In the business world, it seems likely that employer value propositions will become more important due to the fluctuations likely in the job market. It will be more important for businesses to find new ways of attracting talent once the UK leaves Europe and EU workers start leaving Britain.
The Exodus of EU Workers
Employers will need to find more ways to compete for good employees post-Brexit, as there will need to be new ways to attract EU workers once it becomes less attractive for them to work in the UK.
In the past, it has always been a traditional package of salary and benefits that has been offered to candidates. But in the post-Brexit world businesses will need to look beyond this and start to think about holistic packages offering a more authentic job offering.
EVPs Can Reduce Turnover
Studies have shown that employer value propositions can reduce the cost of recruitment by 50% and staff turnover by as much as 30%. It is important to continually review the employer value propositions as the job market changes and new things become more important to employees.
There are many soft benefits that can be offered alongside the regular salary package that can make all the difference to employee attraction and retention. Employee well-being, the social conscience of a company, the flexibility of a job, wider educational opportunities and other benefits can appeal to a candidate as much as a salary. Having a good work-life balance is often seen as more important than a high salary.
Soft Benefits of a Job
A company is assessed by job seekers in terms of financial rewards, the people in the company and its culture, the work itself and the organisation as a whole. Employees want to feel valued, to enjoy their work, to like the company culture and feel they are benefiting their career by being with the company.
Companies need to evaluate how their employer value proposition is attracting the right staff. The EVP should feel unique to the company and offer more reasons for people to work for the company than simply their salary. By having a strong EVP, you can set your company out from the crowd and attract the kind of staff you want to have working for you.
Brexit and EVPs
Now is the perfect time to start thinking about employer value propositions and ensure your company has a good set to attract workers post-Brexit. This is becoming a candidate-led job market, so employees will be able to pick and choose more carefully. This means businesses need to stand out and offer something above and beyond the usual benefits. From flexible and remote working opportunities, education and training allowances to free lunches and gym memberships, think outside the box for your business to attract the best talent in the future.
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