It seems that every week some new buzzword finds its way into the spectrum of business ‘speak’ but here’s one that any business should take the time to understand and create – the Employee Value Proposition.
So, what exactly is an EVP?
‘An employee value proposition (EVP) is the unique set of benefits which 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.
This is especially important to businesses in light of the current UK skills shortage as when integrated into all aspects of a business, a strong EVP will help to retain top performers and attract the best external talent.
Here are some tips on creating a compelling EVP:
Understand existing perceptions
To develop a strong, realistic EVP, you must first understand what perceptions 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.
Determine key selling points
Establish a cross-functional team to review the research results and determine the aspects of your business that people value the most. Use this information to draft an EVP, ensuring the following questions are considered:
• Does it align with your strategic objectives?
• Does it clearly 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.
Communicate the message
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 about 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 with the right cultural fit. 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.
For more information on how to attract the best talent to your business, call 01782 338787 to discuss your recruitment goals.