In this guide, Director, Ridda Michail talks about how to pull together your EVP for your MedTech & HealthTech organisation. In case you haven’t seen it already you can access What is an EVP in MedTech/HealthTech and its benefits here.
Creating a great employee value proposition.
Creating a great Employee Value Proposition for your MedTech/HealthTech business should be a point of strategic value. It is about identifying the brand, and vision and ultimately, attracting and retaining your best talent to develop your business to help hit the business goals.
There are certain stages you can take to create or improve your EVP offering.
What does your MedTech company already offer?
Remember to be very objective at this part of the process.
What does your company branding & benefits offer employees?
What does it stand for/sound like?
Do you have a great financial package but very little else? Go through that list and tick off what applies to your business.
Gather feedback from employees (past and present)
Part of being objective is about reaching out to current and past employees for feedback about how they recognise the business – the good and the bad.
Use surveys (confidential ones have pros and cons), internal focus groups, and exit interviews to get a better understanding of the challenges faced.
Asking the right questions such as;
Why do you like working here?
What motivates you at work to engage more?
What improvements would you like to see?
What kind of support do you expect from the company to help you achieve your professional goals?
Approach your top performers for discussions to identify what motivates them and incorporate them into the development process of your EVP.
What is your competition doing to attract candidates?
Look at their adverts, website (careers page) and social media.
What platforms are they using and the content?
How are they doing it?
Through video interviews of employees, testimonials etc
What's the substance behind their content?
Are they using career development as a focal point for example?
Evaluate and define the key points to include in the EVP
Assess your findings and look at what stands out. This is what will help to attract and retain your top talent. Think about your target candidates. For example, what language are they going to use and understand and what will stand out to them?
A graduate will be different to someone who is managerial level. Your EVP should be tailored to all types of candidates in adverts and a careful combination of your website/social media communications and recruiters to attract the right people.
Summarise your EVP
You’ve spent time understanding the feedback, perception, what you can offer and what your focus should be - you can spend the time creating your EVP.
Create something clear, unique and influential. This is the best way you can get through to the best talent.
Two key areas should be what stands out; what your company can offer vs what your ideal candidate wants.
Evaluate and get feedback on your EVP
Once you have drafted your EVP analyse what you have created and then give it to someone who isn’t in the business for some objective feedback.
What do they like and take from it? Then compare it against what your competitors are doing.
Communicate your EVP
You have come up with a great EVP now people need to see it! How do you promote it, and how to get it to the candidates you want applying not forgetting the employees that currently working for your organisation?
Spend time promoting it through the right channels and if you have one see if your marketing expert/function can help.
Internally, you can use the company blog, send an email to all staff and even create a launch campaign.
Externally, you want to reach out on different platforms like your website (careers page), and social media and even turn it into a template about your company for job adverts and to pass to recruiters.
Evaluate responses to your EVP
What impact is your EVP having?
Is the volume of direct applications increasing?
Are your recruitment partners finding that it helps and does that lead to a higher volume of relevant candidates?
Is the quality of applications coming through of a better standard?
Are the candidates more like the ideal candidate you want in your business?
Has engagement on your social media channels increased?
Are you experiencing less employee churn?
Are you getting more applications from passive candidates?
Go over your EVP at least once a year to tweak, and update. What other things could you improve?
One of the best ways to do this is by having focus groups with different people in the business and developing the EVP to match what they’re saying as well. This keeps it live and fresh.
To help guide you through the above we have a downloadable template to help you and your organisation. To download the template. Please click below.
To find out more about how INDO can support you in generating your EVP visit our clients page.