Salary hikes are top of mind for many employees during periods of inflation, which means that the cost of doing business is equally steep. Is your EVP helping you to attract and retain the best candidates?
According to Gartner, organisations invest an average amount of $2,500 per person on employee experiences each year, making it increasingly difficult for emerging businesses to keep up with larger companies when it comes to EVP investments.
This is because onsite wellness centres and free meals are expensive. Raising salaries across the board is near impossible. And professional development opportunities aren’t always feasible for companies that are already stretched.
Crafting an EVP with substance
The well-documented skills shortage has given rise to increased competition for top talent. Yet post-pandemic social and economic trends have seen a shift in what matters most to employees and job seekers. In other words, people want more than just a paycheck. Many of us are constantly re-evaluating our work-life balance to prioritise physical and mental health, and looking at the businesses we work for in the context of social and environmental impact. What matters most is the tangible and intangible benefits you choose — many of which can be offered at no cost to your business — and how these align with your employees’ needs and values.
The EVP playbook — How to compete with global enterprises
Large companies clearly have greater financial resources and organisational capabilities when it comes to EVP. They have more capital to allocate towards attractive salary packages, perks, and training and development programs for their employees. While this may be true, there are many cost-effective strategies you can implement to compete with well-established companies and develop a meaningful EVP.
Current trends in business and technology — where, how, when, and how much people work — have emerged and remained front of mind in light of the Covid-19 pandemic, which saw many employees reassess their personal well-being and social impact in the context of work.
More than massages
Many of us are no longer content to wait until retirement to focus on personal happiness or “giving back”. Employees are now looking for ways to tie their work in with their mission, purpose, and passions. We want to feel like we’re contributing to innovation and social causes, all while maintaining a degree of balance at every stage of life.
This can be seen in a push to maintain hybrid work environments and flexible schedules, increased awareness of company culture and whether this aligns with personal values and a general move towards transparency and corporate empathy.
Now it’s time to show that you as an employer can understand and support these inclinations.
Benefits of an EVP
- Communicates a brand’s values around things like sustainability, diversity, and success.
- Makes it easy for potential employees to align their values with business values and culture.
- Lists tangible employee benefits, including office perks, well-being initiatives, and savings on things like cars, phones, childcare, and healthcare.
- Demonstrates an understanding that the new era of employment is about relationships, not transactions.
An effective EVP can improve engagement and productivity for existing employees, helping them feel seen and appreciated because they’ve got “a place on the team”. They’re working collaboratively and contributing to the company’s success.
Overall, a robust EVP communicates your unique offering and builds a positive employer brand. This doesn’t just help to attract and retain employees, but also customers and partners who want to do business with a brand that boasts a strong team culture and reputation.
The top “cheat codes” to give your business a boost in the market
- Using EVP in job postings – Using language about your company’s unique culture, values, and benefits can help job seekers understand what makes your business different and why they should want to work for you.
- Getting job ads right – Sometimes a single mistake in your job ad can be enough to stand in the way of a top placement and cause qualified candidates to miss your ad. Using the correct title, description and keywords are all critical when it comes to where (and how far up the page) your ad is placed.
- Mastering content syndication – Digital content syndication is a powerful way to achieve brand cut-through with your EVP. It involves distributing or republishing your content like articles, blog posts, videos or infographics through third-party websites, social media platforms, and other channels.
- Novated leasing as a pay boost – Novated leasing allows employees to lease a car and has payments deducted from their pre-tax salary. This saves them money on income tax, GST, and the driveaway price of the vehicle (most Flare customers save around $20,000 on the vehicle purchase price and running cost over the course of their lease), affording them more freedom when it comes to their post-tax income.
Plus, as a business, you may be able to reduce your payroll tax by minimising your employees’ taxable income via salary packaging.
Looking to learn more about EVP initiatives that can help you attract and retain the best talent for your company? Access your free copy of Flare’s EVP Cheat Codes guide.
Flare provides employee benefits at no expense to businesses, helping your people navigate the rising cost of living. What’s more, Flare is a digital-first experience, meaning we handle the process from start to finish, and you don’t have to worry about the extra admin associated with perks.
Looking for Payroll and HR software that integrates with Flare? Check out our products page or contact Flare to book a meeting.