We’re seeing a real shift in the number of candidates who are focusing their job search, not just on securing a great level of financial reward commensurate with their skills and experience, but also the whole employee value proposition; rewards, benefits, professional development, work life and culture.
So the purpose of today’s blog is to ask yourself…
When did you last take the time to review your employee value proposition? Is it still fit for purpose and how is it measuring up against your competitors in the public practice recruitment sector?
Now, we know that one or two of you reading this might be wondering what an EVP even is. We understand that hiring managers at smaller firms have eye wateringly lengthy job descriptions and that creating a fancy pdf showcasing your workforce culture, values and benefits may not be top of the to do list.
But, you may find this handy pdf guide a useful starting point to help you engage with the conversation and start to consider what actions you can take to make your employment more attractive in what remains a candidate led market. Take a read here.
And for those of you who have an EVP in place and would like some help making sure that it’s measuring up against those that we know are regularly attracting the highest calibre of candidates; read on!
Reviewing your EVP should be a recurring task in your calendar. Recruitment moves at pace and in a working environment that is virtually unrecognisable from that of just five years ago, firms who fail to keep up are firms who fail to recruit AND even worse, fail to retain.
What’s the best way to start to review your EVP and check that it’s in line with what your employees feel they deserve and should receive? It’s quite simple really – ask them! And the great news is that when you take the time to engage with your workforce about what they think of your EVP, you’re also improving it by showcasing that as an employer you are able to listen and respond to what your workforce wants and needs. Employee engagement when done properly (i.e it’s not just a tick box exercise) always features on the very best EVPs.
When you have collated the results of your engagement process you can do some market research to find out what else firms like yours are offering and consider how your existing EVP stacks up (and we’re always on hand to offer clients our expert advice based on our niche and privileged viewpoint.)
As standard your EVP should be split into at least four categories.
- Material rewards – salary, pension contributions, annual leave, health rewards etc.
- Growth and development – study support, CPD, mentorship and progression opportunities.
- Connection and community – Social events and team building.
- Purpose and meaning – flexible working that accommodates self care and external commitments, the chance to share values, environmental and charitable initiatives.
Of course your workforce may have additional categories that they choose to focus on but there is no doubt that modern accountants are searching for a role that offers a good mix of employee commitment in each of these areas.
Here’s some really interesting new additions that we’ve seen creeping into EVPs of some of the best firms we work with;
- A four day working week
- Unlimited annual leave
- The opportunity to work in a different office or with a different team on a defined secondment
- Volunteering days
- Subscriptions to support services (i.e counselling or financial advice)
Whatever you decide to add, subtract or edit in your existing EVP, the next stage of the review process needs to involve your communication.
Even if you’ve decided to offer your staff the dreamiest of new perks, just dropping them into the EVP with little or no context can leave your staff feeling confused and unable to buy in to the end goal that you are hoping this EVP will lead on to.
Announce every change with the reasoning for it and what impact that you hope it will have on your workforce, your clients and the firm overall.
Effective communication is critical to ensuring that your EVP review is a success and alongside a generous and balanced offering within it, it’s part of the puzzle that can help employers retain talented accountants and attract new ones.
‘My team and I are always delighted to offer our clients time to chat over how their package of benefits, culture and values stack up against the competition. Each firm is different and just because one firm is benefitting from having a certain kind of EVP, that doesn’t mean it will work for another. Our team know what matters to different candidates and if you can help us understand what your dream staff look like, we can help you develop the perfect set of rewards. It’s all part of the service.’
Garry Howling, Managing Director
If this article has opened your eyes to the complexity of becoming a first class employer and a firm that accountants are competing to work at, you’ll enjoy diving a little deeper into our employers resources. Here’s a few more articles that may be of interest.
Why Market Intelligence Matters in Recruitment
Do counter offers really work?
5 ways to improve staff happiness
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