Breaking this down even further, here are some core questions your EVP answers:
Effectively communicating your EVP through your recruitment strategy is the first step, but if your values and promises aren’t backed up by employee reviews and customer testimonials, this creates inconsistency that might confuse and put off potential candidates. Backing up your claims by enrolling your teams and loyal clients in your EVP and talent attraction will eradicate these issues.
Your internal communications strategy is just as important as your external communications. Every member of every team should fully understand and embody your EVP while at work. When new talent joins your organisation, you want to keep your recruitment promises – otherwise, your EVP is only doing half its job and won’t deliver lasting benefits.
Powerful, transparent internal communication is key for embedding your EVP within your organisation and shaping company culture. Companies with an effective, engaging internal communication strategy report 50% lower employee turnover than those without.
Read More: Communicating Your EVP To Attract And Retain Employees
It’s not enough to define your EVP, communicate it and hope it does its job. The final piece of the puzzle is to regularly review your employee’s engagement with your EVP. Assess whether it’s doing its job of retaining talent by keeping your teams inspired, motivated, bought in and feeling like they’re progressing.
Actionable ways that you can monitor the success of, continually improve upon and grow the impact of your EVP are:
1. Regular employee surveys
Investing time to capture every employee's experience within the business allows you to determine whether there is a ‘gap’ between your EVP messaging and its experience. It’s important to speak to everyone, from your high-level executives to your interns in order to gain an accurate picture of how your employer brand is perceived and experienced across all levels of the company.
2. Use the research to improve your communication strategy
When you’ve analysed and collated your survey results, compare what you say in your EVP with the employee experience. This gap analysis enables you to identify where your messaging may be falling short or be unclear, where you are not embodying your promises to your teams and the key areas that need improvement.
3. Engage and empower your leaders
Engage with your organisational leaders regularly, supporting them to understand how to effectively communicate and embody your EVP. Address any barriers, concerns or questions they have. Empower your leaders with the confidence to explain and give context for all elements of the EVP and encourage them to inspire teams by sharing their personal stories.
4. Review, Reinforce, Reassess
Review the success of your EVP and internal communication by looking at metrics such as applicant acceptance rate, how long it takes to find a new hire, the quality of your hires, the number of employee referrals and overall retention rate. If you notice any of these metrics are lower than your targets, identify areas for improvement and address them with your teams.
Read More: How To Build An Employer Brand That Attracts The Right Talent
A clear, targeted and progressive learning and development programme is vital to attract, engage and retain high calibre employees and support them to meet their potential.
Tailoring your development and learning programme to your employees’ needs and goals is just as crucial as ensuring it’s communicated effectively. If growth opportunities don’t meet an individual’s aspirations, they won’t feel motivated to engage.
A 2018 survey by Total Jobs found that 2 in 3 employees would leave their job due to lack of the right training and development opportunities. A culture of learning, therefore, isn’t just nice to have, it's vital for retaining talent. Furthermore, research by Harvard Business School found that learning and development not only supported employee retention, it also increased profit and sales.
Once your learning and development strategy is agreed upon, our five key tactics for internally communicating these opportunities to your teams are:
Read More: Learning & Development Strategies That Put Your People First
A ‘career pathway’ charts the potential course of each employees’ growth, development and progression within your organisation. This might include different job titles they could hold, salary and bonus opportunities, and the required knowledge, hard skills and soft skills needed for each stage of progression.
To support successful employee retention, career path mapping is a two-way exchange:
There are four reasons why effective career pathing is important for talent retention:
As an employer, having a clear career path for talent also sets you up for effective succession planning in the future.
As with all elements of your EVP, career pathing is most effective when you take the time to listen and understand what each of your employees wants, and you develop an effective, tailored, benefit-led communications strategy that clearly outlines each stage of the potential career journey.
Read More: Strategies For Communicating Career Pathing Effectively
Investing in a well-defined Employer Value Proposition (EVP) that outlines everything you offer as an employer – from your values and purpose, to your financial rewards and benefits, to your learning, development and career progression opportunities – is vital for setting you apart as a compelling place to work in a competitive marketplace.
As more and more businesses are willing to offer remote and flexible working in the wake of the COVID-19 pandemic, geographical barriers are dissolving and the talent pool available to you is opening up. This also means the competition for the top talent will likely increase.
To ensure you attract and retain the best talent, it’s not enough to have a brilliant offering – it has to be effectively communicated to potential employees at the recruitment stage, and be supported by a robust, engaging internal communications strategy that keeps your people enrolled in your EVP every day that they come to work.
Learning and development opportunities mapped along a clear career path are vital for employee retention, to be effective devise a clear and concise communication plan that speaks to the individual, situates them in the bigger picture vision for the company, and makes them accessible and actionable.
To leave you with one of the most compelling stats we’ve uncovered: according to LinkedIn’s 2018 Workforce Learning Report, a huge 93% of employees would stay at a company longer if it invested in their careers. Now, that’s an incentive.
Looking for support with talent attraction and retention? That’s what we’re here for.
Get in touch with us and let’s have a conversation.
Kate Whitley-Gray
CLIENT SERVICES DIRECTOR