Understanding your Employee Value Proposition (EVP) can differentiate your company from your key competitors in the job market. It’s a powerful technique for attracting talented candidates and for employee engagement. Once your employees are engaged, you are more likely to retain them for the long term. But your EVP must be credible and compelling.
EVP is important in the business environment. It drives results in business performance through employee engagement. It can play a crucial role when you are trying to attract new employees. Employers are increasingly shifting their focus beyond salaries and standard benefits. According to a recent study, 36% of job searchers reported the employer brand is a subset to EVP. Employers who ignore the Employee Value Proposition, therefore, could be missing out on team talent.
EVP explained…
The Employee Value Proposition (EVP) is a collection of benefits that an employee receives in exchange for the skills, capabilities, and experience they contribute to a company. The concept of EVP is more about the emotional connection between an employee and employer, rather than contractual components. The greater the emotional connection, the less dependant people are on salary expectations and standard benefits.
Below are key elements that make up an EVP:
Compensation - financial benefits and employee benefits create the foundation.
Company culture - a stable, positive and progressive workplace will appeal to employees. Many people feel the need to have an affinity with a company’s values.
Career purpose - feeling respected with active career development and room to grow within the business. A good work-life balance is increasingly attractive.
From a practical perspective, the location of your business might be a deciding factor when trying to develop an EVP. Google, for example, is famous for reinventing their office spaces into creative workspaces. Some companies take creativity to another level with the benefits they offer. Are there certain “perks” that could feature in your EVP?
A compelling EVP will engage employees
In today’s market, many businesses are less focused on hiring new talent, but retaining the talent they already have. Consider evolving your Employee Value Proposition (EVP) to ensure those working at your company contribute towards it. Your aim should be to encourage a fulfilling lifestyle that goes beyond work. After all, a happy workforce is a productive one. Once you get your EVP right, you should see a rise in performance levels.
Below are some steps that will help you to evolve your current EVP:
Assess what you currently offer – is it compelling enough to engage employees?
Interview your existing and past employees – what are their motivators and values?
Define the key components of your EVP – is it relevant to your workplace culture?
Write your Employee Value Proposition – select a group to review before finalising.
Promote your EVP through the right channels – internal and external marketing.
Review the results – you might need to revisit and change aspects of your EVP.
Using your EVP to attract candidates
A recent study showed 21% of job seekers accepted a job offer because the company mission reflected their values and interests. When you consider the fact that companies are increasingly struggling to attract talented employees, the importance of having a strong Employee Value Proposition (EVP) cannot be understated.
One survey carried out by the Brandon Hall Group, a research and analyst firm, showed that 64% of organisations reported their greatest challenge was attracting talent. Having a unique, compelling and credible EVP will give your company the competitive edge in your marketplace. Not only will you be able to attract talented candidates, but you will be able to retain them for the long term.
When did you last review your Employee Value Proposition (EVP)? Is your current one working for you? A strong EVP will future-proof your company. By taking the time to review and evolve your EVP, you will be investing into your people and your business longevity.
Mandy Turpin
Director - Teare Executive Search
m: 07557 020 234
If you need help evolving your Employee Value Proposition (EVP) then get in touch today. Call 01625 315 017 or email: mandy.turpin@teareexec.com
