Beyond Salary: Unleashing the power of EVP for SMEs in a competitive Job Market
In today’s fiercely competitive employment landscape, where larger corporations often have the financial muscle to offer more attractive remuneration packages, small- to medium-sized enterprises (SMEs) are presented with a unique challenge when it comes to attracting and retaining top-tier talent.
However, SMEs possess a distinct advantage that can set them apart in the minds of potential candidates – their Employer Value Proposition (EVP).
The EVP represents the holistic offering that an organisation provides to its employees, encompassing not only compensation, but also a combination of factors such as company culture, growth opportunities, work-life balance, and the chance to make a significant impact.
A recent Gartner study emphasises the positive impact a great EVP can have on talent retention and attraction: organisations that effectively deliver on their EVP can decrease annual employee turnover by just under 70% and increase new hire commitment by nearly 30%.
In this dynamic environment, savvy SMEs can leverage their EVP as a powerful tool to showcase their inherent strengths, fostering a compelling narrative that goes beyond financial incentives, and ultimately enticing top talent to join their ranks and build fulfilling, meaningful careers.
What is an employee value proposition (EVP)?
An EVP is the value a company offers to employees in return for the value they bring to the organisation. It’s the benefits and rewards offered to employees in return for their commitment, as well as the skills and capabilities they bring to the table.
Defining your EVP and showcasing it during the recruitment process plays an important role in attracting quality candidates to fill your vacant roles. The five components of a strong EVP are as follows:
- Career path: Candidates are inclined to positions that are both stable and scalable, and that that offer growth prospects.
- Flexibility: Leave days, including additional “special” leave days, and type of working conditions (flexible or hybrid).
- Compensation: Salary, annual increases, bonuses, evaluation and promotion protocols, and retirement and insurance cover.
- Culture & Community: Feeling aligned to a company’s core values and understanding what to expect in terms of how people interact are important considerations for candidates.
- Working environment: From clearly defined responsibilities to goals and work-life balance, jobseekers want to know what it’s like to work at a company.
Your EVP helps you build the internal and external perception of your brand and attract and retain talent for your organisation.
Your EVP is also a way to differentiate from larger Corporates by appealing to candidates’ values, beliefs, needs and wants.
Along with establishing perception and attracting talent, creating and following a great EVP can help you grow your business and ultimately boost your company’s bottom line.
Use your EVP to promote authenticity during the online recruitment process
To get a prospective employee to notice you, for them to really understand what the opportunity entails and what you’re offering them, recruiters need to pay extra attention to the details and information they provide in their listings beyond just the “laundry list” of the job role tasks.
SMEs stand to gain a lot out of partnering with Pnet, South Africa’s leading online recruitment platform. Regardless of the size of your business you can use employer branding to actively position your business, communicate the key features that make your offering unique and showcase your employer benefits and services.
From an SEO perspective, employer branding also contributes to your company ranking better on Google.
Pnet customers can convey the five components of their EVP to jobseekers using their Personalised Listings and Company Hub solutions, which supports your Employer Branding and EVP by:
- Creating a sense of excitement about your brand, using engaging and relevant content and visuals.
- Highlighting your company’s solutions and services.
- Providing clear and compelling reasons to work at your company.
- Featuring positive testimonials from your current employees.
Company Hubs are a great way to improve brand presence, regardless of the size of your business, while providing you with instant access to a massive database of active candidates.
Essentially a microsite on Pnet’s landing page, a personalised Company Hub allows you to actively position your business, communicating the key features that make your offering unique, while showcasing your benefits and services. It gives jobseekers a glimpse of what your organisation offers that others don’t.
Our video feature allows you to authentically share your working vibe and company culture to give potential candidates an insight into what they can expect from working for you.
“We’ve seen clients who have an interesting, attractive and detailed Company Hub on the Pnet platform get better quality candidates and higher applications than those who don’t”, says Leandré van der Merwe, Customer Success Manager at Pnet.
“In a competitive employment landscape, having the right employer branding in place enables you to set your SME business apart from the competition.”
Are you ready to make connections that work?
To find out how Pnet can help you with your SME recruitment efforts, contact us at:
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