How an Employee Value Proposition (EVP) Can Help Make Your Life Easier

What is an Employee Value Proposition (EVP) and what makes it essential to an HR team? Since the pandemic's rise, numerous organizations have begun to review their fundamental principles. People's work styles have changed as a result of remote and hybrid employment plus Gen Z entering the workforce has put a ton of pressure on employers to ramp up the perks offered to employers. 

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With all the changes in today’s modern working world, let's examine what this all means and ways you can construct your own EVP to maximize employee engagement, revenue, and general success.

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Why Is Employee Value Proposition so Important?

Marketing and sales teams have been using the “Sales Value Proposition” concept for several decades to answer the question of why customers should buy from us, and not our competitors. Successful marketing teams leverage sales value propositions to bring alignment to all systems and activities around customer acquisition and retention.  

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Done right, an EVP brings similar alignment to employee acquisition and retention as it answers the question of why a highly skilled individual should choose to work for us and stay with us. 

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Here are top reasons as to why building and maintaining an EVP is so important:

• Attracting top talent

• Retaining top talent 

• Minimizing the cost of hiring

• Creating a fantastic corporate culture

• Enhancing employee satisfaction

How do you build your own EVP?

First, it’s important to recognize that an EVP is unique to the company, its culture, and core values. For example, one company may stand out in terms of the job challenges it presents. Another company may differentiate its proposition in terms of its training program and career growth opportunities. And yet another by its flexibility and attention to employees well-being.  

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Therefore, defining a unique employee value proposition is all about assessing the core strengths of your organization. To develop a strong, authentic EVP, you must first understand what perceptions your existing staff and potential employees have about your company brand and culture. Ask questions like: 

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• Why are potential employees attracted to the company?

• Why do existing employees think the company is unique?

• What do they value most about working at the organization?

• Why do they stay?

• Why do they leave?

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💡 This vital information can be gathered through employee surveys, focus groups and exit interviews, as well as through feedback from former employees and job applicants. Wondering who could help with all of this? Contact us today to book a demo of our platform: https://bit.ly/3Tmxdph

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Organizations can reduce the compensation premium by 50% and reach 50% deeper into the labor market when candidates view their employee value proposition (EVP) as attractive (Gartner)

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Before you jump at putting together a document covering any old values and calling it your organization’s EVP. Here are the steps needed to build and maintain an excellent EVP that anyone would be proud of: 

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• Determine key selling points

Use an engagement model to 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.

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• Communicate the message

Once your EVP has been defined, find innovative and relevant ways to communicate your EVP to the audience you are attempting to attract. A compelling EVP that's consistently communicated through branding, public relations, and marketing will also aid in the passive labor market developing a favorable perception of the value of working for your business. 

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• Ensure alignment

Your most effective source of advertising is your current workforce, and plays a key role in helping to attract talent. Your staff members must recognize consistency between the brand you promote externally and the realities of working for your business in order to become brand ambassadors. Include the EVP in the company's hiring processes, incentive programs, internal communications, policies, and business strategies to ensure that it influences every aspect of how your organization operates on a regular basis. Review your EVP annually to make sure it still reflects the evolving employee experience.

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The Wrap Up

In short, having an EVP that is specific to your brand will significantly boost talent acquisition and retention, giving you an upper-hand over competitors in the industry. 

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It might seem daunting to start, but that’s what we’re here to help with. Managing your EVP is easy with a survey like ours that covers features such as exit analysis, impact analysis and employee lifecycle analysis. 

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Click the link to learn more and book a demo of our platform today: https://bit.ly/3Tmxdph

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