When it comes to any business, especially those in financial services, the satisfaction, attraction and retention of staff can truly have an impact on the success and profitability of a business. No wonder people are talking about this subject and putting a keen emphasis on creating a strong employer value proposition and increasing their success in attracting the right people via their Wealth Management recruitment.
As the textbook tells us, Employer Value Proposition (EVP) is the unique combination of
An employer offers to its employees in exchange for their
Basically, it’s a fancy way of saying what makes your company a great place to work – “If you come and work for us, look at all these amazing things you can benefit from”. A strong EVP differentiates your company from the competition and helps you attract, retain and engage top talent.
It’s not simply a case of providing the main benefits that we all think of, it’s the additionals, what you might think of as “the little things”. But it’s those little things, those added extras that no one else has thought of, that make you really stand out from the crowd.
The Harvard Business Review states about EVP:
“It allows your organisation to move from reacting to the demands of the moment—whether they’re for signing bonuses or remote work—to creating an environment that enables people to reach their full potential. And that is the key to building an organisation that thrives over the long haul.”
The first thing to remember, as it says above, is it’s not just “new customers only”. Your EVP needs to appeal to your existing staff as well as those you hope to attract. Understanding what makes your company tick and what attracts people to your workplace is a great place to start.
As I am sure you’d agree, investing time to really explore what your staff values most about their work/life experience, and analysing your company, the good the bad and the ugly, will directly benefit you.
By investing this time in this way you can
As Rowan Atkinson says in Love Actually “This is so much more than a bag…” EVP isn’t just about salary and benefits, it’s about your company culture, the career development opportunities you offer, the day-to-day environment, your work/life balance policies, and any unique perks you provide.
Current and past employees are a goldmine of information. Conduct surveys, focus groups, or exit interviews to understand what motivates them, what they value about the company, and what could be improved. Indeed, finding out why people chose to leave the company is invaluable in obtaining and retaining talent in the future.
As a recruiting Wealth Management company, who are you trying to attract?
Understanding your target audience will help tailor your EVP message.
Look objectively at your competition and see what they are offering. If you were job searching, who would you want to work for? Are they offering things you aren’t? Can you match it and then add more – it’s all about differentiating your company.
There are fundamental things that employees value – it’s up to you to analyse how your company can provide them and what will make you stand out. Focus on benefits and not just features. Don’t just list perks, really explain how they benefit employees lives and quantify your impact wherever possible.
Fundamentally you need to get across the key factors that are important to you – the company’s mission and value. It is so important today that people feel they are contributing to a larger goal and that their hard work is vital and valued. This is a strong motivator – we spend a lot of time at work and we all want to feel part of a larger something.
A strong EVP is the love language of your company and acts like a magnet for talented candidates, fosters a happy and productive workforce, and ultimately contributes to your company’s success. What’s not to love?
It’s a competitive job market, so making your company stand out showcases what makes it a desirable place to work, and highlights its culture and values – basically what makes it special.
A well-crafted EVP goes beyond just getting people in the door, it’s about keeping them happy and engaged. When employees feel valued, supported and aligned with the company’s goals and culture, they’re more likely to stay with the company and flourish. Secure and valued employees are more motivated and productive. If you emphasise growth opportunities and the importance of a positive work environment, this fosters a sense of ownership and purpose, leading to better results.
Creating a compelling and clearly aligned EVP strengthens your employer brand. It creates a positive reputation that attracts potential candidates and portrays your company as an attractive workplace. Happy employees can even become brand ambassadors, promoting your company through word-of-mouth – they will be happy to refer other people to you and will be happy to sing your praises to prospective people considering joining your company.
You’ve done your research and you now have a good understanding of your unique strengths and what your ideal candidate is looking for. So, what’s next?
If a strong EVP improves staff retention and brings in the top talent, you are not only saving on recruitment and onboarding costs, but increasing revenue by employing the best of the best.
By retaining your staff, you are saving revenue in terms of repeated training and increasing your knowledge library of long tenured staff who add value and consistency for your clients.
In simpler terms, a strong EVP is an investment with a great return. By clearly communicating the value you offer as an employer, you attract the best people, keep them engaged, and ultimately contribute to your company’s growth and success.
“We specialise in Wealth Management recruitment. Our best financial services clients have a clear and compelling answer to the question: Why should a highly talented person choose to work for you? In basic terms, they have spent the time to know their EVP, but far more importantly they are ensuring that they deliver on this. We can gauge their delivery by their attrition rate and knowing who is looking for new roles and why. In this competitive recruitment market, our primary focus is to advocate for great companies who will nurture and support their staff and create long term happy homes in which to thrive. This is why the Employer Value Proposition is so important.”
A strong Employer Value Proposition (EVP) differentiates your company from the competition and helps you attract, retain and engage top talent. EVP is a unique combination of benefits, rewards, and opportunities.
An effective Employer Value Proposition (EVP) creates a meaningful narrative for both current and potential employees. Your EVP needs to appeal to your existing staff as well as those you hope to attract.
A great EVP is a mix of both tangible and intangible benefits that you offer to employees. Focus on what employees’ value, explaining the benefits and show how these enhance employees’ lives.
Satisfaction, attraction and retention of staff impacts the success and profitability. No wonder people are talking about EVP as it increases their success in attracting the right people via their Wealth Management recruitment.
