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An employee value proposition (EVP) is the unique set of benefits that an employee receives in return for the skills, capabilities, and experience they bring to a company.
An EVP is about defining the essence of your company – how it is unique and what it stands for. It encompasses the central reasons that people are proud and motivated to work there, such as the inspiring vision or distinctive culture. It is crucial to make sure your EVP is unique, relevant, and compelling. When integrated into all aspects of a business, a strong EVP will help retain top performers and attract the best external talent.
Here are some tips for creating a compelling EVP.
Building a company culture to present in your EVP doesn’t come solely from business leaders but from your team members living and breathing your business values. From your people, you will develop your ideal company culture from your vision to reality. To develop a strong, realistic EVP, you must first understand what perceptions your existing staff and potential employees have about your company brand and culture. For example:
· Why are potential employees attracted to the company?
· Why do existing employees think the company is unique?
· What do they value most about working there?
· Why do they stay?
· Why do they leave?
This information can be gathered through employee surveys, focus groups and exit interviews, as well as through feedback from former employees and job applicants.
Establish a cross-functional team to review the research and determine the aspects of your business that people value the most. Building out your employer brand and defining this clearly within your EVP will give a clear sense of what your business embodies and how this might fit into a potential employee’s values. Use this information to draft an EVP, ensuring the following questions are considered.
· Does it align with your strategic objectives?
· Does it differentiate your company?
· Does it paint a realistic picture of what it’s like to work for your company?
· Is it inspirational?
· Is it simple but broad enough to appeal to different groups?
Test your EVP with existing employees and a sample group from the external market to see if it adequately articulates why an individual would want to work for your company.
Once your EVP has been defined, find creative and relevant ways to communicate it to the people you are trying to attract. Start by conveying it through all hiring channels such as company websites, advertising, and the interview process so that prospective talent can determine if they would make a good fit for your business. Consistently communicating a compelling EVP through branding, public relations, and marketing will also help the passive labour market form a positive perception of the value of working for your company.
Existing employees are your most powerful source of advertising and play a key role in helping to attract talent. To cultivate brand ambassadors, your employees must see consistency in the image you sell externally and in the day-to-day reality of working for your company. Incorporate the EVP into the company’s induction plans, reward and recognition schemes, internal communications, policies, and business plans, so that it is reflected in the way your company conducts its daily operations. Review your EVP annually to ensure that it continues to reflect the changing employee experience.
With an effective EVP, you will have candidates fighting to work for you. The hardest part will be choosing the best fit; read our article on getting talent from interviews here.