While the unemployment rate stays at record high, is it too early to talk about recruiting and keeping top talent? I believe leaders will always be ahead of the game. Since we have shared several news articles in this blog about the slow recovery of the industry, now, it is time to plan for the future.
The Corporate Executive Board discussed the importance of recruiting and keeping top talent. It is crucial for a company to build an Employment Value Proposition (EVP), which is also known as a company’s employment brand. Research has found that companies who effectively manage their EVP see significant results compared to those who do not in a variety of ways:
• The voluntary turnover rate reduced by 8%.
• The application rate of qualified candidates increased by 25%.
• The ratio of person-job fit among new hires raised by 32%.
The question is how can we accomplish this goal? The Corporate Executive Board shared the following four-step process:
1. Use both quantitative (e.g. survey) and qualitative methods (e.g. focus groups, in-depth interviews) to assess the current stage of EVP, including perceptions, awareness, and prioritized elements.
2. “Design a credible and compelling EVP to showcase the strengths and differentiators of the company.”
3. Maximize EVP’s visibility in current employees and job candidates.
4. Use consistent tools to measure and monitor the effects of a company’s new EVP.
If you are hiring now, you know you will receive the biggest attention and attract the most responses from the applicant pool. Yet, building EVP or employment brand takes time. It may be too late when the economy bounces back. What do you think?
References:
Bloomberg Businessweek: http://tinyurl.com/linchikwok06232010
Picture was downloaded from: http://www.caravat.com/node/133813
The Corporate Executive Board discussed the importance of recruiting and keeping top talent. It is crucial for a company to build an Employment Value Proposition (EVP), which is also known as a company’s employment brand. Research has found that companies who effectively manage their EVP see significant results compared to those who do not in a variety of ways:
• The voluntary turnover rate reduced by 8%.
• The application rate of qualified candidates increased by 25%.
• The ratio of person-job fit among new hires raised by 32%.
The question is how can we accomplish this goal? The Corporate Executive Board shared the following four-step process:
1. Use both quantitative (e.g. survey) and qualitative methods (e.g. focus groups, in-depth interviews) to assess the current stage of EVP, including perceptions, awareness, and prioritized elements.
2. “Design a credible and compelling EVP to showcase the strengths and differentiators of the company.”
3. Maximize EVP’s visibility in current employees and job candidates.
4. Use consistent tools to measure and monitor the effects of a company’s new EVP.
If you are hiring now, you know you will receive the biggest attention and attract the most responses from the applicant pool. Yet, building EVP or employment brand takes time. It may be too late when the economy bounces back. What do you think?
References:
Bloomberg Businessweek: http://tinyurl.com/linchikwok06232010
Picture was downloaded from: http://www.caravat.com/node/133813
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