By: Leslie Stevens-Huffman
Having a strong employee value proposition, or EVP, is critical when it comes to attracting, motivating and retaining talented engineering professionals who can positively impact your organization’s success.
In fact, recent research indicates that middle market companies with compelling employer brands and EVPs averaged nearly three times more revenue growth than those without them. Alas, only 23 percent of executives believe their companies have EVPs that work well, and professional service firms are often behind the curve when it comes to developing a targeted, clearly defined EVP.
Whether formally defined or not, every company has an EVP. Here’s why you need an official, compelling value proposition.
What is an EVP?
In a nutshell, an EVP explains the benefits your firm provides to employees in exchange for their skills, time and expertise. It may include compensation and benefits that apply to full-time workers and things that appeal to contract engineering professionals as well – such as challenging and stimulating work, career development and advancement, work-life balance or the opportunity to make a difference. An EVP clearly and succinctly describes what makes your firm unique and why engineering professionals and managers should consider working for your organization.
Why You Need an EVP to Recruit and Retain Engineering Talent
You can’t just hire anybody who happens to come along. You need engineering professionals who fit your culture and click with your clients. To attract engineering professionals who are well-suited for your environment and project work, your EVP must strike the right chord.
For instance, Apple recently added full education reimbursement and subsidized student loan refinancing to its list of employee perks, because those benefits appeal to people want to learn and grow, making them a good match for the company’s innovative product development culture.
When your EVP resonates, it appeals to high impact players and significantly improves business results, according to Gallup. More importantly, it keeps competitors from poaching your prized candidates, contractors and employees by formalizing your promises and positioning your firm as a desirable place to work.
Providing managers with clear talking points creates cohesive messaging throughout the hiring process. Since engineers are logical thinkers, they’re drawn toward managers and firms that articulate clear win-win employment propositions and execute a disciplined hiring process.
Plus, studies show that investing in things that really matter to employees and prospects reduces new hire compensation premiums by up to 50 percent – and turnover by 11 percent! For instance, investing in a career development program or offering flextime may provide a better return than doling out stock options or bonuses. When rewards are on point, they increase employee engagement and commitment by 37 percent.
Put Your EVP to the Test
Fortunately, many of the components that are needed to formulate a compelling EVP already exist in your organization. Answer these questions to see if your EVP resonates with engineers and creates a competitive advantage for your firm.
Do your benefits and perks match employee expectations?
Are you losing top performers to competitors? Does your EVP drive engagement and retention? Understand what engineers expect and value in an employment relationship by conducting surveys, focus groups and reviewing exit interview data.
Are you able to attract and compete for the professionals on your wish-list? Calculate your batting average by reviewing your firm’s job offers, acceptances and rejections.
Does your EVP align with your firm’s strategic business objectives?
Does it paint a realistic picture of what it’s like to work for your firm?
Does it set your firm apart?
Does it appeal to different groups, e.g., contractors, recent college grads and mid-career professionals? Millennials in particular want to feel connected to the company’s mission, and they crave opportunities for professional growth.
A firm that does a good job of selling its unique characteristics stands the best chance of winning the hearts, minds and talents of seasoned engineers as well as up-and-coming professionals.
Other information of potential interest
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