Meet EVP :
Everyone has heard of the acronym EVP and most frequently it’s used interchangeably with Employer Brand (which are actually two separate things). But what is an EVP?
It stands for Employee Value Proposition. According to my good pal Holly at Social Talent, the official stance on EVP is that its is made up of the salary, compensation and benefits that an employer pays to an employee in return for them to deliver the business goals, mission, purpose and values.
When employers work their EVP in line with their employer brand, that is where employees are lost or gained!
Meet Employer Brand :
Simply put your employer brand is your companies reputation as a great place to work. It can include elements such as your companies culture, values, testimonials from current employees, benefits and more. Your brand provides candidates with a glass window into your company's culture showing candidates what it is like to work there. It allows them to see themselves as a fit. Just like any other brand, a company must provide a unique selling point and differentiate themselves from the competition. Companies are continually strengthening their employer brands to give them a better position in the market when it comes to attracting top talent. But also to attract future talent in the process.
Our good friends in Rezoomo are obsessed with all things branding, and they kindly shared with us some stats to help us appreciate just how impactful employer brand is to candidates making career choices :
94% of candidates are likely to apply to a job if a company actively manages it’s employer brand.
The number one obstacle to candidates in the application process is not knowing what it’s like to work at an organisation.
Companies are overpaying on salaries by 10% if they don’t have a strong brand.
Over 72% of candidates spend more than 1 hour researching a job before applying.
86% of HR professionals agree that recruitment is becoming more like marketing
69% of candidates wouldn’t take a job at a bad company, even if they were unemployed.
76% of candidates are explicitly looking for what makes a company an attractive place to work
The average candidate uses 18 different resources to research a company before applying for a job.
A strong employer brand can lead to a 50% decrease in cost/hire.
A strong employer brand can lead to a 28% increase in retention.
Wellbeing - the love potion :
Wellbeing, much like puppies, and CSR is magic when it comes to brand!
It is an area that most employees have some level of interest in. It is not typically defined by particular age groups, sex, races, level of role etc - from our experience it transcends the normal marketing boundaries.
Why does wellbeing matters to employees, what does the research tell us :
Overall it tells us that prospective & current employees are interested in their wellbeing!
We all know the reality that looking after ourselves is proving to be difficult and some of this difficulty is related to the workplace environment. Prospective employees are increasingly making choices of employers with wellbeing in mind.
Firstly, this is what Irish Employees wish for, as well as the reality of their wellbeing [Ref : IBEC’s 2018 Survey]. As we can see there is quite a divergence between what we want Vs where we are at :
Stress and anxiety is the #1 workplace health issue/concern for employees
8 out of 10 of Irish employees say they need to be more physically active
7 out of 10 of Irish employees feel that they need to start consuming a healthier diet
4 out of 10 of Irish employees feel that they need to take better care of their mental health
Only 46% of female employees feel they are getting enough sleep, compared with only 51% of male employees
49% of Irish Employees believe having the opportunity to exercise with colleagues during work hours would motivate them to be more physically active
45% of Irish employees said that the lifestyles of their work colleagues can influence their lifestyle choices.
Shockingly almost half of workers in Ireland admit to being totally or extremely inactive during their workday. Frighteningly this is a separate health/risk factor as this cannot be undone/reversed through activity outside of these hours.
We looked earlier at the research on employees deciding to join organisations, here is further research to show you what your current employees say when it comes to wellbeing and retention [also taken from IBEC’s 2018 survey] :
60% Employees more likely to stay longer with employers who show an interest in their health & wellbeing
Over 50% would consider leaving an employer who is not interested
90% of Irish employers and employees believe health and wellbeing has a direct effect on productivity
How can employers leverage wellbeing as part of their EVP- Employer Brand to attract employees ?
In working with some really awesome employers/partners, we have learned a couple of golden rules or guidelines that deliver the greatest results :
Its an obvious one but let's just say it … only ‘sell’ what is true of your organisation. Bait-and-switch is not cool and won’t win you employees. So present as part of your brand and EVP what is happening in your organisation in reality.
Brand it up baby! Think of prospective and current employees as consumers, you want to ‘market’ wellbeing to them. Give your program a personality, a focus, a voice and a marketing presence on-site and online. Make it easy by even giving them a # to tag on social.
Don’t forget the obvious, put what you are doing in the wellbeing space into your job descriptions, website, benefits packages etc
Like with any good messaging - communicate often and with consistency
Use multiple mediums to communicate with your prospective employees - think about WHERE your employees are. It’s great that you are pushing out content on Linked-in but maybe your target market is on SnapChat or Instagram. Move with the cheese - go where the market is!
Show a broad range of wellbeing activities, something for everyone. Traditional programmatic approaches are very fitness and nutrition heavy - consider it from a broad wellbeing perspective and what will invite people into a program rather than intimate them.
Keep it fun and relatable - wellbeing doesn’t need to be a drag!
Encourage employees to share and post what’s happening in the wellbeing space on social. We all know it prospective employees will believe your current employees and what is happening on social quicker than the ‘standard bumpf’ you have on your website. Don’t forget to share what employees think about your wellbeing program and how it impacts their lives on your website - make it feel a bit more ‘authentic’.
Consider Employee takeovers on social? Why not let your employees tell your story, it will be more diverse, authentic and fun. Worried they will go mad - give them guidelines, figure what will remove your anxiety, but move forward as a brand .. your employees are talking about your brand either way, so why not help them with context to be an ambassador for your organisation.
Finally, include in your on-boarding process/steps what's happening with wellbeing, set expectations, take feedback …
According our pals and the brand experts in Rezoomo, consistent programmatic approaches to wellbeing statistically deliver the greatest results for both organisations and employees. Having an established workplace well-being programme allows you to invest in the wellbeing of your employees and to reap all the benefits that come with a healthy workforce and a strong employer brand that will attract and retain top talent.
Some examples of how PepTalk & our clients bring well-being alive on social :
[We have pulled some random examples of how wellbeing can be leveraged to demonstrate 'employer brand']
Have you any learnings in this space? How has your company leveraged wellbeing as part of your attraction strategy?What has worked well and what hasn't landed so well for your organisation? Any nuggets of wisdom you could share?
COO & Co-Founder @ PepTalk
Let's make work better …
At PepTalk, engagement is at the heart of all our wellbeing platform. Our platform is about energy, passion and fun while being grounded in key business outcomes. To find out more about this area and our wider PepTalk offering book a demonstration at www.peptalk.ie or email email@example.com
Shout out to the super talented @mochimochiland for the epic gif