Employer Value Proposition: your ticket to attracting and retaining top talent

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Blog by Puneet Sachdev, Human Capital Expert from Singularity Labs

The Context

The number of innovative fintech SMEs based in Scotland has grown by over 60% from 72 to 119 over the last twelve months. Add to this the explosion of Fintech in London and the ease of workforce mobility, you have a people’ challenge at hand. And this is not withstanding the number of tech companies that are continuing to grow in verticals like digital healthcare, retail etc. 

What was inside is now outside. Now, Glassdoor lets any employee publicly rate their CEO, LinkedIn allows your competitors to pillage your top talent, and news outlets regularly publish stories exposing the internal workings of companies. In such a context, the culture of the organisation becomes one of the key sources of competitive advantage. 

The Employer Value Proposition

One of the first steps is to get clear on who you are as an employer and your value proposition to potential and existing employees. In HR jargon, you create an Employer Value Proposition (EVP). It is the dating profile’ of your company to attract the right people and then keep the talent you have agonised to acquire. Easier said than done and easily side stepped as soft’ and fuzzy’. Not only does this soft’ and fuzzy’ have a quantified impact on performance but it is powering the growth of organisations. Here is a slightly dated (2016) Deloitte human trends report on culture but the tenants still hold true. 

The EVP is the complete experience of working in your organisation. It’s the summarisation of the culture and values you embody, what employees can expect from you – such as learning, career opportunities, benefits, recognition etc. It is the why’ you are creating to attract and retain talent at every level of the organisation. It is the core of your employer brand that defines your positioning, what you stand for as an and the source code for the work environment that you will build internally. Your dating profile! 

Gartner says: When you invest in developing and delivering a strong EVP, you can attract significant talent and boost employee engagement. For example, your organisation can reduce the compensation premium by 50% and reach 50% deeper into the labor market when candidates view an EVP as attractive. Organisations that effectively deliver on their EVP can decrease annual employee turnover by just under 70% and increase new hire commitment by nearly 30%’

Here are five main areas to consider as part of developing your employer value proposition. There can be more, but here is what I believe are core: 

1.The culture – how things get done in your company. In this guide, you articulate various things about your company for e.g. who you are as an organisation i.e. your vision and mission, your exponential purpose, the journey so far, the team, values, your development philosophy, testimonials from employees, and so much more. You can start with your elevator pitch of why your company matters, and why they should be excited to be a part of it. 

Think about this as your illustrated storybook that an employee can read and get a good sense of a) what it’s like to work at your company b) how to integrate themselves into the company in their early days c) behavioural do’s and don’ts guidelines i.e. the code of conduct / values d) what does success look like e) rituals and practices. This should instill pride and inspiration into the hearts of those who read it for the first time or the 100th time. 

2. Development Opportunities – a major driver for keeping the workforce motivated, especially the top talent. Here you can include the a) your development philosophy b) skills development opportunities employees have be it access to online learning, events etc. c) career development opportunities i.e. future career options that employees may have with you as you continue to grow e.g. movement from product development to customer success etc. 

3. Rewards and Recognition – this will cover the financial and non-financial compensation / benefits as well as the practices you have in place for recognising employees for the great work they do. Here you can think of including a) the competitiveness of your compensation package, health benefits, vacation b) other benefits such as onsite yoga, vouchers for different services etc. c) recognition such as best team performance’, extra miler’, display of organisational values’ etc. d) employee referral scheme if you have one.

4.The Quality of Work – here you define elements that are intrinsically baked into the nature of the work at your organisation, such as a) the ability to innovate on the job b) getting to work on interesting projects c) balancing work with non-work priorities and flexible working / remote working d) whether the work environment is collaborative and team orientated e) the quality and approachability of the company’s management f) the quality of the other employees within the company.

5.Social Impact – the current workforce is getting more and more concerned about the ethical profile of companies they consider working for or are working for. They are concerned about sustainability and employment practices. Social impact or CSR (corporate social responsibility) as it is also known, is now an important aspect of the employer brand. This is worth considering. 

At the simplest level companies tend to have VTO’s i.e volunteer time off, create an internal CSR group driven by employees who choose a cause to get behind for the year and then find ways to support the cause. You get as creative with this as you want to. The 2019 Deloitte Human Trends review makes a clear case for the social enterprise 

Suggested: what is not often spoken about, but if done right, I believe add to the competitive advantage in attracting the right talent – the explicit communication of Employee Data protection policies and practices. As companies embrace people analytics and AI based applications, a lot more employee data will be generated. And with GDPR growing in its veracity and statutory impact, employees will have greater awareness of data and the mishandling impact. It is worth considering your approach to employee data. 

Please feel free to get in touch with me if you have any questions or clarifications. 

Me and my colleagues at Singularity Labs specialise in designing interventions that solve People and Culture challenges and help creating engaging and High Performing Environments. We have worked across multiple industries and geographies and more recently with growing tech companies such as Nucleus Financial (Fintech) and Craneware (Healthcare Tech). Get in touch with for a no-obligation consultation about your people and culture aspirations. https://www.linkedin.com/in/puneetsachdevpro/

Financial wellbeing and the impact in the workplace

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Financial wellbeing ”“ the theme of Talk Money Talk Pensions Week 2019 ”“ is about feeling secure and in control of your money as well as being able to manage day-to-day while working towards a healthy financial future. We think it’s important to not only consider how individuals can build their own financial resilience wellbeing but also how employers can support their staff in developing lasting financial capability strategies. 

A recent report from Natwest (https://www.moneyadvicescotland.org.uk/Handlers/Download.ashx?IDMF=f4148ec3-ec0e-468b-ae07-7f615fc34548) recommends that employers should, at a minimum, include financial capability training and support as a standard part of their employee induction process, and a growing body of evidence shows that there are clear benefits of investing in this for all employees at all stages of their career. The importance of financial education at work and the benefits it has for both employees and employers is why we developed Money Works ”“ a programme that exists to promote financial wellbeing in the workplace and provide vital financial inclusion skills for employees and apprentices across Scotland. 

Research has found that levels of financial capability and wellbeing very greatly from person to person. An individual’s salary, age, or employment history does not necessarily correlate to their confidence or ability to manage their earnings or their state of financial wellbeing. It therefore makes sense to offer financial wellbeing support to all employees. 

The arguments for providing financial wellbeing support in the workplace are strong; firstly, the impact of poor financial wellbeing on productivity is significant.  Anxiety about finances leads to worse mental, physical, and social wellbeing which can affect attendance and performance at work. The Chartered Institute of Personnel and Development found that money worries were the biggest source of stress for UK employees. 

According to research from Barclays:

-Almost half of employees worry about their finances 

-1 in 5 lose sleep worrying about their finances 

-1 in 5 said that worrying about their finances affects their work 

-Almost 80% of employees are not satisfied with the efforts of their employer when it comes to managing their finances 

This evidence shows how great an impact an individual’s financial wellbeing has on their overall wellbeing, and how intrinsically linked money worries and work are. Both employers and employees agree that if employees had access to help and guidance, they would have better control over their money and feel better prepared for future planning. If this support is available in the workplace, employers can help ensure their staff are better prepared to respond to financial unpredictability, in turn alleviating some of the pressure points that lead to absence and stress. 

One of the aims of Money Works is to provide a reliable, flexible source of financial guidance. Participation in our financial wellbeing in the workplace sessions benefits both employees and employers. Employees gain vital financial resilience skills and get access to resources that research shows is needed and wanted. Employers benefit from a more motivated and productive workforce, as well as highlighting them as an employer that is committed to investing in employees’ overall wellbeing. 

Our Financial Capability team designs custom workshops and works with employers to meet the needs of their staff, and workshops are delivered in the workplace. 

Possible topics include:

-Planning for retirement 

-Day-to-day financial management 

-In-work benefits

-Savings (including emergency funds, ISAs, saving for a deposit)

-Insurance (including life insurance)

-Managing credit card debt 

-Understanding taxes and payslips 

These topics are based on research of what employees would benefit from knowing more about. For example, 22 million working-age adults don’t feel that they know enough about pensions to make decisions about saving for retirement, so we offer sessions on this. 

If you’d like to learn more about Money Works, contact financialcapability@moneyadvicescotland.org.uk or complete this form https://www.moneyadvicescotland.org.uk/forms/money-works-enquiry

Can diversity lead to better recruitment and retention?

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The challenges for growing Fintech’s in recruiting and retaining top talent in the face of larger firms with greater resources is well documented.  This is particularly true in the main Scottish tech hubs of Glasgow and Edinburgh and with more large firms investing in new and expanded bases in the area this trend is likely to continue, so smaller, less well known firms with lower budgets really need to leave no stone unturned when it comes to seeking talent. 

The main advantage smaller firms have is being nimble ”“ the ability to adapt hiring processes and to respond to market and candidate needs more quickly than their larger competitors.  In this blog I provide some thoughts on diversity in the workplace and practical steps that can be taken.

I have attended numerous events and read countless articles on the benefits of improved diversity within workplaces.  I hear the same things over and over as if employers still need to be convinced of the fact that more a more diverse workforce leads to greater creativity, innovation, staff retention and ultimately improved profitability. 

It is my belief that employers do understand this.  We need to move the dialogue on to the next step ”“ what should firms do about it?  It’s a huge topic ranging across diversity in gender, age, disability, ethnicity, neurodiversity etc., and it can feel a bit overwhelming particularly for small to medium companies who may not have the resources that larger companies can lend to the topic.

If it seems daunting as a whole, break it down into manageable steps and prioritise these.  Thinking about the stages where diversity plays a part, the biggest of these is probably recruitment as this is where the source of your diverse talent will come from.   Breaking this down further how do you ensure you attract applications from the most diverse range of candidates then how do you ensure your selection process is fair to all? 

Job Design

Consider what is actually essential for this hire and what can be taught once in post.  What could be offered in terms of flexible working, part-time hours, agile working etc?  What adjustments could be made for neuro diverse candidates?

Candidate Attraction

If your job design is done well this should automatically lead to a job advertisement which will attract a wider pool of applicants.  Also check that the words used in your advertisement don’t accidentally appeal more to a particular gender, there are online tools to assist with this.  Now consider how to actively target a wider pool of talent i.e. taking your roles directly to them rather than simply hoping they will find them e.g. where could the advert be placed? 

Return to Work Candidates

There has been a rise in the number of returner programme in UK from 4 in 2014 to 70+ in 2019.  These are for candidates who have a had a career break of one year or more and are looking to return to the workplace.  Research shows that the biggest barrier for them is often loss of confidence so however appealing your job advertisement they still may not apply to you. 

The Back in Business returner programme offers workshops to the candidates to help them regain that confidence and get them work ready.  We will also consult with your firm to help design a “returnship” opportunity to ensure a manged return to work which more often than not will lead to a permanent hire for your business.  Returner candidates tend to prove to be mature, established and loyal which is not always the case with regular hires.

Selection Process

Consider what steps you can take to anonymise applications e.g. removing name, age, gender etc., from CVs before they are passed to hiring managers.  Unconscious bias training should be compulsory for all interviewers.  Review any assessments being used for ”“ could they disadvantage any groups of candidates?

Back in Business is a diversity led recruitment service which offers returner programmes in Scotland and can also support with each of the other steps mentioned above.

Blog written by Morna Ronnie, Head of Programmes at Back in Business

5 tips for transitioning from the finance sector to FinTech

Looking to move into the Fintech sector but not sure how relevant your background in finance is? Put simply, it is. Here, Chris Stappard, the Managing Director at Edward Reed Recruitmentshares his top tips for transitioning into this new industry. 

FinTech is redefining the landscape, giving us all new innovative ways of managing our money. But, it’s not just the customers of these companies that are benefitting, but also the job market. While traditional financial institutions are automating their processes and using artificial intelligence to become more efficient, the FinTech sector is thriving and creating more job opportunities.

For many people, this means that they’re unsure of their future within traditional finance companies and instead are considering making the switch to FinTech. But, with this sector focussing on technology, how do you know if you’re a suitable candidate for roles in FinTech? Here, I will be sharing some of my top tips to help you seamlessly transition between finance and FinTech. 

Identify your transferable skills

Though it may seem like new technology is changing the way we approach finance, don’t let this put you off from applying for FinTech jobs. There are plenty of useful skills you’ll already have picked up from your current job that will be key for success in this new field. For example, being able to efficiently crunch numbers and get your head around complex data to make a business decision is particularly valuable in FinTech. 

Similarly, being equipped with regulatory knowledge about the financial industry, and more importantly what GDPR is and why it’s important, will also be expected by any FinTech company you apply to. Not only does this ensure you’re protecting their customer base, but also the company’s reputation. 

Decide which roles are most suitable for you

While you’ll already have taken the time to note down your transferable skills, you’ll also need to think about your strengths and weaknesses. This can include looking at your hard skills, like language, numeracy and your ability to communicate, which are key to any job, as well as more finance-based skills. FinTech roles are very varied and can specialise in anything from financial analysis to accounting and risk management, so knowing which sub-sector your skillset corresponds with best will be crucial. 

You’ll also need to think about where you should apply. The speed at which the sector is expanding means that there are plenty of companies you could get involved with, however, be aware that not all of them are likely to last. A start-up FinTech firm can present plenty of opportunities for you but are more likely to fail than established companies.

If you’re looking for more job security, it’s worth knowing that plenty of traditional financial institutions are also looking to remain competitive by improving their FinTech focus. Just remember that there is never guaranteed success, even for the biggest of financial firms. 

Go the extra mile with technology training

While some skills from a financial background will be enough to help you get your foot in the door, it’s always worth knowing as much as you can about the sector you’re moving into. You don’t necessarily need expert-level knowledge, but, having a simple understanding of core aspects will pay off.

There are plenty of training providers that offer courses in data and business analytics, so, if you’ve identified these as your weaker points, you can work on them. Not only will it impress future employers in interviews, but it’ll also show your willingness to learn about the industry and make it easier to adapt to any new role. 

Network with like-minded people

Networking is one of the most powerful tools for boosting your career, so it’ll pay to look up interesting FinTech-related events that you can attend. At these, you can make inroads with new connections, who may be able to help you now or in the future. You might even be able to use these events to find somebody to mentor you through the job search and application process. If you get too carried away chatting to get essential contact details, don’t be afraid to reach out through LinkedIn. 

It’ll also be worth reaching out to old finance friends and colleagues to catch up with where they’re at. Who knows, maybe they’ll own their own FinTech start-up now or know a company with a vacancy that sounds perfect for you!

Perfect your personal sales pitch

It’s not always a given that the person interviewing you for your potential FinTech role will have as much experience or knowledge as you do about finance. And, while it’s a must to be able to talk about these things with confidence, interviewers will also be looking for someone who has shown initiative and enthusiasm about joining the business. 

Taking a look at the job description and thinking of an example for each of the necessary skills can ensure you tick all of the boxes in the interview. Plus, suggesting any ideas you think they could incorporate into their business model or services could make you stand out ”” just don’t give away all of your great ideas at once!

Your background in finance can put you in good stead for a career in FinTech. Follow my top five tips to set yourself apart from other candidates and use your existing skills to impress the interviewer for future roles.