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A company’s most valuable asset

27 April 2021 | By Brandwell

When it comes to rebranding, there’s one group of people that commonly get overlooked. Whilst the directors are rejigging their brand strategy, the marketing team are preparing to roll out a new brand identity and your customers have been front and centre throughout the user-centred process, your employees are doing a great job of warming the bench, just waiting for their turn to be called up to the pitch. Whilst this might not seem unusual, you shouldn’t leave them out in the cold for too long. After all, your people are the interface between the customer and your business so making sure they feel valued is one of the important aspects of any brand strategy.

Enter the employee value proposition (EVP): a succinct statement that speaks directly to the prospective applicant’s question of “what’s in it for me?”. When it comes to having a competitive advantage in the market, it helps to have the best team possible. Without an EVP, you risk losing out to other businesses that can articulate their EVP with more clarity. Not only do you need a solid EVP to attract the best talent but to retain them too. With job-hopping on the rise, reducing attrition rates is not only good for business but for morale with a consistent team of capable staff the key to business growth.

So we pose you the question- where in your brand strategy do you demonstrate how much you value your staff? If you’re feeling a little sheepish about your answer, don’t fret-we’ve got you. Use this handy checklist to start pulling together an EVP that attracts and retains your most valuable asset:

Compensation

At its core, employment is contractual so get the fundamentals out of the way early. Rewarding people adequately for their performance is critical and you simply won’t get the cream of the crop if you’re not prepared to pay for it.

Benefits

Beyond base salary, now’s the time to layer on the goods and sorry to break it to you but, in 2021 having a “Flexible work policy” ain’t going to cut it. Think training budgets, health & wellbeing programs, mentoring, study leave- the works. Whatever you can afford to provide, lay it on the line early to make sure you’re putting your best foot forward.

Career

Often dubbed the ‘job-hopper generation’, it’s said that Millennials will have approximately 5 careers and potentially 17 different jobs over the course of their working life. So to make sure that you’re not bearing the brunt of the 21% of millennials who’ve changed jobs within the last year, creating a clear structure for career development means you can hope to retain employees for longer.

Culture

Now we know said benefits were important but there’s not much that could make a toxic work culture worth it- no one cares that they get their birthday off when they’re at the office until 10 pm on the reg. It’s important to follow up the ‘transaction’ chat with something substantive. What are your values? How do you communicate? What kinds of leadership traits are rewarded? What’s the vibe on a Friday afternoon? Whilst these anecdotes should never be the selling points of an EVP, without them you risk taking it all a little too seriously. Now’s the time to give prospective applicants a glimpse of your business’s personality.  Just make sure you don’t overdo it or try to be something you’re not- that never ends well.

Purpose

Whilst unemployment rates fluctuate in the wake of the COVID-19, the rates of job movement are high, even for those with secure employment. Maybe it’s spending so much time at home without the long lunches and watercooler chats or maybe it’s just the stark reminder of our mortality, but it would seem that employees are no longer resigned to a lacklustre work situation. The prospect of working 60 hours weeks and being deemed a “non-essential worker” has been confronting but also enlightening for a generation of Australians looking to find purpose, not just an income, in their work. Businesses that can articulate their purpose and can connect their people to it are looking good for capturing all those passive job seekers who are currently employed but would be willing to jump ship should the right situation come along.

If your brand strategy doesn’t recognise your companies number one asset, then it’s time to update it. Give us a bell and we’ll make sure you have a rock-solid EVP in your brand strategy to attract and retain world-class talent. 


Brandwell – Creative Branding Agency Melbourne