How Company Values Attract and Retain the Best Talent
Rise above the competition with strong core values to draw top talent.
In the modern workplace, a company’s values are vital to their success or failure, especially when hiring and retaining talent.
The Importance of Company Values
Company values are more than just a motivational poster or a slogan. They're an integral part of how a business operates. The purpose of core company values can typically be broken down into three categories:
They can guide company leadership as they make decisions.
They can convey an organization's principles and goals to past, present, and potential clients and customers.
They can help entice top talent to an organization with similarly held convictions.
While all three are essential to longevity, the last one of the three is especially critical to a company's long-term health. According to LinkedIn’s Global Recruiting Trends Report, as many as 72% of business leaders now recognize that employer branding notably influences their ability to recruit suitable candidates. A vital part of employer branding is their core values as an enterprise. This is where the employer value proposition comes into play!
Creating an Employer Value Proposition
Employer value propositions are not created equally. The challenge is creating an EVP that can help you identify your unique strengths to establish yourself as a forward-looking, employee-centric organization.
To accomplish this, ask yourself: What arguments do we have that could persuade a potential candidate to apply here? Here are four areas to covers in a successful EVP:
Compensation - An employer that pays employees more than the competition ensures that applicants will positively perceive the company’s brand right from the start. On the other hand, an employer that offers only average or low pay needs unique selling points (USPs) to attract skilled and talented individuals.
Working Environment - By developing a work environment that draws and retains satisfied employees, you can show recruits they are provided with the tools and resources to be productive in their role and can build relationships with your team to grow their knowledge base.
Growth Opportunities - Today, nearly 58% of employees say professional development and growth contribute to job satisfaction, a significant factor in employee retention.
Job Security - Providing stable jobs to employees can help talent acquisition teams and employers, increase retention across the organization, and create a positive work environment that brings out employees’ best performance.
Once you’ve developed an attractive Employer Value Proposition strategy with the help of the abovementioned matters, it’s time to do the essential work to measure whether it’s working. You can easily do this by tracking a few critical metrics such as:
Job Offer Acceptance Rate
Employee Engagement Score
New Hire Retention Rate
Win/Loss Ratio (applicants from competitors vs. how many you lose)
How Values Can Draw Top Talent
To ensure long-term success for your company, you must construct it with quality talent and minimal turnover. Core values can help with this in multiple ways.
First, core values can be an attraction that draws a potential top-tier employee. A special perk or benefit, also being a core value, such as work-life balance or empowerment, can entice an employee who may be looking for an employer that will be inherently inclined to treat them with consideration and respect their life outside of the office.
Second, core values can also be crucial to employees' long-term success once hired and actively engaged in an organization's operations and success.
For example, values like communication can have many favorable day-to-day effects on how a company functions. An emphasis on communication can ensure that collaboration ensues, feedback is genuinely attended to, and transparency is supported.
Most employees today appreciate being part of a community and having a sense of belonging. This sense of being part of something bigger than yourself is typically rooted in the core values and beliefs that a company adopts.
How to Employ Your Company's Values
Before posting a job opening or scheduling interviews, begin by clearly identifying your company's values. As you define what factors your company primarily values, start incorporating them into your mission statement, vision, company conduct, and initiatives.
In your recruitment strategy, look for the best ways to demonstrate your values to the kind of recruits you're looking for. For instance, to target millennials, you may want to highlight values like flexibility, trust, and work-life balance in your job descriptions.
Ultimately, as you screen and hire quality candidates, you must take steps to continually infuse your values in the workplace to integrate your essential values throughout your organization.
Strong company values are the foundation of a resilient business. They help direct company policy and guide critical decisions. They also plainly display a business's goals and objectives to consumers.
Get Our Help in Defining Your Company Values
Recruiting Agencies like Mission Box Solutions can help you effectively define a mission statement and core company values that portray your business in the best light for prospective and existing employees.
Contact us today to learn more about how we can help you create an optimized Employer Value Proposition!
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Photo credit: Getty/scyther5