Understanding Employee Value Proposition (EVP)
Securing and retaining good talent in MedTech & HealthTech is an increasing challenge, a strong employee value proposition (EVP) will help with both saving both time and costs in the long term.
But they say that you need to be able to walk before you talk the talk.
So what is an EVP in MedTech?
It’s a window into what it is like to work for your MedTech & HealthTech business. A reflection and insight into what it is like to work there.
Although there are some key areas that people are looking for in an employer in 2022 it is also important to understand what makes you unique and how you share these insights.
So it's important not only to have knowledge of what makes you a great organisation but also to know how you communicate this externally.
Some companies are conscious of image and portray it’s a great place to work while not addressing the grumbles of the team and some are a great place to work but don’t project it in their brand/employer value proposition.
Getting both right is not easy but leads to an attractive place to work while having the substance to back it up.
Key things to make up an EVP include:
Financial compensation and benefits/perks
The company story – where have they come from, where are they now and where are they going
The MedTech proposition and what positivity are they having on the community
Career Development opportunities
Work Environment. What do your employees like about working there?
Culture – the team spirit, the firm's goals
What are the benefits of having a strong EVP in MedTech?
A strong EVP has multiple benefits from recruitment to retention which are key challenges for any MedTech & HealthTeach organisation where talent is challenging to find and often just as challenging to keep.
There are several pitfalls in your recruitment cycle a candidate can fall through when trying to fill a vacancy with no positive outcome. This is costly and time-consuming. A strong EVP means typically engagement rates for vacancy engagement are higher as are offer acceptance rates.
There is nothing better than an employee raving to someone about why your organisation is a great place to work. These brand ambassadors are worth their weight in gold and are typically at the forefront of supporting a positive work culture. A strong EVP means you are more likely to create these ambassadors who then in turn help with recruitment.
Packaging your EVP to third parties like recruiters makes it much easier for them to go to market and engage with the Talent pool
Get your EVP right and no one wants to leave your great organisation and it makes it much easier to attract the best talent.
Convinced? Want to know how to implement an EVP for your organisation then jump onto the next step of our EVP in the MedTech series here.