Can you remember the reason why you joined the company you are with today? Was it because they offered you more money, opportunity for progression, a better team to work with, a new experience or an opportunity for greater learning? Was it a combination of some or all of these factors? Whatever it was, it was definitely a value proposition that was too good to pass up.
The importance of an organisation’s ability to clearly define and market their Value Proposition has become even more pronounced in today’s energy sector than ever before. With pressure on oil prices showing the all too stark realities of entrepreneurial oil businesses and their reliance on high oil prices, there comes an opportunity for organisations who aren’t as constrained by this to attract and secure some of the best and most highly prized talent in the market.
As a marketing strategy, having a compelling Employee Value Proposition (EVP) enables the ability to do just this. Attraction and retention of industry leading talent with the ongoing volatility of the oil price is only accentuating the importance of securing the best in the industry. It has been proven time and again during periods of volatility, those companies that invest in revitalising and emphasising a compelling and long term EVP are the ones that reap the rewards. Schlumberger are an example of having investing in hiring during the 80s, 90s and the relatively recent 2009 troubles. Successful companies realise the importance of a compelling EVP and failure to realise this importance can pose damning long term implications and reduce business performance when the market finally turns in their favour.
What is an EVP?
EVP (Employee Value Proposition) is the sum of everything people experience and receive while they are part of an organisation – from basic satisfaction of the work, to the environment, leadership, colleagues, customers, remuneration and more. If you can’t provide a compelling answer to the question “Why would the best talent choose to work here?”, then your talent attraction strategy and the EVP that underpins it will need redefining as you will invariably be losing highly talented personnel to competitors who are seeing the current market as an opportunity.
How to create a compelling EVP?
It is important to develop a thorough understanding of your target audience and a detailed multi-channel approach when defining your EVP. At 6 Group we ensure our clients’ brand and EVP is positioned correctly, removing any misperception of the company in the marketplace and ensuring the optimum talent attraction strategy is in place. This includes ensuring your values, systems, policies and behaviours are aligned to deliver that EVP promise.
It is times like these, that companies realise who are the stars and who aren’t. Who are the people in their organsiations that can successfully navigate the course of a highly volatile and ambiguous market environment? Where are the people and leadership gaps that “they” as an organisation need to fill to ensure they come through this period stronger than the rest?
Ensuring you have the success factors in place and are prepared to make those decisions has never been more important. Now is the time to capitalise on defining your EVP to ensure your organisation has the capabilities in place to cope with the oil price pressures and flourish when the market picks up.
At 6 Group we are able to help you define your EVP strategy and optimise your resourcing approach. Our consultants have extensive market experience and knowledge to guide companies through these testing times. All too often, resourcing is seen as a reactive, cost intensive process. We work with our clients to ensure their total resourcing approach is clearly focused arround acquiring long term value for their organisation.
Contact 6 Group to find out how we can help your organisation.